Qorvo (NASDAQ:QRVO) Price Target Cut to $80.00 by Analysts at Barclays

Qorvo (NASDAQ:QRVO) had its price objective reduced by stock analysts at Barclays from $90.00 to $80.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the semiconductor company’s stock. Barclays‘s price objective suggests a potential downside of 5.00% from the company’s current price.

A number of other analysts have also recently issued reports on QRVO. TD Cowen lowered their price objective on Qorvo from $125.00 to $85.00 and set a “hold” rating on the stock in a research report on Wednesday, October 30th. Susquehanna lowered their price target on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a report on Wednesday, October 30th. Mizuho reduced their price objective on shares of Qorvo from $98.00 to $80.00 and set a “neutral” rating for the company in a report on Tuesday, January 7th. Loop Capital began coverage on shares of Qorvo in a research note on Monday, November 11th. They issued a “hold” rating and a $73.00 target price on the stock. Finally, Piper Sandler dropped their price target on shares of Qorvo from $120.00 to $100.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $98.47.

Qorvo Price Performance

Shares of Qorvo stock opened at $84.21 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.38. The company has a market cap of $7.96 billion, a PE ratio of -57.68, a price-to-earnings-growth ratio of 5.74 and a beta of 1.40. The firm has a fifty day moving average price of $70.09 and a two-hundred day moving average price of $93.69. Qorvo has a fifty-two week low of $64.54 and a fifty-two week high of $130.99.

Qorvo (NASDAQ:QRVO) last released its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.03. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter last year, the company earned $1.99 earnings per share. The firm’s revenue was down 5.2% on a year-over-year basis. Analysts expect that Qorvo will post 3.37 EPS for the current year.

Insider Transactions at Qorvo

In other news, SVP Philip Chesley sold 4,045 shares of the company’s stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $70.15, for a total transaction of $283,756.75. Following the transaction, the senior vice president now directly owns 30,261 shares in the company, valued at approximately $2,122,809.15. This represents a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Larson Financial Group LLC increased its stake in shares of Qorvo by 163.4% in the 3rd quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 201 shares during the period. Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in Qorvo in the third quarter worth about $41,000. Versant Capital Management Inc increased its position in Qorvo by 89.7% in the fourth quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company’s stock worth $42,000 after purchasing an additional 286 shares during the period. Farther Finance Advisors LLC raised its holdings in Qorvo by 33.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock worth $43,000 after purchasing an additional 104 shares during the last quarter. Finally, UMB Bank n.a. lifted its position in Qorvo by 33.8% during the 3rd quarter. UMB Bank n.a. now owns 736 shares of the semiconductor company’s stock valued at $76,000 after purchasing an additional 186 shares during the period. Institutional investors own 88.57% of the company’s stock.

Qorvo Company Profile

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.