Qorvo (NASDAQ:QRVO) Price Target Cut to $69.00 by Analysts at Citigroup

Qorvo (NASDAQ:QRVO) had its price objective lowered by Citigroup from $72.00 to $69.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “sell” rating on the semiconductor company’s stock. Citigroup’s target price would indicate a potential downside of 17.58% from the stock’s current price.

QRVO has been the topic of a number of other research reports. Piper Sandler upgraded Qorvo from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $85.00 to $110.00 in a research report on Monday. BNP Paribas downgraded Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 target price for the company. in a research note on Wednesday, October 30th. Susquehanna lowered their price target on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 30th. TD Cowen cut their price objective on shares of Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a research report on Wednesday, October 30th. Finally, 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 report on Wednesday, October 30th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Qorvo has an average rating of “Hold” and a consensus price target of $95.84.

Qorvo Stock Performance

NASDAQ:QRVO opened at $83.72 on Wednesday. The company has a market cap of $7.91 billion, a P/E ratio of -57.34, a P/E/G ratio of 6.98 and a beta of 1.40. Qorvo has a twelve month low of $64.54 and a twelve month high of $130.99. The company’s 50-day moving average price is $73.73 and its 200-day moving average price is $91.78. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO) last released its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.03. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The business’s revenue was down 5.2% on a year-over-year basis. During the same period last year, the company posted $1.99 EPS. On average, sell-side analysts forecast that Qorvo will post 3.37 earnings per share for the current fiscal year.

Insider Buying and Selling at Qorvo

In other news, SVP Philip Chesley sold 4,045 shares of the stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $70.15, for a total value of $283,756.75. Following the sale, the senior vice president now directly owns 30,261 shares in the company, valued at approximately $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 Securities & Exchange Commission, which is accessible through the SEC website. 0.46% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Qorvo

Several large investors have recently bought and sold shares of QRVO. Allworth Financial LP grew its position in shares of Qorvo by 181.2% during the fourth quarter. Allworth Financial LP now owns 2,598 shares of the semiconductor company’s stock worth $182,000 after buying an additional 1,674 shares in the last quarter. Rhumbline Advisers grew its holdings in Qorvo by 40.6% during the 4th quarter. Rhumbline Advisers now owns 252,286 shares of the semiconductor company’s stock worth $17,642,000 after acquiring an additional 72,911 shares in the last quarter. AustralianSuper Pty Ltd purchased a new stake in shares of Qorvo in the 4th quarter valued at approximately $7,915,000. New York State Teachers Retirement System raised its holdings in shares of Qorvo by 13.8% in the 4th quarter. New York State Teachers Retirement System now owns 99,784 shares of the semiconductor company’s stock valued at $6,978,000 after purchasing an additional 12,091 shares in the last quarter. Finally, Vontobel Holding Ltd. lifted its position in shares of Qorvo by 39.1% during the 4th quarter. Vontobel Holding Ltd. now owns 13,906 shares of the semiconductor company’s stock worth $972,000 after purchasing an additional 3,911 shares during the last quarter. Hedge funds and other institutional investors 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.