Qorvo (NASDAQ:QRVO) Price Target Cut to $100.00

Qorvo (NASDAQ:QRVO) had its price objective decreased by equities research analysts at JPMorgan Chase & Co. from $105.00 to $100.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has an “underweight” rating on the semiconductor company’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 4.22% from the company’s current price.

A number of other brokerages also recently commented on QRVO. Benchmark dropped their target price on shares of Qorvo from $136.00 to $128.00 and set a “buy” rating on the stock in a research note on Thursday. Susquehanna dropped their price target on Qorvo from $100.00 to $95.00 and set a “neutral” rating on the stock in a research report on Thursday. Piper Sandler decreased their price objective on Qorvo from $120.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, February 1st. The Goldman Sachs Group increased their target price on shares of Qorvo from $104.00 to $117.00 and gave the stock a “neutral” rating in a report on Thursday, February 1st. Finally, StockNews.com lowered shares of Qorvo from a “buy” rating to a “hold” rating in a report on Thursday, February 8th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Qorvo presently has an average rating of “Hold” and an average price target of $110.83.

Qorvo Stock Performance

Shares of NASDAQ:QRVO opened at $95.95 on Thursday. The company has a current ratio of 1.90, a quick ratio of 1.33 and a debt-to-equity ratio of 0.43. Qorvo has a 12 month low of $80.62 and a 12 month high of $121.65. The company has a market capitalization of $9.26 billion, a price-to-earnings ratio of -131.44, a PEG ratio of 0.86 and a beta of 1.53. The firm’s 50-day moving average is $113.49 and its 200 day moving average is $105.57.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Wednesday, May 1st. The semiconductor company reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.18. Qorvo had a positive return on equity of 13.25% and a negative net margin of 1.86%. The firm had revenue of $941.00 million during the quarter, compared to analyst estimates of $927.24 million. During the same period last year, the company earned $0.11 EPS. Qorvo’s quarterly revenue was up 48.7% compared to the same quarter last year. Research analysts predict that Qorvo will post 6.69 EPS for the current year.

Insider Buying and Selling

In related news, VP Gina Harrison sold 354 shares of Qorvo 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 $40,356.00. Following the completion of the transaction, the vice president now directly owns 18,442 shares in the company, valued at $2,102,388. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, SVP Steven E. Creviston sold 3,000 shares of the company’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $120.00, for a total value of $360,000.00. Following the completion of the transaction, the senior vice president now owns 77,552 shares of the company’s stock, valued at approximately $9,306,240. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Gina Harrison sold 354 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 $40,356.00. Following the completion of the sale, the vice president now directly owns 18,442 shares in the company, valued at $2,102,388. The disclosure for this sale can be found here. In the last quarter, insiders have sold 6,381 shares of company stock worth $745,434. 0.43% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Robeco Institutional Asset Management B.V. grew its position in shares of Qorvo by 7.7% in the third quarter. Robeco Institutional Asset Management B.V. now owns 242,836 shares of the semiconductor company’s stock valued at $23,184,000 after purchasing an additional 17,370 shares during the period. Xponance Inc. boosted its stake in shares of Qorvo by 1.7% in the third quarter. Xponance Inc. now owns 14,159 shares of the semiconductor company’s stock worth $1,352,000 after acquiring an additional 240 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its position in shares of Qorvo by 1.4% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 22,435 shares of the semiconductor company’s stock worth $2,142,000 after purchasing an additional 299 shares in the last quarter. Verdence Capital Advisors LLC lifted its holdings in Qorvo by 10.2% in the 3rd quarter. Verdence Capital Advisors LLC now owns 3,410 shares of the semiconductor company’s stock valued at $326,000 after purchasing an additional 317 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Qorvo by 9.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 79,216 shares of the semiconductor company’s stock worth $7,563,000 after purchasing an additional 7,114 shares during the last quarter. 88.57% of the stock is 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.