Piper Sandler Lowers Qorvo (NASDAQ:QRVO) Price Target to $100.00

Qorvo (NASDAQ:QRVO) had its price target dropped by investment analysts at Piper Sandler from $120.00 to $100.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has a “neutral” rating on the semiconductor company’s stock. Piper Sandler’s price target suggests a potential upside of 1.00% from the company’s previous close.

QRVO has been the topic of several other reports. The Goldman Sachs Group increased their price target on shares of Qorvo from $105.00 to $118.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. Needham & Company LLC raised their price target on Qorvo from $110.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Rosenblatt Securities boosted their price objective on Qorvo from $105.00 to $120.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. TD Cowen raised shares of Qorvo to a “hold” rating in a research note on Monday, September 16th. Finally, Susquehanna dropped their price target on shares of Qorvo from $135.00 to $115.00 and set a “neutral” rating for the company in a research note on Monday, October 21st. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $119.86.

Qorvo Trading Down 0.5 %

QRVO stock opened at $99.01 on Friday. The business has a fifty day moving average price of $105.32 and a 200 day moving average price of $108.20. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.95 and a quick ratio of 1.36. Qorvo has a fifty-two week low of $80.62 and a fifty-two week high of $130.99. The stock has a market capitalization of $9.41 billion, a price-to-earnings ratio of -135.63, a P/E/G ratio of 1.22 and a beta of 1.45.

Qorvo (NASDAQ:QRVO) last announced its earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.16. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The company had revenue of $886.70 million during the quarter, compared to analyst estimates of $851.95 million. During the same period last year, the company posted $0.03 earnings per share. The firm’s quarterly revenue was up 36.2% compared to the same quarter last year. Analysts expect that Qorvo will post 4.84 EPS for the current fiscal year.

Insider Activity

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 sale, the vice president now owns 21,601 shares of the company’s stock, valued at approximately $2,325,779.67. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.46% of the stock is owned by company insiders.

Institutional Trading of Qorvo

Several hedge funds have recently bought and sold shares of QRVO. Capital Research Global Investors raised its holdings in shares of Qorvo by 2.1% during the first quarter. Capital Research Global Investors now owns 4,591,985 shares of the semiconductor company’s stock worth $527,298,000 after acquiring an additional 93,068 shares during the period. Vulcan Value Partners LLC increased its holdings in Qorvo by 35.0% during the 2nd quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock worth $246,665,000 after purchasing an additional 550,111 shares in the last quarter. Pacer Advisors Inc. raised its stake in shares of Qorvo by 17,255.9% in the 2nd quarter. Pacer Advisors Inc. now owns 1,427,006 shares of the semiconductor company’s stock valued at $165,590,000 after purchasing an additional 1,418,784 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Qorvo by 0.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,323,463 shares of the semiconductor company’s stock valued at $153,558,000 after purchasing an additional 4,386 shares in the last quarter. Finally, Panagora Asset Management Inc. boosted its position in shares of Qorvo by 20.5% during the second quarter. Panagora Asset Management Inc. now owns 780,203 shares of the semiconductor company’s stock worth $90,535,000 after buying an additional 132,866 shares during the period. 88.57% of the stock is currently 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.