TD Cowen Cuts Qorvo (NASDAQ:QRVO) Price Target to $85.00

Qorvo (NASDAQ:QRVO) had its price objective cut by TD Cowen from $125.00 to $85.00 in a report released on Wednesday, Marketbeat reports. They currently have a hold rating on the semiconductor company’s stock.

Several other equities analysts have also issued reports on the company. The Goldman Sachs Group boosted their price target on Qorvo from $105.00 to $118.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. Susquehanna lowered their price target on Qorvo from $135.00 to $115.00 and set a “neutral” rating on the stock in a research note on Monday, October 21st. BNP Paribas lowered Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price target on the stock. in a research note on Wednesday. Piper Sandler lowered their price target on Qorvo from $120.00 to $100.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th. Finally, Rosenblatt Securities boosted their price target on Qorvo from $105.00 to $120.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $104.47.

Qorvo Price Performance

NASDAQ QRVO opened at $71.86 on Wednesday. Qorvo has a twelve month low of $70.39 and a twelve month high of $130.99. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.36 and a current ratio of 1.90. The stock has a market capitalization of $6.82 billion, a PE ratio of -49.22, a P/E/G ratio of 0.88 and a beta of 1.45. The stock has a 50-day simple moving average of $103.28 and a 200 day simple moving average of $107.48.

Qorvo (NASDAQ:QRVO) last posted 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 business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter in the previous year, the firm earned $1.99 EPS. The firm’s revenue was down 5.2% compared to the same quarter last year. Research analysts anticipate that Qorvo will post 4.84 EPS for the current year.

Insider Activity at Qorvo

In related news, VP Gina Harrison sold 689 shares of the firm’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $107.67, for a total transaction of $74,184.63. Following the completion of the sale, the vice president now directly owns 21,601 shares of the company’s stock, valued at $2,325,779.67. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Qorvo

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Thurston Springer Miller Herd & Titak Inc. bought a new position in Qorvo in the 2nd quarter valued at $29,000. EverSource Wealth Advisors LLC boosted its position in Qorvo by 81.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 115 shares during the last quarter. Park Place Capital Corp boosted its position in Qorvo by 398.1% in the 1st quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 207 shares during the last quarter. Versant Capital Management Inc boosted its position in Qorvo by 9,333.3% in the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 280 shares during the last quarter. Finally, New Millennium Group LLC bought a new position in Qorvo in the 2nd quarter valued at $34,000. 88.57% of the stock is 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.