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

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

A number of other analysts also recently issued reports on QRVO. JPMorgan Chase & Co. reduced their price target on shares of Qorvo from $115.00 to $95.00 and set an “underweight” rating on the stock in a report on Wednesday. Needham & Company LLC began coverage on Qorvo in a research report on Monday. They issued a “buy” rating and a $135.00 target price on the stock. The Goldman Sachs Group raised their price target on Qorvo from $105.00 to $118.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Piper Sandler cut their target price on shares of Qorvo from $120.00 to $100.00 and set a “neutral” rating for the company in a report on Friday, October 25th. Finally, UBS Group decreased their price target on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research note on Wednesday. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Qorvo currently has an average rating of “Hold” and a consensus target price of $104.47.

Qorvo Stock Down 27.3 %

NASDAQ QRVO opened at $73.04 on Wednesday. The stock’s 50-day moving average price is $104.86 and its 200-day moving average price is $107.98. 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 has a 52 week low of $71.31 and a 52 week high of $130.99. The company has a market capitalization of $6.94 billion, a P/E ratio of -100.05, a price-to-earnings-growth ratio of 1.20 and a beta of 1.45.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, topping 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 firm had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter last year, the company earned $1.99 earnings per share. The business’s revenue for the quarter was down 5.2% compared to the same quarter last year. On average, equities research analysts predict that Qorvo will post 4.84 earnings per share for the current year.

Insider Transactions at Qorvo

In related news, VP Gina Harrison sold 689 shares of Qorvo stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $107.67, for a total transaction of $74,184.63. Following the completion of the sale, 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 filing with the SEC, which is available through the SEC website. Corporate insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of QRVO. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Qorvo in the 2nd quarter worth $29,000. Park Place Capital Corp lifted its holdings in shares of Qorvo by 398.1% in 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 during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of Qorvo by 81.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock worth $30,000 after buying an additional 115 shares during the period. Versant Capital Management Inc grew its holdings in Qorvo by 9,333.3% during the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock worth $33,000 after acquiring an additional 280 shares in the last quarter. Finally, New Millennium Group LLC purchased a new position in Qorvo during the 2nd quarter valued at about $34,000. 88.57% of the stock is currently owned by hedge funds and other 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.