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

Qorvo (NASDAQ:QRVO) had its target price dropped by Susquehanna from $115.00 to $90.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the semiconductor company’s stock. Susquehanna’s price target would indicate a potential upside of 26.30% from the stock’s previous close.

A number of other brokerages have also commented on QRVO. Morgan Stanley lowered Qorvo from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $130.00 to $120.00 in a research note on Friday, October 11th. Raymond James cut shares of Qorvo from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Benchmark cut shares of Qorvo from a “buy” rating to a “hold” rating in a research report on Wednesday. TD Cowen lowered their price objective on shares of Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a report on Wednesday. Finally, Needham & Company LLC began coverage on Qorvo in a report on Monday. They set a “buy” rating and a $135.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $104.47.

Qorvo Trading Down 2.4 %

Shares of QRVO opened at $71.26 on Wednesday. Qorvo has a twelve month low of $70.39 and a twelve month high of $130.99. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.36. The firm has a fifty day simple moving average of $104.06 and a two-hundred day simple moving average of $107.74.

Qorvo (NASDAQ:QRVO) last posted its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same period in the prior year, the business posted $1.99 earnings per share. Qorvo’s revenue for the quarter was down 5.2% on a year-over-year basis. As a group, equities analysts predict that Qorvo will post 4.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Qorvo news, VP Gina Harrison sold 689 shares of the 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 directly owns 21,601 shares in the company, valued at approximately $2,325,779.67. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.46% of the stock is owned by company insiders.

Hedge Funds Weigh In On Qorvo

Several hedge funds and other institutional investors have recently bought and sold shares of QRVO. Thurston Springer Miller Herd & Titak Inc. bought a new position in Qorvo during the second quarter valued at approximately $29,000. Park Place Capital Corp lifted its holdings in shares of Qorvo by 398.1% during the 1st 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. EverSource Wealth Advisors LLC lifted its holdings in shares of Qorvo by 81.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 115 shares during the period. Versant Capital Management Inc boosted its stake in shares of Qorvo by 9,333.3% in the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock worth $33,000 after buying an additional 280 shares during the last quarter. Finally, New Millennium Group LLC bought a new stake in shares of Qorvo in the second quarter worth $34,000. Institutional investors own 88.57% of the company’s stock.

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.