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

Qorvo (NASDAQ:QRVO) had its target price reduced by Mizuho from $98.00 to $80.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the semiconductor company’s stock. Mizuho’s target price points to a potential upside of 9.05% from the company’s current price.

Several other equities research analysts also recently issued reports on QRVO. Needham & Company LLC initiated coverage on shares of Qorvo in a research note on Monday, October 28th. They issued a “buy” rating and a $135.00 price objective on the stock. Bank of America cut their price objective on shares of Qorvo from $115.00 to $80.00 and set an “underperform” rating for the company in a research report on Wednesday, October 30th. JPMorgan Chase & Co. decreased 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. Benchmark cut Qorvo from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Finally, Raymond James downgraded Qorvo from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $101.41.

Qorvo Stock Performance

Shares of NASDAQ QRVO traded up $1.22 during trading hours on Tuesday, hitting $73.36. 334,138 shares of the stock were exchanged, compared to its average volume of 2,167,683. The firm has a market capitalization of $6.93 billion, a P/E ratio of -50.25, a P/E/G ratio of 5.58 and a beta of 1.40. Qorvo has a one year low of $64.54 and a one year high of $130.99. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.38. The company’s 50 day moving average is $70.23 and its 200 day moving average is $96.14.

Qorvo (NASDAQ:QRVO) last posted 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. 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 in the previous year, the company posted $1.99 earnings per share. The firm’s revenue for the quarter was down 5.2% on a year-over-year basis. On average, research analysts expect that Qorvo will post 3.37 EPS for the current year.

Insiders Place Their Bets

In other Qorvo news, SVP Philip Chesley sold 4,045 shares of the firm’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $70.15, for a total value of $283,756.75. Following the completion of the sale, the senior vice president now owns 30,261 shares in the company, valued at approximately $2,122,809.15. This trade represents a 11.79 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.46% of the company’s stock.

Institutional Trading of Qorvo

Several hedge funds have recently modified their holdings of the stock. TD Asset Management Inc raised its position in shares of Qorvo by 2.2% during the second quarter. TD Asset Management Inc now owns 26,601 shares of the semiconductor company’s stock worth $3,087,000 after acquiring an additional 580 shares during the last quarter. National Bank of Canada FI lifted its position in Qorvo by 24.2% during the 2nd quarter. National Bank of Canada FI now owns 26,466 shares of the semiconductor company’s stock valued at $3,118,000 after purchasing an additional 5,150 shares during the period. Victory Capital Management Inc. raised its stake in shares of Qorvo by 155.7% during the second quarter. Victory Capital Management Inc. now owns 116,859 shares of the semiconductor company’s stock worth $13,560,000 after buying an additional 71,155 shares during the last quarter. Quest Partners LLC acquired a new position in shares of Qorvo in the 2nd quarter valued at $223,000. Finally, Prudential PLC bought a new position in shares of Qorvo in the 2nd quarter worth $494,000. 88.57% of the stock is owned by institutional investors.

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.