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

Qorvo (NASDAQ:QRVO) had its target price decreased by Craig Hallum from $142.00 to $105.00 in a research note released on Wednesday morning, Benzinga reports. Craig Hallum currently has a buy rating on the semiconductor company’s stock.

Several other brokerages also recently weighed in on QRVO. Rosenblatt Securities increased their price target on Qorvo from $105.00 to $120.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Raymond James downgraded Qorvo from an “outperform” rating to a “market perform” rating in a research report on Wednesday. BNP Paribas cut shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price objective for the company. in a research note on Wednesday. Barclays reduced 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. Finally, Benchmark lowered Qorvo from a “buy” rating to a “hold” rating in a research note on Wednesday. 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. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $104.47.

Qorvo Stock Down 27.3 %

QRVO stock opened at $73.04 on Wednesday. The firm has a market cap of $6.94 billion, a PE ratio of -100.05, a PEG ratio of 1.20 and a beta of 1.45. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.36 and a current ratio of 1.95. Qorvo has a one year low of $71.31 and a one year high of $130.99. The firm’s 50 day moving average price is $104.86 and its 200-day moving average price is $107.98.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share 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 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 earned $1.99 EPS. Qorvo’s revenue was down 5.2% on a year-over-year basis. On average, equities research analysts anticipate that Qorvo will post 4.84 EPS for the current year.

Insider Buying and Selling at Qorvo

In other news, VP Gina Harrison sold 689 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $107.67, for a total transaction of $74,184.63. Following the sale, the vice president now directly owns 21,601 shares in the company, 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 document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.46% of the company’s stock.

Institutional Trading of Qorvo

Hedge funds have recently bought and sold shares of the business. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Qorvo in the 2nd quarter valued at about $29,000. EverSource Wealth Advisors LLC raised its stake in Qorvo by 81.0% in the 1st 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. Park Place Capital Corp lifted its stake 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 valued at $30,000 after buying an additional 207 shares in the last quarter. Versant Capital Management Inc raised its stake in shares of Qorvo by 9,333.3% during the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock valued at $33,000 after purchasing an additional 280 shares during the period. Finally, New Millennium Group LLC purchased a new stake in shares of Qorvo in the second quarter worth about $34,000. Institutional investors and hedge funds 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.