The Goldman Sachs Group Cuts Qorvo (NASDAQ:QRVO) Price Target to $78.00

Qorvo (NASDAQ:QRVO - Free Report) had its target price lowered by The Goldman Sachs Group from $99.00 to $78.00 in a report issued on Friday morning,Benzinga reports. The brokerage currently has a neutral rating on the semiconductor company's stock.

Other equities research analysts have also recently issued research reports about the stock. UBS Group cut their price objective on shares of Qorvo from $115.00 to $90.00 and set a "neutral" rating for the company in a research note on Wednesday, October 30th. Needham & Company LLC initiated coverage on Qorvo in a research note on Monday, October 28th. They set a "buy" rating and a $135.00 price objective on the stock. StockNews.com lowered Qorvo from a "buy" rating to a "hold" rating in a research note on Tuesday, December 17th. Loop Capital assumed coverage on Qorvo in a research report on Monday, November 11th. They set a "hold" rating and a $73.00 price target on the stock. Finally, Piper Sandler lowered their price objective on Qorvo from $120.00 to $100.00 and set a "neutral" rating for the company in a research report on Friday, October 25th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, Qorvo currently has an average rating of "Hold" and a consensus target price of $99.06.

Qorvo Price Performance

NASDAQ:QRVO traded down $1.39 during midday trading on Friday, hitting $71.69. The company had a trading volume of 5,329,867 shares, compared to its average volume of 3,247,778. The company has a market capitalization of $6.78 billion, a PE ratio of -49.10, a P/E/G ratio of 5.58 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 has a 52-week low of $64.54 and a 52-week high of $130.99. The stock's fifty day moving average price is $69.73 and its 200-day moving average price is $95.54.

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 (EPS) for the quarter, topping analysts' consensus estimates of $1.85 by $0.03. The firm had revenue of $1.05 billion during the quarter, compared to analysts' expectations of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The company's revenue for the quarter was down 5.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.99 EPS. As a group, research analysts expect that Qorvo will post 3.37 earnings per share for the current year.

Insider Activity

In related news, SVP Philip Chesley sold 4,045 shares of Qorvo stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $70.15, for a total transaction of $283,756.75. Following the completion of the transaction, the senior vice president now directly 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.46% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Qorvo

Institutional investors and hedge funds have recently made changes to their positions in the business. TD Asset Management Inc grew its position in Qorvo by 2.2% during the 2nd quarter. TD Asset Management Inc now owns 26,601 shares of the semiconductor company's stock valued at $3,087,000 after purchasing an additional 580 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Qorvo by 155.7% in the second quarter. Victory Capital Management Inc. now owns 116,859 shares of the semiconductor company's stock worth $13,560,000 after buying an additional 71,155 shares in the last quarter. Quest Partners LLC purchased a new stake in shares of Qorvo during the second quarter valued at approximately $223,000. Prudential PLC bought a new stake in shares of Qorvo during the second quarter valued at approximately $494,000. Finally, Choreo LLC bought a new stake in shares of Qorvo in the 2nd quarter worth $226,000. Institutional investors own 88.57% of the company's stock.

Qorvo Company Profile

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.