The Goldman Sachs Group Has Lowered Expectations for Qorvo (NASDAQ:QRVO) Stock Price

Qorvo (NASDAQ:QRVO) had its target price dropped by analysts at The Goldman Sachs Group from $99.00 to $78.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the semiconductor company’s stock. The Goldman Sachs Group’s price target would indicate a potential upside of 8.64% from the company’s previous close.

Other analysts also recently issued reports about the stock. BNP Paribas downgraded shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price target on the stock. in a research report on Wednesday, October 30th. Loop Capital started coverage on shares of Qorvo in a report on Monday, November 11th. They set a “hold” rating and a $73.00 target price on the stock. StockNews.com downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Raymond James downgraded shares of Qorvo from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 30th. Finally, Mizuho decreased their target price on shares of Qorvo from $98.00 to $80.00 and set a “neutral” rating for the company in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $99.06.

Qorvo Price Performance

Shares of QRVO traded down $1.28 during trading hours on Friday, hitting $71.80. The stock had a trading volume of 1,079,783 shares, compared to its average volume of 2,501,902. The company’s fifty day moving average is $69.73 and its two-hundred day moving average is $95.54. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.38. Qorvo has a 52 week low of $64.54 and a 52 week high of $130.99. The stock has a market capitalization of $6.79 billion, a price-to-earnings ratio of -49.18, a P/E/G ratio of 5.58 and a beta of 1.40.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the prior year, the firm earned $1.99 EPS. The company’s revenue was down 5.2% on a year-over-year basis. On average, analysts anticipate that Qorvo will post 3.37 EPS for the current year.

Insider Buying and Selling

In related news, SVP Philip Chesley sold 4,045 shares of the company’s 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 of the company’s stock, valued at $2,122,809.15. This represents a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.46% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. TD Asset Management Inc grew its position in shares of Qorvo by 2.2% during the second quarter. TD Asset Management Inc now owns 26,601 shares of the semiconductor company’s stock worth $3,087,000 after purchasing an additional 580 shares in the last quarter. Victory Capital Management Inc. raised its position in Qorvo by 155.7% during the 2nd quarter. Victory Capital Management Inc. now owns 116,859 shares of the semiconductor company’s stock valued at $13,560,000 after purchasing an additional 71,155 shares in the last quarter. Quest Partners LLC bought a new stake in Qorvo during the 2nd quarter valued at $223,000. Prudential PLC purchased a new position in shares of Qorvo in the 2nd quarter valued at $494,000. Finally, Choreo LLC purchased a new position in Qorvo during the 2nd quarter worth $226,000. 88.57% of the stock is owned by 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.