JPMorgan Chase & Co. Cuts Qorvo (NASDAQ:QRVO) Price Target to $95.00

Qorvo (NASDAQ:QRVO) had its price objective decreased by equities research analysts at JPMorgan Chase & Co. from $115.00 to $95.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has an “underweight” rating on the semiconductor company’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 33.31% from the stock’s previous close.

Several other brokerages also recently issued reports on QRVO. Susquehanna cut their price objective on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research report on Wednesday. Craig Hallum dropped their price target on Qorvo from $142.00 to $105.00 and set a “buy” rating for the company in a report on Wednesday. UBS Group lowered their price objective on Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research report on Wednesday. Morgan Stanley cut shares of Qorvo from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $130.00 to $120.00 in a research report on Friday, October 11th. Finally, StockNews.com lowered shares of Qorvo from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $104.47.

Qorvo Stock Performance

Shares of NASDAQ QRVO opened at $71.26 on Wednesday. The company has a current ratio of 1.95, a quick ratio of 1.36 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $6.77 billion, a P/E ratio of -97.62, a P/E/G ratio of 1.20 and a beta of 1.45. Qorvo has a 12 month low of $70.39 and a 12 month high of $130.99. The stock has a 50 day moving average of $104.06 and a 200-day moving average of $107.74.

Qorvo (NASDAQ:QRVO) last released 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. The firm had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.03 billion. Qorvo had a negative net margin of 0.66% and a positive return on equity of 14.92%. The company’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.99 earnings per share. As a group, equities research analysts predict that Qorvo will post 4.84 EPS for the current year.

Insider Buying and Selling at Qorvo

In other news, VP Gina Harrison sold 689 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $107.67, for a total value of $74,184.63. Following the sale, the vice president now directly owns 21,601 shares in the company, valued at approximately $2,325,779.67. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Qorvo

Several hedge funds have recently modified their holdings of the company. Pacer Advisors Inc. raised its position in Qorvo by 17,255.9% in the second quarter. Pacer Advisors Inc. now owns 1,427,006 shares of the semiconductor company’s stock valued at $165,590,000 after purchasing an additional 1,418,784 shares during the last quarter. Vulcan Value Partners LLC increased its stake in shares of Qorvo by 35.0% in the second quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock valued at $246,665,000 after buying an additional 550,111 shares during the period. Thrivent Financial for Lutherans raised its holdings in Qorvo by 1,507.7% in the 2nd quarter. Thrivent Financial for Lutherans now owns 347,715 shares of the semiconductor company’s stock valued at $40,349,000 after buying an additional 326,087 shares during the last quarter. Caxton Associates LP bought a new stake in Qorvo during the 2nd quarter worth approximately $34,812,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in Qorvo by 177.4% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 426,678 shares of the semiconductor company’s stock worth $48,995,000 after acquiring an additional 272,872 shares during the last quarter. 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.