Susquehanna Has Lowered Expectations for Qorvo (NASDAQ:QRVO) Stock Price

Qorvo (NASDAQ:QRVOFree Report) had its price target cut by Susquehanna from $115.00 to $90.00 in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have a neutral rating on the semiconductor company’s stock.

A number of other research analysts have also recently commented on the stock. Needham & Company LLC started coverage on shares of Qorvo in a report on Monday. They issued a “buy” rating and a $135.00 target price for the company. Benchmark downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Wednesday. JPMorgan Chase & Co. raised their target price on shares of Qorvo from $100.00 to $115.00 and gave the company an “underweight” rating in a research report on Wednesday, July 31st. TD Cowen lowered their price target on shares of Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a report on Wednesday. Finally, Craig Hallum cut their price objective on Qorvo from $142.00 to $105.00 and set a “buy” rating on the stock in a report on Wednesday. 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’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $104.47.

Check Out Our Latest Report on QRVO

Qorvo Stock Performance

NASDAQ QRVO opened at $73.04 on Wednesday. The firm’s 50 day simple moving average is $104.86 and its 200 day simple moving average is $107.98. The firm has a market capitalization of $6.94 billion, a price-to-earnings ratio of -100.05, a P/E/G ratio of 1.20 and a beta of 1.45. The company has a current ratio of 1.95, a quick ratio of 1.36 and a debt-to-equity ratio of 0.44. Qorvo has a 1 year low of $71.31 and a 1 year high of $130.99.

Qorvo (NASDAQ:QRVOGet Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.03. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter last year, the company posted $1.99 EPS. The company’s revenue for the quarter was down 5.2% compared to the same quarter last year. As a group, research analysts expect that Qorvo will post 4.84 earnings per share for the current fiscal year.

Insider Transactions at Qorvo

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

Institutional Trading of Qorvo

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hennion & Walsh Asset Management Inc. acquired a new stake in Qorvo in the first quarter valued at approximately $227,000. Park Place Capital Corp increased its stake in Qorvo by 398.1% during the 1st quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock valued at $30,000 after purchasing an additional 207 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Qorvo by 65.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 9,491 shares of the semiconductor company’s stock worth $1,090,000 after buying an additional 3,744 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Qorvo by 0.6% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 238,523 shares of the semiconductor company’s stock valued at $27,390,000 after buying an additional 1,437 shares in the last quarter. Finally, Commonwealth Equity Services LLC grew its holdings in shares of Qorvo by 2.3% during the first quarter. Commonwealth Equity Services LLC now owns 9,059 shares of the semiconductor company’s stock valued at $1,040,000 after buying an additional 203 shares during the last quarter. 88.57% of the stock is owned by institutional investors.

Qorvo Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Qorvo (NASDAQ:QRVO)

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