Qorvo (NASDAQ:QRVO – Get Free Report) had its target price dropped by equities research analysts at The Goldman Sachs Group from $99.00 to $78.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “neutral” rating on the semiconductor company’s stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 8.64% from the company’s previous close.
A number of other research firms have also issued reports on QRVO. Benchmark lowered Qorvo from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Piper Sandler cut their price target on Qorvo from $120.00 to $100.00 and set a “neutral” rating for the company in a report on Friday, October 25th. JPMorgan Chase & Co. dropped their price objective on Qorvo from $115.00 to $95.00 and set an “underweight” rating for the company in a report on Wednesday, October 30th. UBS Group lowered their price target on Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a report on Wednesday, October 30th. Finally, Craig Hallum lowered their price target on Qorvo from $142.00 to $105.00 and set a “buy” rating for the company in a report on Wednesday, October 30th. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Qorvo currently has an average rating of “Hold” and a consensus target price of $99.06.
View Our Latest Analysis on Qorvo
Qorvo Price Performance
Qorvo (NASDAQ:QRVO – Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.03. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same period in the prior year, the business posted $1.99 earnings per share. The firm’s revenue for the quarter was down 5.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Qorvo will post 3.37 EPS for the current fiscal year.
Insider Activity
In other Qorvo news, SVP Philip Chesley sold 4,045 shares of the stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $70.15, for a total transaction of $283,756.75. Following the sale, the senior vice president now directly owns 30,261 shares in the company, valued at $2,122,809.15. This represents a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.46% of the company’s stock.
Institutional Investors Weigh In On Qorvo
Several hedge funds have recently added to or reduced their stakes in the business. GDS Wealth Management bought a new stake in shares of Qorvo in the 3rd quarter valued at $2,171,000. Robeco Institutional Asset Management B.V. lifted its stake in shares of Qorvo by 78.6% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock valued at $55,548,000 after buying an additional 236,590 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in Qorvo in the 3rd quarter worth approximately $2,507,000. Quest Partners LLC increased its holdings in shares of Qorvo by 504.6% in the 3rd quarter. Quest Partners LLC now owns 11,596 shares of the semiconductor company’s stock worth $1,198,000 after buying an additional 9,678 shares during the last quarter. Finally, Virtu Financial LLC bought a new position in shares of Qorvo during the 3rd quarter valued at $1,211,000. 88.57% of the stock is currently owned by institutional investors and hedge funds.
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.
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