The Goldman Sachs Group Cuts Qorvo (NASDAQ:QRVO) Price Target to $105.00

Qorvo (NASDAQ:QRVO) had its price objective reduced by The Goldman Sachs Group from $117.00 to $105.00 in a report published on Friday, Benzinga reports. They currently have a neutral rating on the semiconductor company’s stock.

Several other equities research analysts have also weighed in on QRVO. JPMorgan Chase & Co. reduced their target price on Qorvo from $105.00 to $100.00 and set an underweight rating for the company in a report on Thursday. Piper Sandler reduced their target price on Qorvo from $120.00 to $105.00 and set a neutral rating for the company in a report on Thursday, February 1st. Susquehanna reduced their target price on Qorvo from $100.00 to $95.00 and set a neutral rating for the company in a report on Thursday. Raymond James boosted their target price on Qorvo from $115.00 to $120.00 and gave the stock an outperform rating in a report on Thursday, February 1st. Finally, Barclays reduced their target price on Qorvo from $110.00 to $100.00 and set an equal weight rating for the company in a report on Thursday. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Qorvo has a consensus rating of Hold and an average price target of $110.83.

Qorvo Stock Up 0.3 %

Shares of Qorvo stock traded up $0.28 during trading on Friday, hitting $95.95. 2,424,521 shares of the stock traded hands, compared to its average volume of 1,436,907. The stock has a market cap of $9.26 billion, a P/E ratio of -131.44, a PEG ratio of 0.74 and a beta of 1.53. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.33 and a current ratio of 1.99. Qorvo has a twelve month low of $80.62 and a twelve month high of $121.65. The company has a fifty day moving average price of $113.15 and a two-hundred day moving average price of $105.59.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Wednesday, May 1st. The semiconductor company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. The firm’s revenue was up 48.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.11 EPS. Equities research analysts predict that Qorvo will post 6.69 EPS for the current fiscal year.

Insider Activity

In other news, SVP Paul J. Fego sold 3,027 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $114.00, for a total transaction of $345,078.00. Following the sale, the senior vice president now directly owns 29,705 shares in the company, valued at $3,386,370. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, SVP Steven E. Creviston sold 3,000 shares of the business’s stock in a transaction 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 sale, the senior vice president now owns 77,552 shares of the company’s stock, valued at approximately $9,306,240. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Paul J. Fego sold 3,027 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $114.00, for a total value of $345,078.00. Following the completion of the sale, the senior vice president now directly owns 29,705 shares in the company, valued at approximately $3,386,370. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 6,381 shares of company stock worth $745,434. Company insiders own 0.43% of the company’s stock.

Institutional Trading of Qorvo

Several institutional investors have recently bought and sold shares of the stock. RIA Advisory Group LLC acquired a new stake in Qorvo in the 1st quarter valued at $295,000. Daiwa Securities Group Inc. boosted its stake in Qorvo by 44.4% in the first quarter. Daiwa Securities Group Inc. now owns 13,247 shares of the semiconductor company’s stock worth $1,521,000 after purchasing an additional 4,072 shares in the last quarter. Nordea Investment Management AB boosted its stake in Qorvo by 1.2% in the first quarter. Nordea Investment Management AB now owns 373,914 shares of the semiconductor company’s stock worth $42,974,000 after purchasing an additional 4,257 shares in the last quarter. Fidelis Capital Partners LLC acquired a new position in Qorvo in the first quarter worth $58,000. Finally, Tokio Marine Asset Management Co. Ltd. boosted its stake in Qorvo by 13.2% in the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 2,708 shares of the semiconductor company’s stock worth $311,000 after purchasing an additional 315 shares in the last quarter. Institutional investors and hedge funds 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.