Qorvo (NASDAQ:QRVO) Given New $100.00 Price Target at Barclays

Qorvo (NASDAQ:QRVO) had its target price cut by equities researchers at Barclays from $110.00 to $100.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “equal weight” rating on the semiconductor company’s stock. Barclays‘s target price suggests a potential upside of 4.22% from the company’s current price.

Several other equities research analysts have also issued reports on the company. StockNews.com lowered Qorvo from a “buy” rating to a “hold” rating in a research report on Thursday, February 8th. The Goldman Sachs Group raised their target price on Qorvo from $104.00 to $117.00 and gave the stock a “neutral” rating in a research note on Thursday, February 1st. Susquehanna cut their target price on Qorvo from $100.00 to $95.00 and set a “neutral” rating for the company in a research note on Thursday. Piper Sandler cut their target price on Qorvo from $120.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, February 1st. Finally, Benchmark cut their target price on Qorvo from $136.00 to $128.00 and set a “buy” rating for the company in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $110.83.

Qorvo Stock Up 0.3 %

NASDAQ QRVO traded up $0.28 on Thursday, reaching $95.95. The company had a trading volume of 2,424,521 shares, compared to its average volume of 1,436,907. The stock has a market capitalization of $9.26 billion, a P/E ratio of -131.44, a P/E/G ratio of 0.74 and a beta of 1.53. The company’s fifty day moving average is $113.15 and its 200 day moving average is $105.59. Qorvo has a 52-week low of $80.62 and a 52-week high of $121.65. The company has a quick ratio of 1.33, a current ratio of 1.99 and a debt-to-equity ratio of 0.44.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Wednesday, May 1st. The semiconductor company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.18. The business had revenue of $941.00 million during the quarter, compared to analyst estimates of $927.24 million. Qorvo had a positive return on equity of 13.43% and a negative net margin of 1.86%. Qorvo’s quarterly revenue was up 48.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.11 EPS. Sell-side analysts anticipate that Qorvo will post 6.69 earnings per share for the current fiscal year.

Insider Activity at Qorvo

In related news, SVP Paul J. Fego sold 3,027 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $114.00, for a total transaction of $345,078.00. Following the transaction, the senior vice president now directly owns 29,705 shares of the company’s stock, valued at approximately $3,386,370. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, SVP Paul J. Fego sold 3,027 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $114.00, for a total transaction of $345,078.00. Following the transaction, the senior vice president now directly owns 29,705 shares of the company’s stock, valued at approximately $3,386,370. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Steven E. Creviston sold 3,000 shares of Qorvo stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $120.00, for a total value of $360,000.00. Following the completion of the transaction, the senior vice president now directly owns 77,552 shares in the company, valued at $9,306,240. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,381 shares of company stock valued at $745,434. Corporate insiders own 0.43% of the company’s stock.

Hedge Funds Weigh In On Qorvo

A number of large investors have recently bought and sold shares of the stock. Barclays PLC increased its stake in Qorvo by 646.2% in the 3rd quarter. Barclays PLC now owns 3,866,040 shares of the semiconductor company’s stock worth $369,091,000 after purchasing an additional 3,347,972 shares during the period. FIL Ltd grew its position in shares of Qorvo by 4.5% in the 4th quarter. FIL Ltd now owns 2,778,629 shares of the semiconductor company’s stock worth $312,901,000 after buying an additional 120,213 shares during the last quarter. Invesco Ltd. grew its position in shares of Qorvo by 18.9% in the 3rd quarter. Invesco Ltd. now owns 1,989,776 shares of the semiconductor company’s stock worth $189,964,000 after buying an additional 316,328 shares during the last quarter. Boston Partners grew its position in shares of Qorvo by 0.5% in the 4th quarter. Boston Partners now owns 1,436,328 shares of the semiconductor company’s stock worth $161,726,000 after buying an additional 6,558 shares during the last quarter. Finally, UBS Group AG grew its position in shares of Qorvo by 491.9% in the 3rd quarter. UBS Group AG now owns 1,267,273 shares of the semiconductor company’s stock worth $120,987,000 after buying an additional 1,053,157 shares during the last quarter. 88.57% of the stock is 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.