Qorvo (NASDAQ:QRVO) Price Target Cut to $69.00 by Analysts at Citigroup

Qorvo (NASDAQ:QRVO) had its price objective cut by Citigroup from $72.00 to $69.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a sell rating on the semiconductor company’s stock.

Several other equities analysts have also weighed in on the stock. StockNews.com lowered shares of Qorvo from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Susquehanna lowered their price objective on Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research report on Wednesday, October 30th. JPMorgan Chase & Co. reduced their target price on Qorvo from $115.00 to $95.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 30th. TD Cowen lowered their price target on Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a report on Wednesday, October 30th. Finally, Bank of America reduced their price objective on shares of Qorvo from $115.00 to $80.00 and set an “underperform” rating on the stock in a report on Wednesday, October 30th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $95.84.

Qorvo Stock Performance

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

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.03. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The firm had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter in the previous year, the company posted $1.99 EPS. The company’s revenue was down 5.2% compared to the same quarter last year. As a group, research analysts forecast that Qorvo will post 3.37 earnings per share for the current fiscal year.

Insider Transactions at Qorvo

In related news, SVP Philip Chesley sold 4,045 shares of Qorvo stock in a transaction that occurred 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 completion of the transaction, the senior vice president now owns 30,261 shares in the company, valued at $2,122,809.15. The trade was a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate 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 modified their holdings of QRVO. Public Sector Pension Investment Board lifted its holdings in Qorvo by 65.5% during the 2nd quarter. Public Sector Pension Investment Board now owns 3,645 shares of the semiconductor company’s stock worth $423,000 after buying an additional 1,443 shares during the last quarter. MBB Public Markets I LLC purchased a new stake in Qorvo during the second quarter worth approximately $817,000. The Manufacturers Life Insurance Company boosted its holdings in Qorvo by 0.4% in the second quarter. The Manufacturers Life Insurance Company now owns 76,858 shares of the semiconductor company’s stock valued at $8,919,000 after purchasing an additional 308 shares in the last quarter. Mackenzie Financial Corp increased its stake in Qorvo by 24.7% in the second quarter. Mackenzie Financial Corp now owns 26,279 shares of the semiconductor company’s stock valued at $3,049,000 after purchasing an additional 5,199 shares during the last quarter. Finally, Algert Global LLC lifted its position in shares of Qorvo by 17.3% during the 2nd quarter. Algert Global LLC now owns 2,300 shares of the semiconductor company’s stock worth $267,000 after buying an additional 340 shares during the last quarter. 88.57% of the stock is currently owned by institutional investors and hedge funds.

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.