Qorvo (NASDAQ:QRVO) Price Target Cut to $110.00

Qorvo (NASDAQ:QRVO) had its price objective reduced by equities research analysts at Needham & Company LLC from $125.00 to $110.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Needham & Company LLC’s target price suggests a potential upside of 14.64% from the company’s previous close.

Several other equities research analysts also recently issued reports on QRVO. Rosenblatt Securities raised their price objective on shares of Qorvo from $95.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, February 1st. Piper Sandler lowered their target price on shares of Qorvo from $120.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, February 1st. Raymond James raised their target price on shares of Qorvo from $115.00 to $120.00 and gave the stock an “outperform” rating in a report on Thursday, February 1st. Barclays raised their target price on shares of Qorvo from $95.00 to $100.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 16th. Finally, Susquehanna reaffirmed a “neutral” rating and set a $100.00 target price on shares of Qorvo in a report on Monday, April 8th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $110.83.

Qorvo Stock Performance

QRVO stock traded up $0.28 during mid-day trading on Thursday, hitting $95.95. 2,424,521 shares of the company were exchanged, compared to its average volume of 1,436,907. The business has a 50 day simple moving average of $113.15 and a 200-day simple moving average of $105.59. The company has a current ratio of 1.99, a quick ratio of 1.33 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $9.26 billion, a PE ratio of -131.44, a price-to-earnings-growth ratio of 0.74 and a beta of 1.53. Qorvo has a 1-year low of $80.62 and a 1-year high of $121.65.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data on Wednesday, May 1st. The semiconductor company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.18. The firm had revenue of $941.00 million during the quarter, compared to the consensus estimate of $927.24 million. Qorvo had a negative net margin of 1.86% and a positive return on equity of 13.43%. The business’s revenue for the quarter was up 48.7% compared to the same quarter last year. During the same period last year, the business posted $0.11 earnings per share. On average, equities analysts forecast that Qorvo will post 6.69 earnings per share for the current year.

Insider Buying and Selling at Qorvo

In other Qorvo news, SVP Paul J. Fego sold 3,027 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $114.00, for a total value of $345,078.00. Following the sale, the senior vice president now owns 29,705 shares in the company, valued at $3,386,370. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Qorvo news, SVP Paul J. Fego sold 3,027 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $114.00, for a total value of $345,078.00. Following the sale, the senior vice president now owns 29,705 shares in the company, valued at $3,386,370. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Gina Harrison sold 354 shares of Qorvo stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $114.00, for a total transaction of $40,356.00. Following the transaction, the vice president now owns 18,442 shares in the company, valued at approximately $2,102,388. The disclosure for this sale can be found here. Insiders have sold 6,381 shares of company stock worth $745,434 over the last quarter. Corporate insiders own 0.43% of the company’s stock.

Hedge Funds Weigh In On Qorvo

A number of hedge funds have recently modified their holdings of QRVO. Park Place Capital Corp lifted its holdings in shares of Qorvo by 398.1% during the first quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 207 shares during the period. Riverview Trust Co acquired a new position in shares of Qorvo during the first quarter worth $40,000. Fidelis Capital Partners LLC acquired a new position in Qorvo in the first quarter valued at $58,000. Huntington National Bank lifted its holdings in Qorvo by 8,090.0% in the third quarter. Huntington National Bank now owns 819 shares of the semiconductor company’s stock valued at $78,000 after buying an additional 809 shares during the period. Finally, GAMMA Investing LLC acquired a new position in Qorvo in the fourth quarter valued at $104,000. Institutional investors and hedge funds 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.