TD Cowen Lowers Qorvo (NASDAQ:QRVO) Price Target to $80.00

Qorvo (NASDAQ:QRVO) had its price target reduced by TD Cowen from $90.00 to $80.00 in a research note published on Wednesday, MarketBeat Ratings reports. They currently have a hold rating on the semiconductor company’s stock.

Several other equities analysts also recently issued reports on QRVO. Mizuho increased their price objective on shares of Qorvo from $80.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, January 24th. Citigroup decreased their price target on shares of Qorvo from $72.00 to $69.00 and set a “sell” rating on the stock in a research note on Wednesday, January 29th. Morgan Stanley upgraded Qorvo from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $90.00 to $106.00 in a report on Tuesday, January 21st. Benchmark reissued a “hold” rating on shares of Qorvo in a report on Wednesday, January 29th. Finally, The Goldman Sachs Group lowered their price target on Qorvo from $99.00 to $78.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $91.21.

Qorvo Trading Up 1.6 %

QRVO stock opened at $70.90 on Wednesday. Qorvo has a 52-week low of $49.46 and a 52-week high of $130.99. The company has a quick ratio of 1.78, a current ratio of 2.60 and a debt-to-equity ratio of 0.46. The firm has a market cap of $6.62 billion, a P/E ratio of 253.21, a PEG ratio of 15.57 and a beta of 1.43. The company’s 50-day simple moving average is $66.44 and its 200-day simple moving average is $73.13.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.42. The company had revenue of $869.47 million for the quarter, compared to the consensus estimate of $850.13 million. Qorvo had a return on equity of 12.41% and a net margin of 0.71%. Qorvo’s revenue for the quarter was down 7.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.39 earnings per share. As a group, equities analysts forecast that Qorvo will post 4.09 EPS for the current fiscal year.

Hedge Funds Weigh In On Qorvo

Several institutional investors and hedge funds have recently bought and sold shares of the company. City Holding Co. purchased a new stake in shares of Qorvo during the 1st quarter valued at approximately $25,000. Rakuten Securities Inc. purchased a new stake in Qorvo in the fourth quarter valued at $28,000. Larson Financial Group LLC raised its position in Qorvo by 222.6% in the first quarter. Larson Financial Group LLC now owns 429 shares of the semiconductor company’s stock valued at $31,000 after purchasing an additional 296 shares during the period. Huntington National Bank lifted its stake in shares of Qorvo by 47.1% in the 4th quarter. Huntington National Bank now owns 453 shares of the semiconductor company’s stock valued at $32,000 after purchasing an additional 145 shares during the last quarter. Finally, Curat Global LLC purchased a new position in shares of Qorvo during the 1st quarter worth $34,000. 88.57% of the stock is currently owned by institutional investors and hedge funds.

About Qorvo

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.