Qorvo (NASDAQ:QRVO - Get Free Report) had its price target dropped by equities researchers at Stifel Nicolaus from $95.00 to $90.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a "hold" rating on the semiconductor company's stock. Stifel Nicolaus' price target would suggest a potential upside of 4.61% from the stock's current price.
A number of other equities research analysts have also commented on the company. Raymond James lowered Qorvo from an "outperform" rating to a "market perform" rating in a research report on Wednesday, October 30th. Loop Capital began coverage on shares of Qorvo in a research note on Monday, November 11th. They set a "hold" rating and a $73.00 price objective for the company. Susquehanna cut their price objective on Qorvo from $115.00 to $90.00 and set a "neutral" rating for the company in a research report on Wednesday, October 30th. JPMorgan Chase & Co. decreased their price target on shares of Qorvo from $115.00 to $95.00 and set an "underweight" rating for the company in a research report on Wednesday, October 30th. Finally, Bank of America decreased their target price on Qorvo from $115.00 to $80.00 and set an "underperform" rating for the company in a research note on Wednesday, October 30th. Three analysts have rated the stock with a sell rating, thirteen have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $95.84.
Check Out Our Latest Report on QRVO
Qorvo Price Performance
Shares of NASDAQ:QRVO traded up $0.25 during midday trading on Wednesday, reaching $86.03. 6,013,452 shares of the company were exchanged, compared to its average volume of 3,963,468. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45. The stock has a market cap of $8.13 billion, a PE ratio of -58.92, a price-to-earnings-growth ratio of 6.98 and a beta of 1.40. Qorvo has a one year low of $64.54 and a one year high of $130.99. The business's fifty day moving average is $73.00 and its two-hundred day moving average is $91.88.
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 the consensus estimate of $1.85 by $0.03. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the company posted $1.99 EPS. Qorvo's quarterly revenue was down 5.2% on a year-over-year basis. As a group, analysts predict that Qorvo will post 3.37 earnings per share for the current year.
Insider Buying and Selling
In other Qorvo news, SVP Philip Chesley sold 4,045 shares of Qorvo 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 sale, the senior vice president now owns 30,261 shares of the company's stock, valued at $2,122,809.15. This trade represents a 11.79 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.46% of the stock is currently owned by company insiders.
Institutional Trading of Qorvo
Hedge funds and other institutional investors have recently modified their holdings of the stock. GDS Wealth Management bought a new stake in shares of Qorvo during the 3rd quarter worth approximately $2,171,000. Robeco Institutional Asset Management B.V. lifted its stake in Qorvo by 78.6% in the third quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company's stock valued at $55,548,000 after acquiring an additional 236,590 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Qorvo in the 3rd quarter valued at about $2,507,000. Quest Partners LLC lifted its stake in Qorvo by 504.6% in the 3rd quarter. Quest Partners LLC now owns 11,596 shares of the semiconductor company's stock valued at $1,198,000 after purchasing an additional 9,678 shares during the last quarter. Finally, Virtu Financial LLC bought a new position in Qorvo during the third quarter worth about $1,211,000. Institutional investors and hedge funds own 88.57% of the company's stock.
About Qorvo
(
Get Free Report)
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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