JPMorgan Chase & Co. Cuts Qorvo (NASDAQ:QRVO) Price Target to $100.00

Qorvo (NASDAQ:QRVO) had its price target cut by JPMorgan Chase & Co. from $105.00 to $100.00 in a research note published on Thursday, Benzinga reports. They currently have an underweight rating on the semiconductor company’s stock.

Several other brokerages have also weighed in on QRVO. Needham & Company LLC lowered their price objective on Qorvo from $125.00 to $110.00 and set a buy rating for the company in a research report on Thursday. Raymond James boosted their price objective on shares of Qorvo from $115.00 to $120.00 and gave the company an outperform rating in a report on Thursday, February 1st. The Goldman Sachs Group increased their target price on shares of Qorvo from $104.00 to $117.00 and gave the stock a neutral rating in a research note on Thursday, February 1st. Benchmark reduced their price target on shares of Qorvo from $136.00 to $128.00 and set a buy rating on the stock in a research note on Thursday. Finally, Mizuho decreased their price objective on shares of Qorvo from $115.00 to $105.00 and set a neutral rating on the stock in a report on Thursday. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Qorvo has a consensus rating of Hold and an average target price of $110.83.

Qorvo Stock Up 0.3 %

NASDAQ QRVO opened at $95.95 on Thursday. The business’s fifty day simple moving average is $113.15 and its 200-day simple moving average is $105.78. The company has a quick ratio of 1.33, a current ratio of 1.99 and a debt-to-equity ratio of 0.44. The firm has a market cap of $9.26 billion, a PE ratio of -131.44, a P/E/G ratio of 0.74 and a beta of 1.53. Qorvo has a 52 week low of $80.62 and a 52 week high of $121.65.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Wednesday, May 1st. The semiconductor company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.18. Qorvo had a negative net margin of 1.86% and a positive return on equity of 13.43%. The company had revenue of $941.00 million for the quarter, compared to the consensus estimate of $927.24 million. During the same period in the previous year, the firm earned $0.11 earnings per share. Qorvo’s quarterly revenue was up 48.7% compared to the same quarter last year. As a group, equities analysts anticipate that Qorvo will post 6.69 earnings per share for the current year.

Insider Buying and Selling

In related news, SVP Steven E. Creviston sold 3,000 shares of Qorvo stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $120.00, for a total value of $360,000.00. Following the completion of the transaction, the senior vice president now owns 77,552 shares in the company, valued at $9,306,240. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, SVP Paul J. Fego sold 3,027 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $114.00, for a total transaction of $345,078.00. Following the sale, the senior vice president now owns 29,705 shares of the company’s stock, valued at approximately $3,386,370. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Steven E. Creviston sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $120.00, for a total value of $360,000.00. Following the completion of the transaction, the senior vice president now directly owns 77,552 shares of the company’s stock, valued at $9,306,240. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 6,381 shares of company stock worth $745,434. Company insiders own 0.43% of the company’s stock.

Institutional Trading of Qorvo

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in QRVO. Park Place Capital Corp raised its stake in Qorvo by 398.1% during the 1st quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock worth $30,000 after acquiring an additional 207 shares in the last quarter. Riverview Trust Co purchased a new stake in shares of Qorvo in the 1st quarter valued at about $40,000. Fidelis Capital Partners LLC acquired a new stake in shares of Qorvo in the 1st quarter valued at about $58,000. Huntington National Bank grew its stake in Qorvo by 8,090.0% during the 3rd quarter. Huntington National Bank now owns 819 shares of the semiconductor company’s stock worth $78,000 after buying an additional 809 shares during the last quarter. Finally, GAMMA Investing LLC acquired a new position in Qorvo during the fourth quarter worth approximately $104,000. Institutional investors and hedge funds own 88.57% of the company’s stock.

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.