Qorvo (NASDAQ:QRVO) had its price target dropped by investment analysts at BMO Capital Markets from $75.00 to $65.00 in a research note issued on Wednesday, November 14th, MarketBeat Ratings reports. The brokerage presently has a “market perform” rating on the semiconductor company’s stock. BMO Capital Markets’ price objective would suggest a potential upside of 6.33% from the company’s current price.

A number of other research firms have also recently issued reports on QRVO. Zacks Investment Research upgraded shares of Qorvo from a “hold” rating to a “buy” rating and set a $94.00 target price for the company in a research note on Monday, August 6th. BidaskClub upgraded shares of Qorvo from a “sell” rating to a “hold” rating in a research report on Saturday, August 4th. ValuEngine cut shares of Qorvo from a “buy” rating to a “hold” rating in a research report on Saturday, August 18th. Citigroup dropped their price objective on shares of Qorvo from $86.00 to $75.00 and set a “neutral” rating for the company in a research report on Monday, November 12th. Finally, Needham & Company LLC boosted their price objective on shares of Qorvo from $85.00 to $92.00 and gave the stock a “buy” rating in a research report on Thursday, August 2nd. Four investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and twelve have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $80.38.

Shares of NASDAQ:QRVO traded down $1.59 during trading on Wednesday, reaching $61.13. The stock had a trading volume of 1,104,737 shares, compared to its average volume of 1,642,942. Qorvo has a 52 week low of $60.79 and a 52 week high of $86.84. The company has a current ratio of 3.50, a quick ratio of 2.48 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $7.83 billion, a P/E ratio of 12.79, a price-to-earnings-growth ratio of 1.07 and a beta of 0.88.

Qorvo (NASDAQ:QRVO) last posted its earnings results on Wednesday, October 31st. The semiconductor company reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.62 by $0.13. Qorvo had a negative net margin of 1.41% and a positive return on equity of 13.65%. The company had revenue of $884.40 million during the quarter, compared to analysts’ expectations of $855.57 million. During the same quarter in the previous year, the company posted $1.52 earnings per share. Qorvo’s quarterly revenue was up 7.8% compared to the same quarter last year. As a group, analysts forecast that Qorvo will post 5.32 EPS for the current fiscal year.

In other Qorvo news, Director Roderick Nelson sold 1,262 shares of Qorvo stock in a transaction on Tuesday, November 27th. The shares were sold at an average price of $64.80, for a total transaction of $81,777.60. Following the completion of the sale, the director now owns 2,347 shares of the company’s stock, valued at approximately $152,085.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP James L. Klein sold 2,093 shares of Qorvo stock in a transaction on Monday, October 1st. The stock was sold at an average price of $77.19, for a total transaction of $161,558.67. The disclosure for this sale can be found here. Insiders have sold a total of 32,449 shares of company stock valued at $2,295,575 in the last ninety days. Company insiders own 0.85% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Qorvo by 1.0% during the 3rd quarter. Vanguard Group Inc. now owns 13,123,467 shares of the semiconductor company’s stock worth $1,009,063,000 after acquiring an additional 128,991 shares during the period. BlackRock Inc. grew its holdings in shares of Qorvo by 0.7% in the 3rd quarter. BlackRock Inc. now owns 9,082,802 shares of the semiconductor company’s stock valued at $698,377,000 after buying an additional 66,872 shares during the period. Vulcan Value Partners LLC grew its holdings in shares of Qorvo by 16.2% in the 2nd quarter. Vulcan Value Partners LLC now owns 7,798,102 shares of the semiconductor company’s stock valued at $625,174,000 after buying an additional 1,087,335 shares during the period. Iridian Asset Management LLC CT grew its holdings in shares of Qorvo by 32.7% in the 3rd quarter. Iridian Asset Management LLC CT now owns 3,408,079 shares of the semiconductor company’s stock valued at $262,047,000 after buying an additional 838,994 shares during the period. Finally, Manning & Napier Group LLC grew its holdings in shares of Qorvo by 1.8% in the 3rd quarter. Manning & Napier Group LLC now owns 2,954,792 shares of the semiconductor company’s stock valued at $227,192,000 after buying an additional 53,355 shares during the period. 94.46% of the stock is owned by hedge funds and other institutional investors.

About Qorvo

Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.

Further Reading: Price to Earnings Ratio (PE), For Valuing Stocks

Analyst Recommendations for Qorvo (NASDAQ:QRVO)

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