Qorvo (NASDAQ:QRVO) Price Target Cut to $128.00

Qorvo (NASDAQ:QRVO) had its price target lowered by Benchmark from $136.00 to $128.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Benchmark’s price target would indicate a potential upside of 32.51% from the stock’s previous close.

QRVO has been the topic of a number of other reports. Needham & Company LLC lowered their target price on shares of Qorvo from $125.00 to $110.00 and set a “buy” rating on the stock in a report on Thursday. Piper Sandler lowered their target price on shares of Qorvo from $120.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, February 1st. Rosenblatt Securities upped their price objective on shares of Qorvo from $95.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, February 1st. Craig Hallum upped their price objective on shares of Qorvo from $110.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, February 1st. Finally, Raymond James upped their price objective on shares of Qorvo from $115.00 to $120.00 and gave the company an “outperform” rating in a report on Thursday, February 1st. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Qorvo currently has a consensus rating of “Hold” and a consensus price target of $111.78.

Qorvo Stock Down 13.7 %

Shares of QRVO stock traded down $15.29 during trading on Thursday, reaching $96.60. The company’s stock had a trading volume of 2,011,076 shares, compared to its average volume of 1,282,273. The business has a fifty day moving average price of $113.84 and a 200-day moving average price of $105.64. The company has a quick ratio of 1.33, a current ratio of 1.90 and a debt-to-equity ratio of 0.43. The company has a market cap of $9.33 billion, a price-to-earnings ratio of -45.20, a price-to-earnings-growth ratio of 0.93 and a beta of 1.53. Qorvo has a one year low of $80.62 and a one year high of $121.65.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Wednesday, May 1st. The semiconductor company reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.18. The business had revenue of $941.00 million for the quarter, compared to the consensus estimate of $927.24 million. Qorvo had a negative net margin of 6.11% and a positive return on equity of 10.41%. The firm’s revenue for the quarter was up 48.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.11 earnings per share. Analysts anticipate that Qorvo will post 4.95 earnings per share for the current year.

Insider Transactions at Qorvo

In other news, SVP Steven E. Creviston sold 3,000 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $120.00, for a total value of $360,000.00. Following the completion of the transaction, the senior vice president now owns 77,552 shares of the company’s stock, valued at $9,306,240. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, SVP Steven E. Creviston sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $120.00, for a total value of $360,000.00. Following the completion of the transaction, the senior vice president now owns 77,552 shares of the company’s stock, valued at $9,306,240. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Gina Harrison sold 354 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $114.00, for a total value of $40,356.00. Following the completion of the transaction, the vice president now directly owns 18,442 shares of the company’s stock, valued at approximately $2,102,388. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,381 shares of company stock valued at $745,434. 0.43% of the stock is currently owned by insiders.

Institutional Trading of Qorvo

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Highland Capital Management LLC increased its position in Qorvo by 48.9% during the 4th quarter. Highland Capital Management LLC now owns 42,790 shares of the semiconductor company’s stock valued at $4,819,000 after purchasing an additional 14,060 shares during the period. SG Americas Securities LLC grew its position in shares of Qorvo by 298.9% during the 4th quarter. SG Americas Securities LLC now owns 17,803 shares of the semiconductor company’s stock worth $2,005,000 after buying an additional 13,340 shares during the period. Vanguard Personalized Indexing Management LLC grew its position in shares of Qorvo by 4.9% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 8,464 shares of the semiconductor company’s stock worth $808,000 after buying an additional 394 shares during the period. Jackson Creek Investment Advisors LLC acquired a new stake in shares of Qorvo during the 3rd quarter worth approximately $389,000. Finally, FMR LLC grew its position in shares of Qorvo by 7.6% during the 3rd quarter. FMR LLC now owns 680,516 shares of the semiconductor company’s stock worth $64,969,000 after buying an additional 48,125 shares during the period. Institutional investors and hedge funds own 88.57% of the company’s stock.

Qorvo Company Profile

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.