Raymond James Lowers Qorvo (NASDAQ:QRVO) Price Target to $130.00

Qorvo (NASDAQ:QRVOGet Rating) had its price target reduced by investment analysts at Raymond James from $155.00 to $130.00 in a report released on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the semiconductor company’s stock. Raymond James’ price target would suggest a potential upside of 22.54% from the company’s current price.

A number of other analysts have also recently weighed in on the stock. TheStreet cut shares of Qorvo from a “b-” rating to a “c+” rating in a report on Tuesday, May 24th. Susquehanna decreased their price objective on shares of Qorvo from $150.00 to $120.00 in a research note on Thursday, May 5th. Rosenblatt Securities cut their target price on shares of Qorvo from $135.00 to $110.00 and set a “neutral” rating on the stock in a research note on Thursday. UBS Group decreased their target price on Qorvo from $135.00 to $120.00 and set a “neutral” rating for the company in a research report on Thursday. Finally, Cowen dropped their price target on Qorvo from $108.00 to $100.00 and set a “market perform” rating on the stock in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Qorvo currently has a consensus rating of “Hold” and a consensus price target of $132.55.

Qorvo Trading Down 2.3 %

Shares of NASDAQ:QRVO opened at $106.09 on Thursday. The company has a quick ratio of 2.51, a current ratio of 3.30 and a debt-to-equity ratio of 0.48. The company’s 50-day moving average price is $101.37 and its 200 day moving average price is $115.30. The company has a market cap of $11.00 billion, a PE ratio of 14.36, a P/E/G ratio of 1.13 and a beta of 1.35. Qorvo has a fifty-two week low of $90.16 and a fifty-two week high of $198.00.

Qorvo (NASDAQ:QRVOGet Rating) last released its quarterly earnings results on Wednesday, May 4th. The semiconductor company reported $3.03 earnings per share for the quarter, beating analysts’ consensus estimates of $2.71 by $0.32. Qorvo had a return on equity of 26.50% and a net margin of 17.87%. The company had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the previous year, the company posted $2.59 earnings per share. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. Sell-side analysts anticipate that Qorvo will post 9.65 earnings per share for the current year.

Insider Activity at Qorvo

In other news, Director Roderick Nelson sold 4,761 shares of Qorvo stock in a transaction dated Thursday, June 16th. The shares were sold at an average price of $95.26, for a total transaction of $453,532.86. Following the sale, the director now directly owns 5,595 shares in the company, valued at approximately $532,979.70. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Roderick Nelson sold 4,761 shares of the firm’s stock in a transaction that occurred on Thursday, June 16th. The stock was sold at an average price of $95.26, for a total transaction of $453,532.86. Following the completion of the transaction, the director now owns 5,595 shares in the company, valued at approximately $532,979.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jeffery R. Gardner sold 1,000 shares of the business’s stock in a transaction on Tuesday, May 31st. The shares were sold at an average price of $110.57, for a total value of $110,570.00. Following the completion of the sale, the director now directly owns 31,793 shares in the company, valued at approximately $3,515,352.01. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,070 shares of company stock worth $2,055,769. Company insiders own 0.45% of the company’s stock.

Hedge Funds Weigh In On Qorvo

Several institutional investors have recently added to or reduced their stakes in the company. Hennion & Walsh Asset Management Inc. boosted its stake in Qorvo by 2.8% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 10,276 shares of the semiconductor company’s stock worth $1,275,000 after purchasing an additional 279 shares in the last quarter. Daiwa Securities Group Inc. grew its holdings in Qorvo by 3.4% during the 1st quarter. Daiwa Securities Group Inc. now owns 8,944 shares of the semiconductor company’s stock worth $1,110,000 after acquiring an additional 293 shares during the last quarter. Paradiem LLC increased its position in Qorvo by 25.0% in the 1st quarter. Paradiem LLC now owns 17,352 shares of the semiconductor company’s stock valued at $1,986,000 after acquiring an additional 3,474 shares in the last quarter. Teamwork Financial Advisors LLC raised its position in Qorvo by 265.6% in the 1st quarter. Teamwork Financial Advisors LLC now owns 24,957 shares of the semiconductor company’s stock worth $3,097,000 after purchasing an additional 18,131 shares during the last quarter. Finally, AE Wealth Management LLC increased its stake in shares of Qorvo by 76.1% in the 1st quarter. AE Wealth Management LLC now owns 28,375 shares of the semiconductor company’s stock valued at $3,521,000 after buying an additional 12,264 shares during the period. 85.87% of the stock is owned by institutional investors.

About Qorvo

(Get Rating)

Qorvo, Inc develops and commercializes technologies and products for wireless, wired, and power markets worldwide. The company operates through two segments, Mobile Products, and Infrastructure and Defense Products. It offers mobile devices, such as smartphones, wearables, laptops, tablets and other devices; radio frequency power management integrated circuits, ultra-wideband (UWB) system-on-a-chip (SoC) and system-in-package (SiP) solutions, MEMS-based sensors, antenna tuners, and antennaplexers, as well as discrete multiplexers, duplexers, filters, and switches; and cellular base stations include switch-low noise amplifier (LNA) modules, variable gain amplifiers, integrated power amplifier (PA) Doherty modules, discrete LNAs, and high power GaN amplifiers.

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