Mizuho Issues Positive Forecast for Qorvo (NASDAQ:QRVO) Stock Price

Qorvo (NASDAQ:QRVO) had its price target hoisted by Mizuho from $80.00 to $90.00 in a report published on Friday morning,Benzinga reports. They currently have a neutral rating on the semiconductor company’s stock.

Other research analysts have also issued research reports about the company. Barclays reduced their price target on Qorvo from $90.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Friday, January 17th. UBS Group decreased their price target on Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 30th. StockNews.com downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Raymond James cut shares of Qorvo from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 30th. Finally, Morgan Stanley raised shares of Qorvo from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $90.00 to $106.00 in a research report on Tuesday, January 21st. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $98.24.

Qorvo Stock Down 1.8 %

QRVO opened at $88.94 on Friday. The business’s fifty day simple moving average is $72.18 and its 200 day simple moving average is $92.38. Qorvo has a 52 week low of $64.54 and a 52 week high of $130.99. The firm has a market cap of $8.41 billion, a P/E ratio of -60.92, a PEG ratio of 6.98 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.

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. The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The company’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.99 earnings per share. As a group, equities research analysts anticipate that Qorvo will post 3.37 EPS for the current fiscal year.

Insider Transactions at Qorvo

In other news, SVP Philip Chesley sold 4,045 shares of the business’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 transaction, the senior vice president now directly owns 30,261 shares of the company’s stock, valued at approximately $2,122,809.15. The trade was a 11.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Qorvo

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vulcan Value Partners LLC grew its stake in shares of Qorvo by 35.0% during the second quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock valued at $246,665,000 after acquiring an additional 550,111 shares in the last quarter. Pacer Advisors Inc. boosted its holdings in Qorvo by 7.1% in the third quarter. Pacer Advisors Inc. now owns 1,528,748 shares of the semiconductor company’s stock valued at $157,920,000 after purchasing an additional 101,742 shares during the last quarter. KBC Group NV grew its stake in Qorvo by 144.8% during the 4th quarter. KBC Group NV now owns 1,077,196 shares of the semiconductor company’s stock valued at $75,328,000 after purchasing an additional 637,087 shares in the last quarter. Thrivent Financial for Lutherans increased its holdings in Qorvo by 140.2% during the 3rd quarter. Thrivent Financial for Lutherans now owns 835,336 shares of the semiconductor company’s stock worth $86,290,000 after purchasing an additional 487,621 shares during the last quarter. Finally, Van ECK Associates Corp raised its position in shares of Qorvo by 23.9% in the 3rd quarter. Van ECK Associates Corp now owns 832,292 shares of the semiconductor company’s stock valued at $83,429,000 after purchasing an additional 160,534 shares in the last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.

About Qorvo

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.