Qorvo (NASDAQ:QRVO) Price Target Lowered to $128.00 at Benchmark

Qorvo (NASDAQ:QRVO) had its target price dropped by stock analysts at Benchmark from $136.00 to $128.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Benchmark’s target price suggests a potential upside of 33.40% from the company’s previous close.

Several other equities analysts have also recently commented on the stock. Needham & Company LLC decreased their price target on shares of Qorvo from $125.00 to $110.00 and set a “buy” rating for the company in a research report on Thursday. Rosenblatt Securities raised their price objective on shares of Qorvo from $95.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, February 1st. JPMorgan Chase & Co. raised their price objective on shares of Qorvo from $95.00 to $105.00 and gave the company an “underweight” rating in a report on Thursday, February 1st. Piper Sandler reduced their price objective on shares of Qorvo from $120.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, February 1st. Finally, Barclays raised their price objective on shares of Qorvo from $95.00 to $100.00 and gave the company an “equal weight” rating in a report on Tuesday, January 16th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $110.83.

Qorvo Stock Up 0.3 %

QRVO stock traded up $0.28 during midday trading on Thursday, hitting $95.95. The company’s stock had a trading volume of 2,424,521 shares, compared to its average volume of 1,436,907. 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 has a 52-week low of $80.62 and a 52-week high of $121.65. The firm has a market capitalization of $9.26 billion, a P/E ratio of -131.44, a PEG ratio of 0.74 and a beta of 1.53. The firm has a 50-day simple moving average of $113.15 and a 200-day simple moving average of $105.59.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Wednesday, May 1st. The semiconductor company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.21 by $0.18. Qorvo had a negative net margin of 1.86% and a positive return on equity of 13.43%. The company had revenue of $941.00 million during the quarter, compared to analysts’ expectations of $927.24 million. During the same quarter last year, the company posted $0.11 EPS. The firm’s revenue was up 48.7% compared to the same quarter last year. As a group, equities analysts forecast that Qorvo will post 6.69 EPS for the current year.

Insider Buying and Selling at Qorvo

In other Qorvo news, VP Gina Harrison sold 354 shares of Qorvo stock in a transaction 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, SVP Steven E. Creviston sold 3,000 shares of Qorvo stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $120.00, for a total value of $360,000.00. Following 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 SEC, which can be accessed through this hyperlink. Also, VP Gina Harrison sold 354 shares of Qorvo stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $114.00, for a total transaction of $40,356.00. Following the completion of 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. Over the last three months, insiders have sold 6,381 shares of company stock worth $745,434. 0.43% of the stock is owned by company insiders.

Institutional Trading of Qorvo

Hedge funds and other institutional investors have recently made changes to their positions in the company. Barclays PLC grew its position in Qorvo by 646.2% during the third quarter. Barclays PLC now owns 3,866,040 shares of the semiconductor company’s stock worth $369,091,000 after buying an additional 3,347,972 shares during the period. UBS Group AG raised its holdings in Qorvo by 491.9% during the third quarter. UBS Group AG now owns 1,267,273 shares of the semiconductor company’s stock worth $120,987,000 after purchasing an additional 1,053,157 shares during the last quarter. Norges Bank acquired a new position in Qorvo during the fourth quarter worth $118,120,000. Balyasny Asset Management L.P. raised its holdings in Qorvo by 161.2% during the fourth quarter. Balyasny Asset Management L.P. now owns 857,596 shares of the semiconductor company’s stock worth $96,574,000 after purchasing an additional 529,309 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in Qorvo by 268.3% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 537,541 shares of the semiconductor company’s stock worth $51,319,000 after purchasing an additional 391,570 shares during the last quarter. Hedge funds and other institutional investors 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.