Qorvo (NASDAQ:QRVO – Get Free Report) had its target price dropped by equities researchers at Stifel Nicolaus from $95.00 to $90.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the semiconductor company’s stock. Stifel Nicolaus’ price target indicates a potential upside of 7.50% from the company’s current price.
A number of other research firms also recently weighed in on QRVO. Barclays decreased their price target on shares of Qorvo from $90.00 to $80.00 and set an “equal weight” rating for the company in a research report on Friday, January 17th. BNP Paribas cut Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 target price on the stock. in a research note on Wednesday, October 30th. StockNews.com cut Qorvo from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Loop Capital started coverage on Qorvo in a report on Monday, November 11th. They set a “hold” rating and a $73.00 target price on the stock. Finally, The Goldman Sachs Group reduced their price objective on Qorvo from $99.00 to $78.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $95.84.
Check Out Our Latest Stock Report on Qorvo
Qorvo Trading Down 2.7 %
Qorvo (NASDAQ:QRVO – Get Free Report) last issued its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter last year, the firm earned $1.99 earnings per share. The firm’s revenue for the quarter was down 5.2% compared to the same quarter last year. Research analysts forecast that Qorvo will post 3.37 earnings per share for the current fiscal year.
Insider Transactions at Qorvo
In other Qorvo news, SVP Philip Chesley sold 4,045 shares of the firm’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $70.15, for a total value of $283,756.75. Following the completion of the sale, the senior vice president now owns 30,261 shares in the company, valued at approximately $2,122,809.15. This trade represents a 11.79 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.46% of the company’s stock.
Institutional Inflows and Outflows
A number of hedge funds have recently bought and sold shares of QRVO. Pacer Advisors Inc. increased its position in Qorvo by 7.1% in the third quarter. Pacer Advisors Inc. now owns 1,528,748 shares of the semiconductor company’s stock worth $157,920,000 after purchasing an additional 101,742 shares during the period. KBC Group NV boosted its stake in Qorvo by 144.8% in the fourth quarter. KBC Group NV now owns 1,077,196 shares of the semiconductor company’s stock valued at $75,328,000 after acquiring an additional 637,087 shares during the last quarter. Thrivent Financial for Lutherans grew its holdings in Qorvo by 140.2% during the 3rd quarter. Thrivent Financial for Lutherans now owns 835,336 shares of the semiconductor company’s stock worth $86,290,000 after acquiring an additional 487,621 shares during the period. Van ECK Associates Corp lifted its stake in shares of Qorvo by 23.9% in the 3rd quarter. Van ECK Associates Corp now owns 832,292 shares of the semiconductor company’s stock valued at $83,429,000 after purchasing an additional 160,534 shares during the period. Finally, Assenagon Asset Management S.A. boosted its position in shares of Qorvo by 377.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 816,882 shares of the semiconductor company’s stock worth $57,125,000 after purchasing an additional 645,829 shares during the last quarter. 88.57% of the stock is currently owned by institutional investors.
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.
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