Citigroup Has Lowered Expectations for Qorvo (NASDAQ:QRVO) Stock Price

Qorvo (NASDAQ:QRVO) had its target price dropped by investment analysts at Citigroup from $72.00 to $69.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “sell” rating on the semiconductor company’s stock. Citigroup’s target price suggests a potential downside of 19.56% from the stock’s previous close.

QRVO has been the topic of a number of other research reports. StockNews.com downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Raymond James downgraded shares of Qorvo from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 30th. Mizuho increased their target price on Qorvo from $80.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday, January 24th. TD Cowen cut their price target on Qorvo from $125.00 to $85.00 and set a “hold” rating on the stock in a report on Wednesday, October 30th. Finally, Bank of America decreased their price objective on Qorvo from $115.00 to $80.00 and set an “underperform” rating for the company in a research note on Wednesday, October 30th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Qorvo has an average rating of “Hold” and an average target price of $95.22.

Qorvo Trading Down 2.1 %

QRVO opened at $85.78 on Wednesday. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45. The stock’s fifty day moving average is $73.00 and its two-hundred day moving average is $91.88. The company has a market capitalization of $8.11 billion, a P/E ratio of -58.75, a PEG ratio of 6.98 and a beta of 1.40. Qorvo has a 52 week low of $64.54 and a 52 week high of $130.99.

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

Insider Transactions at Qorvo

In related news, SVP Philip Chesley sold 4,045 shares of the firm’s stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $70.15, for a total value of $283,756.75. Following the completion of the transaction, the senior vice president now owns 30,261 shares in the company, valued at $2,122,809.15. This trade represents a 11.79 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. GDS Wealth Management purchased a new stake in Qorvo in the third quarter valued at approximately $2,171,000. Robeco Institutional Asset Management B.V. lifted its stake in Qorvo by 78.6% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock valued at $55,548,000 after acquiring an additional 236,590 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in Qorvo during the 3rd quarter valued at approximately $2,507,000. Quest Partners LLC boosted its holdings in shares of Qorvo by 504.6% in the 3rd quarter. Quest Partners LLC now owns 11,596 shares of the semiconductor company’s stock valued at $1,198,000 after acquiring an additional 9,678 shares during the last quarter. Finally, Virtu Financial LLC acquired a new stake in shares of Qorvo in the third quarter worth $1,211,000. 88.57% of the stock is owned by institutional investors and hedge funds.

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.