Qorvo (NASDAQ:QRVO) Given New $80.00 Price Target at Mizuho

Qorvo (NASDAQ:QRVO) had its price target dropped by equities research analysts at Mizuho from $98.00 to $80.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the semiconductor company’s stock. Mizuho’s target price would suggest a potential upside of 9.47% from the company’s current price.

QRVO has been the subject of several other reports. JPMorgan Chase & Co. reduced their price objective on Qorvo from $115.00 to $95.00 and set an “underweight” rating for the company in a research note on Wednesday, October 30th. Piper Sandler decreased their price objective on Qorvo from $120.00 to $100.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th. UBS Group cut their price objective on Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research note on Wednesday, October 30th. Bank of America decreased their target price on shares of Qorvo from $115.00 to $80.00 and set an “underperform” rating on the stock in a research note on Wednesday, October 30th. Finally, TD Cowen dropped their price target on shares of Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a research report on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $101.41.

Qorvo Trading Down 0.7 %

Shares of NASDAQ:QRVO opened at $73.08 on Tuesday. The stock’s 50-day simple moving average is $69.69 and its two-hundred day simple moving average is $95.70. The stock has a market capitalization of $6.91 billion, a price-to-earnings ratio of -50.05, a PEG ratio of 5.58 and a beta of 1.40. Qorvo has a 52-week low of $64.54 and a 52-week high of $130.99. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (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 company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter last year, the firm posted $1.99 earnings per share. The firm’s revenue was down 5.2% compared to the same quarter last year. Analysts expect that Qorvo will post 3.37 EPS for the current year.

Insider Activity at Qorvo

In related news, SVP Philip Chesley sold 4,045 shares of the company’s stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $70.15, for a total transaction of $283,756.75. Following the sale, the senior vice president now owns 30,261 shares of the company’s stock, valued at $2,122,809.15. This represents a 11.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.46% of the stock is owned by corporate insiders.

Institutional Trading of Qorvo

A number of large investors have recently made changes to their positions in the business. Farther Finance Advisors LLC lifted its holdings in shares of Qorvo by 33.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock valued at $43,000 after acquiring an additional 104 shares during the last quarter. V Square Quantitative Management LLC lifted its stake in shares of Qorvo by 5.0% in the 3rd quarter. V Square Quantitative Management LLC now owns 2,233 shares of the semiconductor company’s stock valued at $231,000 after purchasing an additional 107 shares during the last quarter. American Trust boosted its holdings in shares of Qorvo by 5.8% in the 2nd quarter. American Trust now owns 2,110 shares of the semiconductor company’s stock worth $245,000 after purchasing an additional 115 shares during the period. Verdence Capital Advisors LLC increased its position in shares of Qorvo by 3.7% during the 3rd quarter. Verdence Capital Advisors LLC now owns 3,884 shares of the semiconductor company’s stock valued at $401,000 after purchasing an additional 140 shares during the last quarter. Finally, Narwhal Capital Management raised its holdings in Qorvo by 7.7% during the 3rd quarter. Narwhal Capital Management now owns 2,240 shares of the semiconductor company’s stock valued at $231,000 after buying an additional 160 shares during the period. 88.57% of the stock is currently 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.