Qorvo (NASDAQ:QRVO) Price Target Cut to $78.00 by Analysts at The Goldman Sachs Group

Qorvo (NASDAQ:QRVO) had its target price decreased by The Goldman Sachs Group from $99.00 to $78.00 in a report issued on Friday,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the semiconductor company’s stock.

Other equities analysts have also recently issued research reports about the company. Morgan Stanley cut Qorvo from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $130.00 to $120.00 in a report on Friday, October 11th. Susquehanna lowered their price target on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a report on Wednesday, October 30th. Piper Sandler cut their price objective on shares of Qorvo from $120.00 to $100.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. Raymond James lowered Qorvo from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 30th. Finally, TD Cowen cut their price target on Qorvo from $125.00 to $85.00 and set a “hold” rating on the stock in a research note on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $99.06.

Qorvo Stock Performance

Shares of QRVO stock opened at $71.69 on Friday. 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 company has a market cap of $6.78 billion, a PE ratio of -49.10, a P/E/G ratio of 5.58 and a beta of 1.40. The company’s fifty day simple moving average is $69.73 and its 200-day simple moving average is $95.54. Qorvo has a 52 week low of $64.54 and a 52 week high of $130.99.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 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 analyst estimates of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The firm’s revenue was down 5.2% compared to the same quarter last year. During the same period last year, the company posted $1.99 earnings per share. As a group, equities research analysts anticipate that Qorvo will post 3.37 EPS for the current year.

Insider Activity

In other Qorvo news, SVP Philip Chesley sold 4,045 shares of the firm’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $70.15, for a total value of $283,756.75. Following the transaction, the senior vice president now owns 30,261 shares of the company’s stock, valued at $2,122,809.15. This trade represents a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.46% of the company’s stock.

Institutional Trading of Qorvo

Institutional investors and hedge funds have recently made changes to their positions in the stock. Larson Financial Group LLC boosted its position in Qorvo by 163.4% during the 3rd quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock valued at $33,000 after purchasing an additional 201 shares during the period. Livforsakringsbolaget Skandia Omsesidigt acquired a new position in shares of Qorvo during the third quarter valued at $41,000. Farther Finance Advisors LLC grew its position in shares of Qorvo by 33.7% during the third quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock worth $43,000 after acquiring an additional 104 shares during the last quarter. Versant Capital Management Inc increased its holdings in shares of Qorvo by 89.7% in the 4th quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company’s stock worth $42,000 after acquiring an additional 286 shares during the period. Finally, UMB Bank n.a. lifted its position in Qorvo by 33.8% in the 3rd quarter. UMB Bank n.a. now owns 736 shares of the semiconductor company’s stock valued at $76,000 after purchasing an additional 186 shares during the last quarter. 88.57% of the stock is currently owned by institutional investors and hedge funds.

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.