Susquehanna Lowers Qorvo (NASDAQ:QRVO) Price Target to $135.00

Qorvo (NASDAQ:QRVO) had its price objective trimmed by Susquehanna from $145.00 to $135.00 in a report issued on Wednesday morning, Benzinga reports. The brokerage currently has a neutral rating on the semiconductor company’s stock.

Several other equities research analysts also recently issued reports on the company. StockNews.com upgraded Qorvo from a hold rating to a buy rating in a report on Wednesday, July 24th. The Goldman Sachs Group reduced their price target on shares of Qorvo from $117.00 to $105.00 and set a neutral rating on the stock in a research report on Friday, May 3rd. Benchmark dropped their price objective on shares of Qorvo from $136.00 to $128.00 and set a buy rating for the company in a report on Thursday, May 2nd. TD Cowen increased their target price on shares of Qorvo from $110.00 to $125.00 and gave the stock a hold rating in a report on Wednesday. Finally, Mizuho dropped their price target on shares of Qorvo from $115.00 to $105.00 and set a neutral rating for the company in a research note on Thursday, May 2nd. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of Hold and an average price target of $121.00.

Qorvo Stock Down 2.5 %

Shares of QRVO opened at $107.93 on Wednesday. The company has a current ratio of 1.95, a quick ratio of 1.41 and a debt-to-equity ratio of 0.44. The firm has a market cap of $10.24 billion, a P/E ratio of -147.85, a price-to-earnings-growth ratio of 1.29 and a beta of 1.46. The company’s 50-day moving average price is $113.66 and its 200 day moving average price is $110.79. Qorvo has a 12-month low of $80.62 and a 12-month high of $130.99.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.16. Qorvo had a negative net margin of 0.66% and a positive return on equity of 14.92%. The business had revenue of $886.70 million for the quarter, compared to the consensus estimate of $851.95 million. During the same period in the previous year, the firm earned $0.03 EPS. The business’s revenue was up 36.2% on a year-over-year basis. On average, sell-side analysts forecast that Qorvo will post 5.02 earnings per share for the current year.

Insider Activity

In related news, CEO Robert A. Bruggeworth sold 15,279 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $100.00, for a total transaction of $1,527,900.00. Following the transaction, the chief executive officer now owns 190,161 shares in the company, valued at approximately $19,016,100. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Qorvo news, Director John R. Harding sold 941 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $97.36, for a total transaction of $91,615.76. Following the transaction, the director now directly owns 6,950 shares of the company’s stock, valued at approximately $676,652. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert A. Bruggeworth sold 15,279 shares of the company’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $100.00, for a total transaction of $1,527,900.00. Following the completion of the sale, the chief executive officer now directly owns 190,161 shares of the company’s stock, valued at $19,016,100. The disclosure for this sale can be found here. In the last three months, insiders sold 45,372 shares of company stock valued at $4,517,858. Insiders own 0.46% of the company’s stock.

Institutional Trading of Qorvo

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in shares of Qorvo in the fourth quarter valued at approximately $118,120,000. Balyasny Asset Management L.P. increased its stake in Qorvo by 161.2% in the 4th quarter. Balyasny Asset Management L.P. now owns 857,596 shares of the semiconductor company’s stock valued at $96,574,000 after buying an additional 529,309 shares during the period. Panagora Asset Management Inc. raised its position in Qorvo by 119.4% during the 4th quarter. Panagora Asset Management Inc. now owns 580,929 shares of the semiconductor company’s stock worth $65,418,000 after buying an additional 316,172 shares during the last quarter. KBC Group NV lifted its stake in shares of Qorvo by 3,169.2% in the 4th quarter. KBC Group NV now owns 299,032 shares of the semiconductor company’s stock worth $33,674,000 after acquiring an additional 289,885 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in shares of Qorvo by 177.4% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 426,678 shares of the semiconductor company’s stock valued at $48,995,000 after acquiring an additional 272,872 shares in the last quarter. 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.