Qorvo (NASDAQ:QRVO – Get Free Report) had its target price lowered by analysts at JPMorgan Chase & Co. from $110.00 to $95.00 in a report released on Thursday, Benzinga reports. The firm presently has an “underweight” rating on the semiconductor company’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 7.55% from the stock’s current price.
A number of other equities research analysts also recently weighed in on QRVO. Wolfe Research began coverage on Qorvo in a research report on Wednesday, July 19th. They issued an “outperform” rating and a $125.00 target price for the company. Raymond James boosted their price objective on Qorvo from $120.00 to $125.00 and gave the stock an “outperform” rating in a research note on Thursday, August 3rd. Mizuho dropped their price objective on Qorvo from $107.00 to $97.00 and set a “neutral” rating on the stock in a research note on Friday. Wells Fargo & Company boosted their price objective on Qorvo from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 3rd. Finally, BMO Capital Markets cut their target price on shares of Qorvo from $110.00 to $100.00 and set a “market perform” rating for the company in a research note on Friday. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $108.95.
Check Out Our Latest Research Report on Qorvo
Qorvo Price Performance
Qorvo (NASDAQ:QRVO – Get Free Report) last released its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.07. The company had revenue of $651.16 million for the quarter, compared to the consensus estimate of $639.84 million. Qorvo had a negative net margin of 3.21% and a positive return on equity of 6.86%. Equities analysts anticipate that Qorvo will post 3.97 EPS for the current year.
Insider Buying and Selling
In related news, SVP Paul J. Fego sold 4,208 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $102.02, for a total value of $429,300.16. Following the completion of the transaction, the senior vice president now owns 26,707 shares of the company’s stock, valued at approximately $2,724,648.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Qorvo news, Director Roderick Nelson sold 2,067 shares of Qorvo stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $106.60, for a total transaction of $220,342.20. Following the completion of the sale, the director now owns 7,727 shares of the company’s stock, valued at approximately $823,698.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Paul J. Fego sold 4,208 shares of Qorvo stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $102.02, for a total transaction of $429,300.16. Following the sale, the senior vice president now directly owns 26,707 shares of the company’s stock, valued at approximately $2,724,648.14. The disclosure for this sale can be found here. In the last 90 days, insiders sold 40,250 shares of company stock valued at $4,110,124. Company insiders own 0.43% of the company’s stock.
Institutional Investors Weigh In On Qorvo
A number of institutional investors have recently modified their holdings of QRVO. Financial Gravity Asset Management Inc. acquired a new stake in shares of Qorvo in the 2nd quarter valued at $377,000. Fifth Third Bancorp lifted its stake in shares of Qorvo by 1.8% in the 2nd quarter. Fifth Third Bancorp now owns 6,342 shares of the semiconductor company’s stock valued at $647,000 after purchasing an additional 112 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in shares of Qorvo by 1.0% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 11,820 shares of the semiconductor company’s stock valued at $1,206,000 after purchasing an additional 113 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in shares of Qorvo by 1.5% in the 3rd quarter. Teacher Retirement System of Texas now owns 7,669 shares of the semiconductor company’s stock valued at $732,000 after purchasing an additional 116 shares during the last quarter. Finally, Parkside Financial Bank & Trust lifted its stake in shares of Qorvo by 106.4% in the 1st quarter. Parkside Financial Bank & Trust now owns 225 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 116 shares during the last quarter. Institutional investors and hedge funds own 85.60% 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.
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