Stifel Nicolaus Lowers Qorvo (NASDAQ:QRVO) Price Target to $90.00

Qorvo (NASDAQ:QRVO) had its price target decreased by research analysts at Stifel Nicolaus from $95.00 to $90.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “hold” rating on the semiconductor company’s stock. Stifel Nicolaus’ price target indicates a potential upside of 7.50% from the company’s previous close.

QRVO has been the topic of several other research reports. TD Cowen cut their price objective on Qorvo from $125.00 to $85.00 and set a “hold” rating on the stock in a research report on Wednesday, October 30th. The Goldman Sachs Group reduced their price target on shares of Qorvo from $99.00 to $78.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. Benchmark reaffirmed a “hold” rating on shares of Qorvo in a research report on Wednesday. Needham & Company LLC reissued a “buy” rating and set a $100.00 target price on shares of Qorvo in a research report on Wednesday. Finally, Mizuho lifted their price target on shares of Qorvo from $80.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, January 24th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $95.84.

Qorvo Stock Performance

Shares of QRVO stock opened at $83.72 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 firm has a fifty day simple moving average of $73.73 and a two-hundred day simple moving average of $91.78. Qorvo has a 12 month low of $64.54 and a 12 month high of $130.99. The firm has a market capitalization of $7.91 billion, a PE ratio of -57.34, a price-to-earnings-growth ratio of 6.98 and a beta of 1.40.

Qorvo (NASDAQ:QRVO) last announced its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.03. The company had revenue of $1.05 billion for 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%. Qorvo’s quarterly revenue was down 5.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.99 earnings per share. Analysts forecast that Qorvo will post 3.37 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Philip Chesley sold 4,045 shares of the business’s 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 sale, the senior vice president now directly owns 30,261 shares of the company’s stock, valued at approximately $2,122,809.15. The trade was a 11.79 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.46% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Allworth Financial LP grew its position in Qorvo by 181.2% during the 4th quarter. Allworth Financial LP now owns 2,598 shares of the semiconductor company’s stock worth $182,000 after purchasing an additional 1,674 shares during the last quarter. Rhumbline Advisers boosted its holdings in Qorvo by 40.6% in the 4th quarter. Rhumbline Advisers now owns 252,286 shares of the semiconductor company’s stock valued at $17,642,000 after purchasing an additional 72,911 shares in the last quarter. AustralianSuper Pty Ltd acquired a new position in Qorvo during the fourth quarter worth $7,915,000. New York State Teachers Retirement System increased its holdings in shares of Qorvo by 13.8% in the 4th quarter. New York State Teachers Retirement System now owns 99,784 shares of the semiconductor company’s stock valued at $6,978,000 after purchasing an additional 12,091 shares in the last quarter. Finally, Vontobel Holding Ltd. boosted its stake in shares of Qorvo by 39.1% during the 4th quarter. Vontobel Holding Ltd. now owns 13,906 shares of the semiconductor company’s stock worth $972,000 after acquiring an additional 3,911 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.