Benchmark Cuts Qorvo (NASDAQ:QRVO) Price Target to $128.00

Qorvo (NASDAQ:QRVO) had its price objective cut by Benchmark from $136.00 to $128.00 in a report issued on Thursday, Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

A number of other brokerages also recently issued reports on QRVO. Needham & Company LLC reduced their price target on Qorvo from $125.00 to $110.00 and set a buy rating on the stock in a report on Thursday. Barclays boosted their price objective on shares of Qorvo from $95.00 to $100.00 and gave the company an equal weight rating in a research report on Tuesday, January 16th. Susquehanna cut their target price on shares of Qorvo from $100.00 to $95.00 and set a neutral rating on the stock in a research note on Thursday. Raymond James increased their price target on shares of Qorvo from $115.00 to $120.00 and gave the stock an outperform rating in a research note on Thursday, February 1st. Finally, Rosenblatt Securities lifted their price objective on Qorvo from $95.00 to $105.00 and gave the company a neutral rating in a research report on Thursday, February 1st. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Qorvo has a consensus rating of Hold and a consensus target price of $110.83.

Qorvo Stock Up 0.3 %

Shares of QRVO stock opened at $95.95 on Thursday. The business has a 50-day moving average of $113.15 and a 200 day moving average of $105.78. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.41 and a current ratio of 1.99. Qorvo has a 1-year low of $80.62 and a 1-year high of $121.65.

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

Insider Buying and Selling at Qorvo

In other news, SVP Steven E. Creviston sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $120.00, for a total transaction of $360,000.00. Following the sale, the senior vice president now directly owns 77,552 shares of the company’s stock, valued at approximately $9,306,240. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Qorvo news, SVP Paul J. Fego sold 3,027 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $114.00, for a total transaction of $345,078.00. Following the sale, the senior vice president now directly owns 29,705 shares of the company’s stock, valued at $3,386,370. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Steven E. Creviston sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $120.00, for a total value of $360,000.00. Following the completion of the sale, the senior vice president now directly owns 77,552 shares of the company’s stock, valued at $9,306,240. The disclosure for this sale can be found here. Insiders sold 6,381 shares of company stock worth $745,434 in the last quarter. 0.43% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Park Place Capital Corp lifted 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 acquiring an additional 207 shares during the last quarter. Riverview Trust Co bought a new stake in Qorvo in the first quarter worth about $40,000. Fidelis Capital Partners LLC purchased a new position in shares of Qorvo during the first quarter valued at approximately $58,000. Huntington National Bank grew its stake in shares of Qorvo by 8,090.0% during 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 last quarter. Finally, GAMMA Investing LLC purchased a new stake in shares of Qorvo in the fourth quarter worth approximately $104,000. 88.57% of the stock is 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.