Qorvo (NASDAQ:QRVO) Given New $69.00 Price Target at Citigroup

Qorvo (NASDAQ:QRVO) had its target price cut by Citigroup from $72.00 to $69.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “sell” rating on the semiconductor company’s stock. Citigroup’s price objective would suggest a potential downside of 19.56% from the stock’s current price.

Several other equities analysts also recently weighed in on the company. Morgan Stanley upgraded Qorvo from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $90.00 to $106.00 in a research report on Tuesday, January 21st. Barclays lowered their price objective on Qorvo from $90.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Friday, January 17th. UBS Group decreased their target price on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 30th. Craig Hallum dropped their price target on shares of Qorvo from $142.00 to $105.00 and set a “buy” rating for the company in a research report on Wednesday, October 30th. Finally, The Goldman Sachs Group decreased their price objective on shares of Qorvo from $99.00 to $78.00 and set a “neutral” rating on the stock in a research report on Friday, January 10th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $95.22.

Qorvo Price Performance

NASDAQ QRVO opened at $85.78 on Wednesday. The company has a 50-day moving average price of $73.00 and a 200-day moving average price of $91.88. Qorvo has a 52 week low of $64.54 and a 52 week high of $130.99. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $8.11 billion, a P/E ratio of -58.75, a PEG ratio of 6.98 and a beta of 1.40.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period last year, the firm earned $1.99 earnings per share. The company’s quarterly revenue was down 5.2% on a year-over-year basis. Equities research analysts anticipate that Qorvo will post 3.37 earnings per share for the current year.

Insider Activity

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

Hedge Funds Weigh In On Qorvo

A number of institutional investors and hedge funds have recently modified their holdings of QRVO. Larson Financial Group LLC lifted its position in Qorvo by 163.4% in the third quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock worth $33,000 after buying an additional 201 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt bought a new stake in shares of Qorvo in the 3rd quarter worth about $41,000. Farther Finance Advisors LLC lifted its stake in Qorvo by 33.7% in the third quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock worth $43,000 after purchasing an additional 104 shares during the last quarter. Versant Capital Management Inc boosted its position in shares of Qorvo by 89.7% during the fourth quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company’s stock valued at $42,000 after buying an additional 286 shares during the period. Finally, UMB Bank n.a. grew its stake in shares of Qorvo by 33.8% during the third quarter. UMB Bank n.a. now owns 736 shares of the semiconductor company’s stock valued at $76,000 after buying an additional 186 shares during the last quarter. Hedge funds and other 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.