Qorvo (NASDAQ:QRVO) Price Target Lowered to $110.00 at Rosenblatt Securities

Qorvo (NASDAQ:QRVOGet Rating) had its price objective dropped by equities research analysts at Rosenblatt Securities from $135.00 to $110.00 in a note issued to investors on Thursday, MarketBeat reports. The firm presently has a “neutral” rating on the semiconductor company’s stock. Rosenblatt Securities’ target price would indicate a potential upside of 3.69% from the stock’s current price.

A number of other equities analysts also recently commented on QRVO. StockNews.com downgraded Qorvo from a “buy” rating to a “hold” rating in a research note on Tuesday, June 28th. Morgan Stanley cut their price target on Qorvo from $120.00 to $109.00 and set an “equal weight” rating on the stock in a report on Thursday. Raymond James cut their price target on Qorvo from $180.00 to $155.00 in a report on Thursday, May 5th. Cowen cut their price target on Qorvo from $108.00 to $100.00 and set a “market perform” rating on the stock in a report on Thursday. Finally, UBS Group cut their price target on Qorvo from $135.00 to $120.00 and set a “neutral” rating on the stock in a report on Thursday. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $132.55.

Qorvo Stock Performance

Shares of QRVO stock opened at $106.09 on Thursday. The company has a quick ratio of 2.51, a current ratio of 3.63 and a debt-to-equity ratio of 0.45. The business has a 50 day moving average of $101.37 and a two-hundred day moving average of $115.30. Qorvo has a 52 week low of $90.16 and a 52 week high of $198.00. The company has a market cap of $11.00 billion, a P/E ratio of 14.36, a PEG ratio of 1.11 and a beta of 1.35.

Qorvo (NASDAQ:QRVOGet Rating) last issued its earnings results on Wednesday, May 4th. The semiconductor company reported $3.03 EPS for the quarter, beating analysts’ consensus estimates of $2.71 by $0.32. Qorvo had a return on equity of 26.00% and a net margin of 17.87%. The company had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same period in the previous year, the firm posted $2.59 earnings per share. Qorvo’s quarterly revenue was up 8.7% compared to the same quarter last year. As a group, analysts anticipate that Qorvo will post 9.65 EPS for the current year.

Insider Buying and Selling at Qorvo

In other Qorvo news, Director Roderick Nelson sold 4,761 shares of the company’s stock in a transaction on Thursday, June 16th. The stock was sold at an average price of $95.26, for a total value of $453,532.86. Following the transaction, the director now owns 5,595 shares of the company’s stock, valued at $532,979.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Qorvo news, Director Roderick Nelson sold 4,761 shares of Qorvo stock in a transaction that occurred on Thursday, June 16th. The shares were sold at an average price of $95.26, for a total transaction of $453,532.86. Following the transaction, the director now directly owns 5,595 shares in the company, valued at approximately $532,979.70. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jeffery R. Gardner sold 5,000 shares of Qorvo stock in a transaction that occurred on Thursday, May 26th. The stock was sold at an average price of $108.68, for a total transaction of $543,400.00. Following the transaction, the director now owns 32,793 shares in the company, valued at $3,563,943.24. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,070 shares of company stock valued at $2,055,769. Corporate insiders own 0.45% of the company’s stock.

Hedge Funds Weigh In On Qorvo

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Qorvo by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 12,196,858 shares of the semiconductor company’s stock worth $1,513,630,000 after purchasing an additional 58,395 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Qorvo by 3.0% during the 1st quarter. BlackRock Inc. now owns 8,956,246 shares of the semiconductor company’s stock valued at $1,111,471,000 after acquiring an additional 261,754 shares in the last quarter. Baupost Group LLC MA grew its holdings in shares of Qorvo by 11.8% during the 1st quarter. Baupost Group LLC MA now owns 6,645,712 shares of the semiconductor company’s stock valued at $824,733,000 after acquiring an additional 699,968 shares in the last quarter. Vulcan Value Partners LLC grew its holdings in shares of Qorvo by 30.1% during the 4th quarter. Vulcan Value Partners LLC now owns 5,640,650 shares of the semiconductor company’s stock valued at $882,141,000 after acquiring an additional 1,304,458 shares in the last quarter. Finally, Boston Partners grew its holdings in shares of Qorvo by 11.4% during the 1st quarter. Boston Partners now owns 5,287,640 shares of the semiconductor company’s stock valued at $655,453,000 after acquiring an additional 541,246 shares in the last quarter. 85.87% of the stock is currently owned by hedge funds and other institutional investors.

About Qorvo

(Get Rating)

Qorvo, Inc develops and commercializes technologies and products for wireless, wired, and power markets worldwide. The company operates through two segments, Mobile Products, and Infrastructure and Defense Products. It offers mobile devices, such as smartphones, wearables, laptops, tablets and other devices; radio frequency power management integrated circuits, ultra-wideband (UWB) system-on-a-chip (SoC) and system-in-package (SiP) solutions, MEMS-based sensors, antenna tuners, and antennaplexers, as well as discrete multiplexers, duplexers, filters, and switches; and cellular base stations include switch-low noise amplifier (LNA) modules, variable gain amplifiers, integrated power amplifier (PA) Doherty modules, discrete LNAs, and high power GaN amplifiers.

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