UBS Group Cuts Qorvo (NASDAQ:QRVO) Price Target to $135.00

Qorvo (NASDAQ:QRVOGet Rating) had its price target reduced by stock analysts at UBS Group from $145.00 to $135.00 in a report released on Thursday, The Fly reports. UBS Group’s price target would indicate a potential upside of 13.12% from the company’s current price.

A number of other equities research analysts have also recently commented on QRVO. Citigroup cut their price target on shares of Qorvo from $144.00 to $142.00 and set a “neutral” rating on the stock in a report on Tuesday, March 22nd. BMO Capital Markets lowered their price objective on shares of Qorvo from $185.00 to $160.00 and set a “market perform” rating on the stock in a research report on Thursday, February 3rd. Barclays decreased their price target on shares of Qorvo from $200.00 to $145.00 and set an “overweight” rating on the stock in a research report on Monday, April 25th. Raymond James decreased their price target on shares of Qorvo from $220.00 to $180.00 and set an “outperform” rating on the stock in a research report on Thursday, February 3rd. Finally, Rosenblatt Securities reduced their price objective on shares of Qorvo from $190.00 to $170.00 and set a “neutral” rating for the company in a research note on Thursday, February 3rd. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $169.67.

Shares of NASDAQ QRVO opened at $119.34 on Thursday. Qorvo has a 1 year low of $108.31 and a 1 year high of $201.46. The company has a debt-to-equity ratio of 0.44, a current ratio of 3.63 and a quick ratio of 2.58. The company’s 50-day moving average is $122.60 and its 200 day moving average is $140.62. The stock has a market capitalization of $12.94 billion, a P/E ratio of 12.05, a P/E/G ratio of 0.99 and a beta of 1.34.

Qorvo (NASDAQ:QRVOGet Rating) last announced its quarterly earnings data on Wednesday, May 4th. The semiconductor company reported $3.12 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.71 by $0.41. The business had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Qorvo had a net margin of 24.60% and a return on equity of 27.27%. The business’s revenue was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.59 earnings per share. Research analysts anticipate that Qorvo will post 11.25 earnings per share for the current year.

In related news, VP Paul J. Fego sold 861 shares of Qorvo stock in a transaction dated Tuesday, February 15th. The shares were sold at an average price of $131.78, for a total transaction of $113,462.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.52% of the company’s stock.

Several large investors have recently bought and sold shares of QRVO. Amundi Pioneer Asset Management Inc. raised its holdings in shares of Qorvo by 46.6% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 87,061 shares of the semiconductor company’s stock valued at $6,244,000 after purchasing an additional 27,692 shares in the last quarter. Advisor Group Holdings Inc. boosted its holdings in shares of Qorvo by 6.0% in the 3rd quarter. Advisor Group Holdings Inc. now owns 43,403 shares of the semiconductor company’s stock valued at $7,263,000 after acquiring an additional 2,446 shares during the last quarter. Daiwa Securities Group Inc. lifted its stake in shares of Qorvo by 1.0% in the 3rd quarter. Daiwa Securities Group Inc. now owns 8,395 shares of the semiconductor company’s stock valued at $1,404,000 after purchasing an additional 85 shares during the period. Keybank National Association OH lifted its stake in shares of Qorvo by 13.2% in the 3rd quarter. Keybank National Association OH now owns 1,726 shares of the semiconductor company’s stock valued at $289,000 after purchasing an additional 201 shares during the period. Finally, Mackenzie Financial Corp raised its position in Qorvo by 22.7% during the third quarter. Mackenzie Financial Corp now owns 13,761 shares of the semiconductor company’s stock worth $2,301,000 after acquiring an additional 2,546 shares during the period. Institutional investors and hedge funds own 85.87% of the company’s stock.

About Qorvo (Get Rating)

Qorvo, Inc develops and commercializes technologies and products for wireless and wired connectivity worldwide. The company operates through two segments, Mobile Products, and Infrastructure and Defense Products. The company offers integrated modules incorporating switches, power amplifiers, filters, multiplexers and other components, radio frequency (RF) power management integrated circuits, antenna tuners, antenna-plexers, discrete filters and duplexers, discrete switches, and ultra-wideband (UWB) system solutions.

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