Qorvo (NASDAQ:QRVO) Price Target Cut to $95.00 by Analysts at JPMorgan Chase & Co.

Qorvo (NASDAQ:QRVO) had its price objective lowered by JPMorgan Chase & Co. from $115.00 to $95.00 in a research note released on Wednesday morning, Benzinga reports. The firm currently has an underweight rating on the semiconductor company’s stock.

A number of other research firms have also weighed in on QRVO. StockNews.com lowered shares of Qorvo from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Benchmark downgraded Qorvo from a “buy” rating to a “hold” rating in a report on Wednesday. Raymond James lowered Qorvo from an “outperform” rating to a “market perform” rating in a research note on Wednesday. UBS Group dropped their target price on Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research note on Wednesday. Finally, Needham & Company LLC assumed coverage on Qorvo in a research report on Monday. They set a “buy” rating and a $135.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $104.47.

Qorvo Price Performance

QRVO stock opened at $73.04 on Wednesday. The stock’s 50 day moving average price is $104.86 and its 200 day moving average price is $107.98. The firm has a market cap of $6.94 billion, a P/E ratio of -100.05, a PEG ratio of 1.20 and a beta of 1.45. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.36 and a current ratio of 1.95. Qorvo has a 1 year low of $71.31 and a 1 year high of $130.99.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.03. The business had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The business’s revenue was down 5.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.99 earnings per share. On average, sell-side analysts expect that Qorvo will post 4.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Qorvo news, VP Gina Harrison sold 689 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at $2,325,779.67. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.46% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Hennion & Walsh Asset Management Inc. purchased a new position in Qorvo in the 1st quarter valued at about $227,000. Park Place Capital Corp boosted its holdings in Qorvo by 398.1% in the first quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock valued at $30,000 after purchasing an additional 207 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in Qorvo by 65.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 9,491 shares of the semiconductor company’s stock valued at $1,090,000 after purchasing an additional 3,744 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Qorvo by 0.6% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 238,523 shares of the semiconductor company’s stock valued at $27,390,000 after purchasing an additional 1,437 shares in the last quarter. Finally, Commonwealth Equity Services LLC grew its position in shares of Qorvo by 2.3% during the first quarter. Commonwealth Equity Services LLC now owns 9,059 shares of the semiconductor company’s stock worth $1,040,000 after buying an additional 203 shares in the last quarter. 88.57% of the stock is currently 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.