Qorvo (NASDAQ:QRVO) Given New $80.00 Price Target at Barclays

Qorvo (NASDAQ:QRVO - Get Free Report) had its target price reduced by research analysts at Barclays from $90.00 to $80.00 in a research report issued on Friday,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 8.71% from the company's current price.

Several other research firms have also recently issued reports on QRVO. Susquehanna dropped their price target on Qorvo from $115.00 to $90.00 and set a "neutral" rating on the stock in a report on Wednesday, October 30th. Needham & Company LLC began coverage on Qorvo in a research report on Monday, October 28th. They set a "buy" rating and a $135.00 target price on the stock. TD Cowen decreased their price target on Qorvo from $125.00 to $85.00 and set a "hold" rating for the company in a research report on Wednesday, October 30th. The Goldman Sachs Group cut their price objective on Qorvo from $99.00 to $78.00 and set a "neutral" rating on the stock in a report on Friday, January 10th. Finally, Morgan Stanley lowered shares of Qorvo from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $130.00 to $120.00 in a research note on Friday, October 11th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, Qorvo presently has an average rating of "Hold" and an average price target of $98.47.

Qorvo Trading Down 0.8 %

Shares of Qorvo stock opened at $73.59 on Friday. The business has a fifty day simple moving average of $69.81 and a 200-day simple moving average of $94.10. Qorvo has a fifty-two week low of $64.54 and a fifty-two week high of $130.99. The firm has a market cap of $6.96 billion, a price-to-earnings ratio of -50.40, a price-to-earnings-growth ratio of 5.74 and a beta of 1.40. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO - Get Free Report) last posted its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.03. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter last year, the firm posted $1.99 EPS. The business's revenue for the quarter was down 5.2% on a year-over-year basis. On average, equities analysts forecast that Qorvo will post 3.37 EPS for the current fiscal year.

Insider Buying and Selling

In other Qorvo news, SVP Philip Chesley sold 4,045 shares of the company's stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $70.15, for a total value of $283,756.75. Following the transaction, the senior vice president now directly owns 30,261 shares of the company's stock, valued at $2,122,809.15. This represents a 11.79 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.46% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Qorvo

Several institutional investors have recently made changes to their positions in QRVO. Larson Financial Group LLC raised its position in Qorvo by 163.4% during the third quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company's stock valued at $33,000 after acquiring an additional 201 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in shares of Qorvo in the 3rd quarter valued at $41,000. Versant Capital Management Inc lifted its stake in shares of Qorvo by 89.7% in the 4th quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company's stock valued at $42,000 after purchasing an additional 286 shares during the last quarter. Farther Finance Advisors LLC increased its position in Qorvo by 33.7% during the third quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company's stock worth $43,000 after buying an additional 104 shares during the last quarter. Finally, UMB Bank n.a. increased its position in Qorvo by 33.8% during the third quarter. UMB Bank n.a. now owns 736 shares of the semiconductor company's stock worth $76,000 after buying an additional 186 shares during the last quarter. 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.

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