Qorvo (NASDAQ:QRVO) Price Target Lowered to $69.00 at Citigroup

Qorvo (NASDAQ:QRVO) had its target price lowered by Citigroup from $72.00 to $69.00 in a research note published on Wednesday morning,Benzinga reports. The firm currently has a sell rating on the semiconductor company’s stock.

Several other equities research analysts also recently commented on QRVO. UBS Group lowered 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. Needham & Company LLC started coverage on Qorvo in a research note on Monday, October 28th. They set a “buy” rating and a $135.00 price target on the stock. Mizuho raised their price objective on Qorvo from $80.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, January 24th. The Goldman Sachs Group dropped their target price on Qorvo from $99.00 to $78.00 and set a “neutral” rating on the stock in a research report on Friday, January 10th. Finally, Barclays decreased their price objective on shares of Qorvo from $90.00 to $80.00 and set an “equal weight” rating for the company in a research note on Friday, January 17th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $95.84.

Qorvo Stock Up 0.3 %

Shares of NASDAQ:QRVO opened at $86.03 on Wednesday. The business’s 50-day moving average is $73.41 and its 200 day moving average is $91.84. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45. Qorvo has a 1 year low of $64.54 and a 1 year high of $130.99.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, beating the consensus estimate of $1.85 by $0.03. The firm had revenue of $1.05 billion during 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%. Qorvo’s revenue was down 5.2% on a year-over-year basis. During the same period last year, the firm posted $1.99 EPS. On average, analysts anticipate that Qorvo will post 3.37 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Philip Chesley sold 4,045 shares of Qorvo 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 sale, the senior vice president now owns 30,261 shares of the company’s stock, valued at approximately $2,122,809.15. This trade represents a 11.79 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.46% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Qorvo

Several hedge funds and other institutional investors have recently added to or reduced their stakes in QRVO. Assenagon Asset Management S.A. raised its position in shares of Qorvo by 377.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 816,882 shares of the semiconductor company’s stock worth $57,125,000 after purchasing an additional 645,829 shares during the last quarter. KBC Group NV lifted its position in shares of Qorvo by 144.8% in the fourth quarter. KBC Group NV now owns 1,077,196 shares of the semiconductor company’s stock valued at $75,328,000 after acquiring an additional 637,087 shares in the last quarter. Thrivent Financial for Lutherans increased its position in shares of Qorvo by 140.2% during the third quarter. Thrivent Financial for Lutherans now owns 835,336 shares of the semiconductor company’s stock worth $86,290,000 after purchasing an additional 487,621 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its stake in Qorvo by 78.6% in 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 purchasing an additional 236,590 shares during the last quarter. Finally, Clal Insurance Enterprises Holdings Ltd purchased a new position in Qorvo in the 3rd quarter valued at $22,726,000. 88.57% of the stock is owned by hedge funds and other institutional investors.

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.