Qorvo (NASDAQ:QRVO) Price Target Cut to $105.00 by Analysts at Craig Hallum

Qorvo (NASDAQ:QRVO) had its price target cut by analysts at Craig Hallum from $142.00 to $105.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Craig Hallum’s price target would indicate a potential upside of 4.50% from the stock’s previous close.

Other analysts have also recently issued research reports about the company. JPMorgan Chase & Co. boosted their target price on Qorvo from $100.00 to $115.00 and gave the stock an “underweight” rating in a report on Wednesday, July 31st. StockNews.com lowered shares of Qorvo from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Piper Sandler reduced their target price on shares of Qorvo from $120.00 to $100.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. TD Cowen lowered their price target on Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a report on Wednesday. Finally, The Goldman Sachs Group raised their price objective on Qorvo from $105.00 to $118.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $110.06.

Qorvo Stock Performance

NASDAQ QRVO opened at $100.48 on Wednesday. The business has a fifty day moving average of $104.86 and a 200-day moving average of $107.98. Qorvo has a fifty-two week low of $80.62 and a fifty-two week high of $130.99. The stock has a market cap of $9.55 billion, a price-to-earnings ratio of -137.64, a price-to-earnings-growth ratio of 1.20 and a beta of 1.45. 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 (NASDAQ:QRVO) last posted its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, beating the consensus estimate of $1.85 by $0.03. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The company had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter in the previous year, the business earned $1.99 EPS. The firm’s revenue was down 5.2% on a year-over-year basis. As a group, analysts predict that Qorvo will post 4.84 earnings per share for the current fiscal year.

Insider Transactions at Qorvo

In other Qorvo news, VP Gina Harrison sold 689 shares of the stock in a transaction on Friday, September 6th. The shares were sold at an average price of $107.67, for a total transaction of $74,184.63. Following the transaction, the vice president now directly 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 SEC, which is available through this link. Corporate insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Qorvo

A number of institutional investors have recently made changes to their positions in QRVO. Mather Group LLC. boosted its holdings in shares of Qorvo by 5.6% in the 2nd quarter. Mather Group LLC. now owns 1,812 shares of the semiconductor company’s stock valued at $208,000 after buying an additional 96 shares during the period. Farther Finance Advisors LLC lifted its holdings in Qorvo by 33.7% in the third quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock worth $43,000 after acquiring an additional 104 shares during the last quarter. V Square Quantitative Management LLC lifted its holdings in Qorvo by 5.0% in the third quarter. V Square Quantitative Management LLC now owns 2,233 shares of the semiconductor company’s stock worth $231,000 after acquiring an additional 107 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in Qorvo by 81.0% in the first quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after acquiring an additional 115 shares during the period. Finally, American Trust grew its holdings in shares of Qorvo by 5.8% during the second quarter. American Trust now owns 2,110 shares of the semiconductor company’s stock valued at $245,000 after purchasing an additional 115 shares during the last quarter. 88.57% of the stock is currently owned by 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.