Susquehanna Cuts Qorvo (NASDAQ:QRVO) Price Target to $90.00

Qorvo (NASDAQ:QRVO) had its target price trimmed by Susquehanna from $115.00 to $90.00 in a research report report published on Wednesday, Benzinga reports. The brokerage currently has a neutral rating on the semiconductor company’s stock.

A number of other brokerages also recently commented on QRVO. Bank of America dropped their price objective on shares of Qorvo from $115.00 to $80.00 and set an “underperform” rating on the stock in a research report on Wednesday. Craig Hallum lowered their target price on shares of Qorvo from $142.00 to $105.00 and set a “buy” rating for the company in a report on Wednesday. The Goldman Sachs Group upped their target price on shares of Qorvo from $105.00 to $118.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Barclays lowered their target price on shares of Qorvo from $125.00 to $120.00 and set an “equal weight” rating for the company in a report on Thursday, October 10th. Finally, Rosenblatt Securities upped their target price on shares of Qorvo from $105.00 to $120.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. 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 company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $104.47.

Qorvo Price Performance

Shares of QRVO opened at $71.86 on Wednesday. Qorvo has a fifty-two week low of $70.39 and a fifty-two week high of $130.99. The firm’s 50 day moving average price is $103.28 and its 200 day moving average price is $107.48. The company has a market cap of $6.82 billion, a P/E ratio of -49.22, a PEG ratio of 0.88 and a beta of 1.45. The company has a quick ratio of 1.36, a current ratio of 1.90 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO) last announced its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.03. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The firm had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the prior year, the firm earned $1.99 EPS. The firm’s revenue for the quarter was down 5.2% on a year-over-year basis. On average, research analysts forecast that Qorvo will post 4.84 earnings per share for the current fiscal year.

Insider Activity

In other news, VP Gina Harrison sold 689 shares of the stock in a transaction dated Friday, September 6th. The shares were 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 trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.46% of the company’s stock.

Hedge Funds Weigh In On Qorvo

Large investors have recently made changes to their positions in the stock. Bessemer Group Inc. increased its holdings in shares of Qorvo by 1,361.9% in the 1st quarter. Bessemer Group Inc. now owns 13,596 shares of the semiconductor company’s stock valued at $1,562,000 after purchasing an additional 12,666 shares in the last quarter. Daiwa Securities Group Inc. increased its holdings in Qorvo by 44.4% during the 1st quarter. Daiwa Securities Group Inc. now owns 13,247 shares of the semiconductor company’s stock valued at $1,521,000 after acquiring an additional 4,072 shares in the last quarter. Canada Pension Plan Investment Board increased its holdings in Qorvo by 23.8% during the 1st quarter. Canada Pension Plan Investment Board now owns 370,200 shares of the semiconductor company’s stock valued at $42,510,000 after acquiring an additional 71,200 shares in the last quarter. APG Asset Management N.V. increased its holdings in Qorvo by 21.9% during the 2nd quarter. APG Asset Management N.V. now owns 101,243 shares of the semiconductor company’s stock valued at $10,962,000 after acquiring an additional 18,178 shares in the last quarter. Finally, Janney Montgomery Scott LLC purchased a new position in Qorvo during the 1st quarter valued at about $811,000. Hedge funds and other institutional investors 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.