Bank of America Issues Pessimistic Forecast for Qorvo (NASDAQ:QRVO) Stock Price

Qorvo (NASDAQ:QRVO) had its target price lowered by research analysts at Bank of America from $115.00 to $80.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “underperform” rating on the semiconductor company’s stock. Bank of America‘s price objective would suggest a potential upside of 12.26% from the stock’s previous close.

QRVO has been the subject of a number of other reports. BNP Paribas cut Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price target for the company. in a research note on Wednesday. Barclays cut their target price on shares of Qorvo from $125.00 to $120.00 and set an “equal weight” rating on the stock in a report on Thursday, October 10th. Benchmark cut shares of Qorvo from a “buy” rating to a “hold” rating in a research report on Wednesday. The Goldman Sachs Group lifted their target price on Qorvo from $105.00 to $118.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Finally, Needham & Company LLC initiated coverage on Qorvo in a report on Monday. They issued a “buy” rating and a $135.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Qorvo has an average rating of “Hold” and an average price target of $104.47.

Qorvo Stock Down 2.4 %

Shares of QRVO stock opened at $71.26 on Wednesday. The firm’s 50 day moving average price is $104.06 and its two-hundred day moving average price is $107.74. 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 has a 52-week low of $70.39 and a 52-week high of $130.99.

Qorvo (NASDAQ:QRVO) last posted its quarterly 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 company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the business posted $1.99 EPS. The firm’s quarterly revenue was down 5.2% on a year-over-year basis. As a group, equities analysts forecast that Qorvo will post 4.84 EPS for the current year.

Insiders Place Their Bets

In related news, VP Gina Harrison sold 689 shares of Qorvo 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 sale, the vice president now owns 21,601 shares of the company’s stock, valued at approximately $2,325,779.67. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Qorvo in the 2nd quarter valued at approximately $29,000. Park Place Capital Corp raised its position in Qorvo by 398.1% during the first quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock worth $30,000 after acquiring an additional 207 shares in the last quarter. EverSource Wealth Advisors LLC lifted 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 last quarter. Versant Capital Management Inc grew its position in shares of Qorvo by 9,333.3% in the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock valued at $33,000 after acquiring an additional 280 shares during the period. Finally, New Millennium Group LLC acquired a new position in shares of Qorvo during the 2nd quarter worth about $34,000. 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.