Barclays Cuts Qorvo (NASDAQ:QRVO) Price Target to $100.00

Qorvo (NASDAQ:QRVO) had its price target decreased by research analysts at Barclays from $110.00 to $100.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has an “equal weight” rating on the semiconductor company’s stock. Barclays‘s price target indicates a potential upside of 3.47% from the company’s previous close.

QRVO has been the subject of several other research reports. Mizuho cut their price objective on Qorvo from $115.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday. The Goldman Sachs Group upped their price target on Qorvo from $104.00 to $117.00 and gave the company a “neutral” rating in a report on Thursday, February 1st. Craig Hallum upped their price target on Qorvo from $110.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, February 1st. Raymond James upped their price target on Qorvo from $115.00 to $120.00 and gave the company an “outperform” rating in a report on Thursday, February 1st. Finally, StockNews.com cut Qorvo from a “buy” rating to a “hold” rating in a report on Thursday, February 8th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $111.50.

Qorvo Stock Down 13.6 %

Shares of Qorvo stock traded down $15.24 during midday trading on Thursday, hitting $96.65. The company’s stock had a trading volume of 3,835,580 shares, compared to its average volume of 1,307,964. The firm has a market capitalization of $9.33 billion, a P/E ratio of -44.69, a PEG ratio of 0.93 and a beta of 1.53. The stock has a 50-day simple moving average of $113.84 and a 200-day simple moving average of $105.64. The company has a quick ratio of 1.33, a current ratio of 1.90 and a debt-to-equity ratio of 0.43. Qorvo has a 1-year low of $80.62 and a 1-year high of $121.65.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Wednesday, May 1st. The semiconductor company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.18. Qorvo had a positive return on equity of 10.41% and a negative net margin of 6.11%. The business had revenue of $941.00 million for the quarter, compared to analyst estimates of $927.24 million. During the same period in the previous year, the company posted $0.11 earnings per share. The firm’s revenue for the quarter was up 48.7% on a year-over-year basis. As a group, sell-side analysts expect that Qorvo will post 4.95 earnings per share for the current year.

Insiders Place Their Bets

In related news, VP Gina Harrison sold 354 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $114.00, for a total value of $40,356.00. Following the transaction, the vice president now directly owns 18,442 shares in the company, valued at $2,102,388. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Qorvo news, SVP Steven E. Creviston sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $120.00, for a total value of $360,000.00. Following the completion of the sale, the senior vice president now owns 77,552 shares of the company’s stock, valued at $9,306,240. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Gina Harrison sold 354 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $114.00, for a total value of $40,356.00. Following the sale, the vice president now directly owns 18,442 shares in the company, valued at approximately $2,102,388. The disclosure for this sale can be found here. In the last three months, insiders sold 6,381 shares of company stock valued at $745,434. 0.43% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Qorvo

Several large investors have recently modified their holdings of QRVO. Park Place Capital Corp boosted its position in shares of Qorvo by 398.1% during the first 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. Riverview Trust Co acquired a new position in Qorvo during the 1st quarter worth approximately $40,000. Fidelis Capital Partners LLC bought a new position in shares of Qorvo during the 1st quarter worth approximately $58,000. Huntington National Bank raised its holdings in shares of Qorvo by 8,090.0% in the third quarter. Huntington National Bank now owns 819 shares of the semiconductor company’s stock valued at $78,000 after purchasing an additional 809 shares during the last quarter. Finally, GAMMA Investing LLC bought a new stake in shares of Qorvo in the fourth quarter worth $104,000. 88.57% of the stock is currently owned by institutional investors.

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.