Craig Hallum Lowers Qorvo (NASDAQ:QRVO) Price Target to $105.00

Qorvo (NASDAQ:QRVO) had its target price dropped by Craig Hallum from $142.00 to $105.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the semiconductor company’s stock. Craig Hallum’s price target suggests a potential upside of 47.35% from the company’s previous close.

A number of other research firms have also issued reports on QRVO. The Goldman Sachs Group raised their price target on shares of Qorvo from $105.00 to $118.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. TD Cowen reduced their target price on shares of Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a report on Wednesday. Barclays lowered their price target on shares of Qorvo from $125.00 to $120.00 and set an “equal weight” rating on the stock in a report on Thursday, October 10th. Piper Sandler reduced their price objective on Qorvo from $120.00 to $100.00 and set a “neutral” rating for the company in a research note on Friday, October 25th. Finally, Rosenblatt Securities boosted their price objective on Qorvo from $105.00 to $120.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Qorvo presently has an average rating of “Hold” and an average price target of $104.47.

Qorvo Trading Down 2.4 %

NASDAQ:QRVO opened at $71.26 on Wednesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.36. Qorvo has a twelve month low of $70.39 and a twelve month high of $130.99. The company’s 50 day moving average is $104.06 and its two-hundred day moving average is $107.74.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.03. The firm had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The business’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.99 earnings per share. On average, sell-side analysts expect that Qorvo will post 4.84 EPS for the current fiscal year.

Insider Transactions at Qorvo

In other Qorvo news, VP Gina Harrison sold 689 shares of the stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $107.67, for a total value of $74,184.63. Following the completion of the sale, the vice president now owns 21,601 shares in the company, valued at approximately $2,325,779.67. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Qorvo

A number of large investors have recently made changes to their positions in QRVO. Capital Research Global Investors grew its holdings in Qorvo by 2.1% in the 1st quarter. Capital Research Global Investors now owns 4,591,985 shares of the semiconductor company’s stock valued at $527,298,000 after buying an additional 93,068 shares in the last quarter. Vulcan Value Partners LLC raised its stake in Qorvo by 35.0% during the second quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock worth $246,665,000 after purchasing an additional 550,111 shares during the period. Pacer Advisors Inc. boosted its holdings in Qorvo by 17,255.9% in the 2nd quarter. Pacer Advisors Inc. now owns 1,427,006 shares of the semiconductor company’s stock valued at $165,590,000 after purchasing an additional 1,418,784 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of 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 period. Finally, Van ECK Associates Corp increased its holdings in shares of Qorvo by 23.9% during the 3rd quarter. Van ECK Associates Corp now owns 832,292 shares of the semiconductor company’s stock worth $83,429,000 after buying an additional 160,534 shares during the last quarter. 88.57% of the stock is currently owned by hedge funds and other 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.