Citigroup Issues Pessimistic Forecast for Qorvo (NASDAQ:QRVO) Stock Price

Qorvo (NASDAQ:QRVO) had its target price reduced by investment analysts at Citigroup from $72.00 to $69.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “sell” rating on the semiconductor company’s stock. Citigroup’s target price suggests a potential downside of 17.58% from the stock’s previous close.

QRVO has been the subject of several other reports. Bank of America decreased their target price on Qorvo from $115.00 to $80.00 and set an “underperform” rating for the company in a research report on Wednesday, October 30th. Raymond James cut shares of Qorvo from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 30th. UBS Group decreased their price target 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. Barclays reduced their price objective on Qorvo from $90.00 to $80.00 and set an “equal weight” rating on the stock in a report on Friday, January 17th. Finally, TD Cowen lowered their target price on Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a report on Wednesday, October 30th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, Qorvo has an average rating of “Hold” and an average target price of $95.84.

Qorvo Trading Down 2.7 %

Shares of QRVO opened at $83.72 on Wednesday. The company has a market cap of $7.91 billion, a P/E ratio of -57.34, a P/E/G ratio of 6.98 and a beta of 1.40. Qorvo has a twelve month low of $64.54 and a twelve month high of $130.99. The company’s fifty day simple moving average is $73.73 and its 200-day simple moving average is $91.78. 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 (NASDAQ:QRVO) last announced its 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 13.81% and a negative net margin of 3.58%. The business had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the previous year, the business earned $1.99 earnings per share. The company’s revenue for the quarter was down 5.2% compared to the same quarter last year. As a group, analysts expect that Qorvo will post 3.37 EPS for the current year.

Insider Activity at Qorvo

In other 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 of the company’s stock, valued at $2,122,809.15. This represents a 11.79 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.46% of the stock is owned by company insiders.

Hedge Funds Weigh In On Qorvo

Large investors have recently bought and sold shares of the business. Pacer Advisors Inc. increased its position in shares of Qorvo by 7.1% in the third quarter. Pacer Advisors Inc. now owns 1,528,748 shares of the semiconductor company’s stock valued at $157,920,000 after buying an additional 101,742 shares in the last quarter. KBC Group NV increased its holdings in Qorvo by 144.8% in the 4th quarter. KBC Group NV now owns 1,077,196 shares of the semiconductor company’s stock worth $75,328,000 after acquiring an additional 637,087 shares in the last quarter. Thrivent Financial for Lutherans increased its holdings in Qorvo by 140.2% in the 3rd quarter. Thrivent Financial for Lutherans now owns 835,336 shares of the semiconductor company’s stock worth $86,290,000 after acquiring an additional 487,621 shares in the last quarter. Van ECK Associates Corp raised its position in Qorvo by 23.9% during the third quarter. Van ECK Associates Corp now owns 832,292 shares of the semiconductor company’s stock worth $83,429,000 after acquiring an additional 160,534 shares during the period. Finally, Assenagon Asset Management S.A. lifted its holdings in Qorvo by 377.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 816,882 shares of the semiconductor company’s stock valued at $57,125,000 after purchasing an additional 645,829 shares in the last quarter. Institutional investors and hedge funds own 88.57% of the company’s stock.

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.