Mizuho Lowers Qorvo (NASDAQ:QRVO) Price Target to $80.00

Qorvo (NASDAQ:QRVO) had its price target decreased by Mizuho from $98.00 to $80.00 in a research note released on Tuesday,Benzinga reports. Mizuho currently has a neutral rating on the semiconductor company’s stock.

A number of other analysts have also issued reports on the company. Needham & Company LLC initiated coverage on Qorvo in a research note on Monday, October 28th. They issued a “buy” rating and a $135.00 price target on the stock. Morgan Stanley cut shares of Qorvo from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $130.00 to $120.00 in a research report on Friday, October 11th. StockNews.com lowered shares of Qorvo from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. JPMorgan Chase & Co. cut their target price on Qorvo from $115.00 to $95.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 30th. Finally, TD Cowen cut their price objective on Qorvo from $125.00 to $85.00 and set a “hold” rating on the stock in a report on Wednesday, October 30th. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $101.41.

Qorvo Stock Down 0.7 %

QRVO opened at $73.08 on Tuesday. The firm has a market cap of $6.91 billion, a P/E ratio of -50.05, a PEG ratio of 5.58 and a beta of 1.40. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45. The business’s fifty day simple moving average is $69.73 and its 200 day simple moving average is $95.54. Qorvo has a 52 week low of $64.54 and a 52 week high of $130.99.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.03. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the previous year, the firm posted $1.99 earnings per share. The company’s quarterly revenue was down 5.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Qorvo will post 3.37 EPS for the current fiscal year.

Insider Buying and Selling

In other Qorvo news, SVP Philip Chesley sold 4,045 shares of the business’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $70.15, for a total transaction of $283,756.75. Following the completion of the transaction, the senior vice president now directly owns 30,261 shares of the company’s stock, valued at $2,122,809.15. The trade was a 11.79 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.46% of the stock is owned by company insiders.

Institutional Investors Weigh In On Qorvo

Hedge funds have recently made changes to their positions in the business. Pacer Advisors Inc. increased its position in Qorvo by 17,255.9% in the 2nd quarter. Pacer Advisors Inc. now owns 1,427,006 shares of the semiconductor company’s stock valued at $165,590,000 after acquiring an additional 1,418,784 shares during the period. Vulcan Value Partners LLC boosted its stake in Qorvo by 35.0% during the 2nd quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock valued at $246,665,000 after purchasing an additional 550,111 shares in the last quarter. Thrivent Financial for Lutherans increased its position in shares of Qorvo by 140.2% during the 3rd quarter. Thrivent Financial for Lutherans now owns 835,336 shares of the semiconductor company’s stock valued at $86,290,000 after purchasing an additional 487,621 shares during the period. Caxton Associates LP bought a new stake in shares of Qorvo in the 2nd quarter worth $34,812,000. Finally, Robeco Institutional Asset Management B.V. boosted its stake in Qorvo by 78.6% during the third quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock valued at $55,548,000 after buying an additional 236,590 shares in the last quarter. Institutional investors own 88.57% 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.