Qorvo (NASDAQ:QRVO) Price Target Lowered to $120.00 at Barclays

Qorvo (NASDAQ:QRVO) had its price objective decreased by Barclays from $125.00 to $120.00 in a research note released on Thursday, Benzinga reports. Barclays currently has an equal weight rating on the semiconductor company’s stock.

A number of other equities research analysts have also issued reports on the company. Needham & Company LLC raised their price target on Qorvo from $110.00 to $135.00 and gave the stock a buy rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. lifted their target price on Qorvo from $100.00 to $115.00 and gave the company an underweight rating in a research report on Wednesday, July 31st. Rosenblatt Securities boosted their price target on Qorvo from $105.00 to $120.00 and gave the stock a neutral rating in a research report on Wednesday, July 31st. Craig Hallum boosted their price target on Qorvo from $124.00 to $142.00 and gave the stock a buy rating in a research report on Wednesday, July 31st. Finally, The Goldman Sachs Group boosted their price target on Qorvo from $105.00 to $118.00 and gave the stock a neutral rating in a research report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Hold and a consensus price target of $122.71.

Qorvo Price Performance

NASDAQ QRVO traded up $0.18 during trading on Thursday, hitting $101.68. 185,171 shares of the stock traded hands, compared to its average volume of 1,349,201. The company has a market capitalization of $9.65 billion, a P/E ratio of -350.00, a price-to-earnings-growth ratio of 1.24 and a beta of 1.45. The firm has a 50-day simple moving average of $106.42 and a 200-day simple moving average of $109.17. The company has a quick ratio of 1.36, a current ratio of 1.95 and a debt-to-equity ratio of 0.44. Qorvo has a 12-month low of $80.62 and a 12-month high of $130.99.

Qorvo (NASDAQ:QRVO) last announced its earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.16. The firm had revenue of $886.70 million during the quarter, compared to analysts’ expectations of $851.95 million. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The company’s quarterly revenue was up 36.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.03 EPS. As a group, analysts predict that Qorvo will post 4.84 EPS for the current year.

Insider Buying and Selling

In related news, VP Gina Harrison sold 689 shares of the company’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $107.67, for a total value of $74,184.63. Following the completion of the transaction, the vice president now owns 21,601 shares of the company’s stock, valued at approximately $2,325,779.67. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.46% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Qorvo

A number of hedge funds have recently made changes to their positions in the company. Exchange Traded Concepts LLC raised its holdings in shares of Qorvo by 3,564.8% during the third quarter. Exchange Traded Concepts LLC now owns 2,602 shares of the semiconductor company’s stock valued at $269,000 after acquiring an additional 2,531 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt acquired a new position in shares of Qorvo during the third quarter valued at approximately $41,000. UMB Bank n.a. grew its position in shares of Qorvo by 33.8% in the third quarter. UMB Bank n.a. now owns 736 shares of the semiconductor company’s stock valued at $76,000 after purchasing an additional 186 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Qorvo by 9.2% during the third quarter. GAMMA Investing LLC now owns 2,040 shares of the semiconductor company’s stock valued at $211,000 after acquiring an additional 172 shares during the last quarter. Finally, Czech National Bank raised its stake in shares of Qorvo by 5.0% in the 3rd quarter. Czech National Bank now owns 19,324 shares of the semiconductor company’s stock valued at $1,996,000 after acquiring an additional 926 shares during the period. 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.