Qorvo (NASDAQ:QRVO) Price Target Lowered to $90.00 at Barclays

Qorvo (NASDAQ:QRVO - Get Free Report) had its price target reduced by equities researchers at Barclays from $120.00 to $90.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has an "equal weight" rating on the semiconductor company's stock. Barclays's price target would indicate a potential upside of 23.22% from the stock's previous close.

Other equities analysts have also recently issued research reports about the stock. Susquehanna dropped their price target on shares of Qorvo from $115.00 to $90.00 and set a "neutral" rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. reduced their target price on shares of Qorvo from $115.00 to $95.00 and set an "underweight" rating for the company in a research note on Wednesday. TD Cowen cut their price target on shares of Qorvo from $125.00 to $85.00 and set a "hold" rating on the stock in a report on Wednesday. Morgan Stanley lowered shares of Qorvo from an "overweight" rating to an "equal weight" rating and decreased their price objective for the company from $130.00 to $120.00 in a research note on Friday, October 11th. Finally, The Goldman Sachs Group boosted their target price on Qorvo from $105.00 to $118.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 31st. Two investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $104.47.

Qorvo Stock Down 27.3 %

Shares of Qorvo stock traded down $27.44 during trading on Wednesday, reaching $73.04. 10,432,682 shares of the company traded hands, compared to its average volume of 1,394,354. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.95 and a quick ratio of 1.36. The firm has a market capitalization of $6.94 billion, a PE ratio of -100.05, a P/E/G ratio of 1.20 and a beta of 1.45. The company has a 50 day moving average price of $104.86 and a 200-day moving average price of $107.98. Qorvo has a 1-year low of $71.31 and a 1-year high of $130.99.

Qorvo (NASDAQ:QRVO - Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, beating analysts' consensus estimates of $1.85 by $0.03. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The firm had revenue of $1.05 billion during the quarter, compared to analysts' expectations of $1.03 billion. During the same quarter last year, the firm posted $1.99 earnings per share. The company's revenue for the quarter was down 5.2% compared to the same quarter last year. As a group, equities research analysts expect that Qorvo will post 4.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, VP Gina Harrison sold 689 shares of the business's stock in a transaction on Friday, September 6th. The stock was sold at an average price of $107.67, for a total transaction of $74,184.63. Following the sale, the vice president now directly owns 21,601 shares in the company, valued at approximately $2,325,779.67. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.46% of the stock is owned by insiders.

Institutional Trading of Qorvo

Several institutional investors and hedge funds have recently bought and sold shares of QRVO. Hennion & Walsh Asset Management Inc. purchased a new position in shares of Qorvo during the first quarter worth about $227,000. Park Place Capital Corp increased its holdings in shares of Qorvo by 398.1% in the 1st quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company's stock worth $30,000 after buying an additional 207 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Qorvo by 65.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 9,491 shares of the semiconductor company's stock valued at $1,090,000 after buying an additional 3,744 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Qorvo by 0.6% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 238,523 shares of the semiconductor company's stock worth $27,390,000 after acquiring an additional 1,437 shares during the last quarter. Finally, Commonwealth Equity Services LLC grew its position in Qorvo by 2.3% in the first quarter. Commonwealth Equity Services LLC now owns 9,059 shares of the semiconductor company's stock worth $1,040,000 after acquiring an additional 203 shares in the last quarter. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

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.