Qorvo (NASDAQ:QRVO) Price Target Cut to $100.00

Qorvo (NASDAQ:QRVOGet Rating) had its target price dropped by equities researchers at Cowen from $108.00 to $100.00 in a research note issued on Thursday, Marketbeat Ratings reports. The firm presently has a “market perform” rating on the semiconductor company’s stock. Cowen’s price objective indicates a potential downside of 5.74% from the company’s current price.

A number of other analysts have also recently weighed in on the stock. Susquehanna lowered their target price on shares of Qorvo from $150.00 to $120.00 in a research note on Thursday, May 5th. Susquehanna Bancshares dropped their price objective on shares of Qorvo to $115.00 in a report on Monday, July 25th. Piper Sandler dropped their price objective on shares of Qorvo from $190.00 to $135.00 in a report on Thursday, May 5th. The Goldman Sachs Group dropped their price objective on shares of Qorvo from $126.00 to $107.00 in a report on Friday, July 15th. Finally, Bank of America lowered shares of Qorvo from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $125.00 to $95.00 in a report on Wednesday, June 29th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Qorvo presently has an average rating of “Hold” and a consensus target price of $132.55.

Qorvo Stock Performance

NASDAQ QRVO opened at $106.09 on Thursday. The stock has a market cap of $11.00 billion, a P/E ratio of 14.36, a PEG ratio of 1.11 and a beta of 1.35. The company’s 50-day simple moving average is $101.37 and its 200 day simple moving average is $115.30. Qorvo has a twelve month low of $90.16 and a twelve month high of $198.00. The company has a quick ratio of 2.51, a current ratio of 3.63 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVOGet Rating) last posted its earnings results on Wednesday, May 4th. The semiconductor company reported $3.03 earnings per share for the quarter, beating analysts’ consensus estimates of $2.71 by $0.32. The business had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Qorvo had a net margin of 17.87% and a return on equity of 26.00%. The firm’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.59 earnings per share. As a group, research analysts forecast that Qorvo will post 9.65 earnings per share for the current fiscal year.

Insider Buying and Selling at Qorvo

In other Qorvo news, Director Roderick Nelson sold 4,761 shares of the firm’s stock in a transaction that occurred on Monday, May 16th. The shares were sold at an average price of $104.45, for a total value of $497,286.45. Following the transaction, the director now directly owns 5,595 shares of the company’s stock, valued at $584,397.75. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Qorvo news, Director Roderick Nelson sold 4,761 shares of the firm’s stock in a transaction that occurred on Monday, May 16th. The shares were sold at an average price of $104.45, for a total value of $497,286.45. Following the transaction, the director now directly owns 5,595 shares of the company’s stock, valued at $584,397.75. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Paul J. Fego sold 3,403 shares of the firm’s stock in a transaction that occurred on Wednesday, June 15th. The shares were sold at an average price of $97.38, for a total transaction of $331,384.14. Following the completion of the transaction, the vice president now directly owns 31,073 shares in the company, valued at $3,025,888.74. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,070 shares of company stock valued at $2,055,769. 0.45% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Qorvo

A number of hedge funds and other institutional investors have recently made changes to their positions in QRVO. Standard Family Office LLC bought a new position in shares of Qorvo during the fourth quarter worth $25,000. Bellevue Asset Management LLC bought a new position in shares of Qorvo during the first quarter worth $25,000. Johnson Financial Group Inc. bought a new position in shares of Qorvo during the fourth quarter worth $26,000. J.W. Cole Advisors Inc. bought a new position in shares of Qorvo during the first quarter worth $26,000. Finally, Loomis Sayles & Co. L P boosted its position in shares of Qorvo by 208.8% during the second quarter. Loomis Sayles & Co. L P now owns 281 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 190 shares in the last quarter. 85.87% of the stock is owned by institutional investors.

About Qorvo

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Qorvo, Inc develops and commercializes technologies and products for wireless, wired, and power markets worldwide. The company operates through two segments, Mobile Products, and Infrastructure and Defense Products. It offers mobile devices, such as smartphones, wearables, laptops, tablets and other devices; radio frequency power management integrated circuits, ultra-wideband (UWB) system-on-a-chip (SoC) and system-in-package (SiP) solutions, MEMS-based sensors, antenna tuners, and antennaplexers, as well as discrete multiplexers, duplexers, filters, and switches; and cellular base stations include switch-low noise amplifier (LNA) modules, variable gain amplifiers, integrated power amplifier (PA) Doherty modules, discrete LNAs, and high power GaN amplifiers.

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