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

Qorvo (NASDAQ:QRVO) had its price objective cut by Barclays from $120.00 to $90.00 in a research report report published on Wednesday, Benzinga reports. They currently have an equal weight rating on the semiconductor company’s stock.

QRVO has been the subject of several other research reports. Benchmark lowered shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Wednesday. Bank of America decreased their price target on shares of Qorvo from $115.00 to $80.00 and set an “underperform” rating for the company in a research note on Wednesday. Susquehanna cut their price objective on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research report on Wednesday. UBS Group decreased their target price on Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, Rosenblatt Securities upped their price target on Qorvo from $105.00 to $120.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 31st. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $104.47.

Qorvo Stock Performance

Shares of Qorvo stock opened at $71.86 on Wednesday. The business has a 50-day moving average price of $102.41 and a two-hundred day moving average price of $107.22. Qorvo has a 1-year low of $70.39 and a 1-year high of $130.99. The company has a current ratio of 1.90, a quick ratio of 1.36 and a debt-to-equity ratio of 0.45. The company has a market cap of $6.79 billion, a P/E ratio of -49.22, a PEG ratio of 3.98 and a beta of 1.49.

Qorvo (NASDAQ:QRVO) last released its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, topping the consensus estimate of $1.85 by $0.03. The business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. During the same quarter last year, the firm posted $1.99 earnings per share. The firm’s revenue was down 5.2% on a year-over-year basis. As a group, analysts anticipate that Qorvo will post 4.84 EPS for the current year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Qorvo

Institutional investors have recently modified their holdings of the business. Hennion & Walsh Asset Management Inc. bought a new position in Qorvo in the 1st quarter valued at $227,000. Park Place Capital Corp grew its position in Qorvo by 398.1% during the first 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 period. Allspring Global Investments Holdings LLC increased its holdings in Qorvo by 65.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 9,491 shares of the semiconductor company’s stock worth $1,090,000 after buying an additional 3,744 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in Qorvo by 0.6% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 238,523 shares of the semiconductor company’s stock worth $27,390,000 after acquiring an additional 1,437 shares during the period. Finally, Commonwealth Equity Services LLC boosted its stake in Qorvo by 2.3% in the first quarter. Commonwealth Equity Services LLC now owns 9,059 shares of the semiconductor company’s stock valued at $1,040,000 after acquiring an additional 203 shares during the last quarter. 88.57% of the stock is owned by 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.