TD Cowen Has Lowered Expectations for Qorvo (NASDAQ:QRVO) Stock Price

Qorvo (NASDAQ:QRVO) had its price objective decreased by TD Cowen from $125.00 to $85.00 in a report issued on Wednesday, MarketBeat Ratings reports. TD Cowen currently has a hold rating on the semiconductor company’s stock.

Other research analysts have also issued reports about the company. Benchmark lowered Qorvo from a “buy” rating to a “hold” rating in a research report on Wednesday. StockNews.com lowered Qorvo from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Needham & Company LLC began coverage on Qorvo in a report on Monday, October 28th. They set a “buy” rating and a $135.00 target price on the stock. Raymond James lowered Qorvo from an “outperform” rating to a “market perform” rating in a report on Wednesday. Finally, The Goldman Sachs Group lifted their target price on Qorvo from $105.00 to $118.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Two investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $104.47.

Qorvo Stock Up 0.8 %

NASDAQ:QRVO opened at $71.86 on Wednesday. Qorvo has a 12-month low of $70.39 and a 12-month high of $130.99. The company has a quick ratio of 1.36, a current ratio of 1.90 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $6.82 billion, a P/E ratio of -49.22, a P/E/G ratio of 0.88 and a beta of 1.45. The stock’s fifty day simple moving average is $103.28 and its 200-day simple moving average is $107.48.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.03. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period last year, the company earned $1.99 EPS. The firm’s revenue was down 5.2% on a year-over-year basis. Equities research analysts expect that Qorvo will post 4.84 earnings per share for the current year.

Insider Activity at Qorvo

In related news, VP Gina Harrison sold 689 shares of Qorvo stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $107.67, for a total value of $74,184.63. Following the sale, the vice president now owns 21,601 shares of the company’s stock, valued at approximately $2,325,779.67. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.46% of the stock is owned by company insiders.

Institutional Trading of Qorvo

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bessemer Group Inc. increased its position in shares of Qorvo by 1,361.9% in the first quarter. Bessemer Group Inc. now owns 13,596 shares of the semiconductor company’s stock valued at $1,562,000 after acquiring an additional 12,666 shares during the last quarter. Daiwa Securities Group Inc. increased its position in shares of Qorvo by 44.4% in the first quarter. Daiwa Securities Group Inc. now owns 13,247 shares of the semiconductor company’s stock valued at $1,521,000 after acquiring an additional 4,072 shares during the last quarter. Canada Pension Plan Investment Board increased its position in shares of Qorvo by 23.8% in the first quarter. Canada Pension Plan Investment Board now owns 370,200 shares of the semiconductor company’s stock valued at $42,510,000 after acquiring an additional 71,200 shares during the last quarter. APG Asset Management N.V. increased its position in shares of Qorvo by 21.9% in the second quarter. APG Asset Management N.V. now owns 101,243 shares of the semiconductor company’s stock valued at $10,962,000 after acquiring an additional 18,178 shares during the last quarter. Finally, Janney Montgomery Scott LLC acquired a new stake in shares of Qorvo in the first quarter valued at about $811,000. Institutional investors and hedge funds 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.