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

Qorvo (NASDAQ:QRVO) had its price target decreased by Barclays from $120.00 to $90.00 in a report issued on Wednesday, Benzinga reports. Barclays currently has an equal weight rating on the semiconductor company’s stock.

Other equities analysts also recently issued reports about the stock. Bank of America cut their price objective on shares of Qorvo from $115.00 to $80.00 and set an “underperform” rating on the stock in a report on Wednesday. Rosenblatt Securities boosted their price objective on Qorvo from $105.00 to $120.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. BNP Paribas cut Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price objective on the stock. in a research note on Wednesday. Raymond James cut Qorvo from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Finally, Susquehanna decreased their price target on Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research report on Wednesday. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Qorvo currently has an average rating of “Hold” and an average target price of $104.47.

Qorvo Stock Up 0.8 %

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

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

Insiders Place Their Bets

In other Qorvo news, VP Gina Harrison sold 689 shares of Qorvo 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 sale, the vice president now owns 21,601 shares of the company’s stock, valued at $2,325,779.67. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.46% of the company’s stock.

Hedge Funds Weigh In On Qorvo

Several hedge funds have recently bought and sold shares of QRVO. Hennion & Walsh Asset Management Inc. bought a new position in Qorvo in the 1st quarter valued at $227,000. Park Place Capital Corp grew its position in shares of Qorvo by 398.1% during the 1st quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock worth $30,000 after buying an additional 207 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Qorvo by 65.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 9,491 shares of the semiconductor company’s stock worth $1,090,000 after buying an additional 3,744 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Qorvo by 0.6% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 238,523 shares of the semiconductor company’s stock worth $27,390,000 after buying 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 1st 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. Institutional investors own 88.57% of the company’s stock.

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.