Barclays Lowers Qorvo (NASDAQ:QRVO) Price Target to $80.00

Qorvo (NASDAQ:QRVO) had its target price cut by investment analysts at Barclays from $90.00 to $80.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the semiconductor company’s stock. Barclays‘s price target would suggest a potential downside of 5.00% from the stock’s current price.

A number of other brokerages have also issued reports on QRVO. JPMorgan Chase & Co. cut their target price on Qorvo from $115.00 to $95.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 30th. UBS Group reduced their price objective on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research note on Wednesday, October 30th. Benchmark downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. TD Cowen reduced their price target on shares of Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a research report on Wednesday, October 30th. Finally, Loop Capital started coverage on shares of Qorvo in a research report on Monday, November 11th. They set a “hold” rating and a $73.00 price objective on the stock. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $98.47.

Qorvo Stock Performance

NASDAQ:QRVO opened at $84.21 on Friday. The company has a 50-day moving average of $70.09 and a 200-day moving average of $93.69. The firm has a market cap of $7.96 billion, a price-to-earnings ratio of -57.68, a price-to-earnings-growth ratio of 5.74 and a beta of 1.40. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45. Qorvo has a twelve month low of $64.54 and a twelve month high of $130.99.

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

Insider Buying and Selling at Qorvo

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Choreo LLC acquired a new position in Qorvo during the second quarter valued at approximately $226,000. DekaBank Deutsche Girozentrale grew its stake in Qorvo by 14.1% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 11,227 shares of the semiconductor company’s stock valued at $1,242,000 after buying an additional 1,391 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Qorvo by 0.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,323,463 shares of the semiconductor company’s stock valued at $153,558,000 after buying an additional 4,386 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its holdings in Qorvo by 11.7% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 9,258 shares of the semiconductor company’s stock worth $1,064,000 after acquiring an additional 968 shares during the period. Finally, XTX Topco Ltd lifted its position in Qorvo by 163.9% during the 2nd quarter. XTX Topco Ltd now owns 8,810 shares of the semiconductor company’s stock worth $1,022,000 after acquiring an additional 5,471 shares during the last quarter. Institutional investors and hedge funds own 88.57% of the company’s stock.

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.