Qorvo (NASDAQ:QRVO) Given New $90.00 Price Target at UBS Group

Qorvo (NASDAQ:QRVO) had its price objective cut by analysts at UBS Group from $115.00 to $90.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the semiconductor company’s stock. UBS Group’s target price points to a potential upside of 21.69% from the stock’s current price.

Several other analysts have also commented on the stock. TD Cowen lowered their price target on shares of Qorvo from $125.00 to $85.00 and set a “hold” rating on the stock in a research report on Wednesday. Barclays dropped their price target on Qorvo from $125.00 to $120.00 and set an “equal weight” rating for the company in a research report on Thursday, October 10th. Rosenblatt Securities upped their target price on shares of Qorvo from $105.00 to $120.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Benchmark downgraded Qorvo from a “buy” rating to a “hold” rating in a research report on Wednesday. Finally, Raymond James downgraded Qorvo from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $107.41.

Qorvo Price Performance

Qorvo stock traded down $26.52 during midday trading on Wednesday, reaching $73.96. The company had a trading volume of 5,547,688 shares, compared to its average volume of 1,371,103. The firm’s fifty day simple moving average is $104.86 and its 200-day simple moving average is $107.98. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.95 and a quick ratio of 1.36. The company has a market capitalization of $7.03 billion, a P/E ratio of -102.84, a P/E/G ratio of 1.20 and a beta of 1.45. Qorvo has a 12-month low of $71.31 and a 12-month high of $130.99.

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 analysts’ consensus estimates of $1.85 by $0.03. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The firm had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same period in the prior year, the firm earned $1.99 EPS. The business’s revenue was down 5.2% on a year-over-year basis. As a group, equities analysts anticipate that Qorvo will post 4.84 EPS for the current year.

Insider Transactions at Qorvo

In other Qorvo news, VP Gina Harrison sold 689 shares of the company’s 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 transaction, the vice president now directly owns 21,601 shares of the company’s stock, valued at $2,325,779.67. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.46% of the company’s stock.

Hedge Funds Weigh In On Qorvo

Several institutional investors and hedge funds have recently made changes to their positions in QRVO. Capital Research Global Investors raised its holdings in Qorvo by 2.1% in the first quarter. Capital Research Global Investors now owns 4,591,985 shares of the semiconductor company’s stock valued at $527,298,000 after acquiring an additional 93,068 shares in the last quarter. Vulcan Value Partners LLC increased its position in shares of Qorvo by 35.0% in the 2nd quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock worth $246,665,000 after purchasing an additional 550,111 shares during the last quarter. Pacer Advisors Inc. raised its stake in shares of Qorvo by 17,255.9% in the 2nd quarter. Pacer Advisors Inc. now owns 1,427,006 shares of the semiconductor company’s stock valued at $165,590,000 after purchasing an additional 1,418,784 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Qorvo by 0.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,323,463 shares of the semiconductor company’s stock worth $153,558,000 after purchasing an additional 4,386 shares during the last quarter. Finally, Van ECK Associates Corp grew its stake in Qorvo by 23.9% in the third quarter. Van ECK Associates Corp now owns 832,292 shares of the semiconductor company’s stock worth $83,429,000 after purchasing an additional 160,534 shares in the last quarter. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

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.