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

Qorvo (NASDAQ:QRVO) had its price target lowered by Mizuho from $98.00 to $80.00 in a report published on Tuesday,Benzinga reports. The firm currently has a neutral rating on the semiconductor company’s stock.

QRVO has been the subject of a number of other research reports. TD Cowen reduced their price objective on Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a research note on Wednesday, October 30th. Loop Capital initiated coverage on shares of Qorvo in a research note on Monday, November 11th. They set a “hold” rating and a $73.00 price target for the company. Raymond James downgraded shares of Qorvo from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 30th. Needham & Company LLC started coverage on shares of Qorvo in a report on Monday, October 28th. They issued a “buy” rating and a $135.00 target price for the company. Finally, Craig Hallum lowered their price target on Qorvo from $142.00 to $105.00 and set a “buy” rating on the stock in a 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 issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $101.41.

Qorvo Stock Down 0.7 %

Shares of NASDAQ:QRVO opened at $73.08 on Tuesday. The firm has a 50 day simple moving average of $69.73 and a 200-day simple moving average of $95.54. Qorvo has a twelve month low of $64.54 and a twelve month high of $130.99. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $6.91 billion, a PE ratio of -50.05, a P/E/G ratio of 5.58 and a beta of 1.40.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the firm posted $1.99 earnings per share. Qorvo’s revenue for the quarter was down 5.2% on a year-over-year basis. On average, equities analysts predict that Qorvo will post 3.37 EPS for the current fiscal year.

Insider Activity

In other Qorvo news, SVP Philip Chesley sold 4,045 shares of the company’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 transaction, the senior vice president now directly owns 30,261 shares in the company, valued at approximately $2,122,809.15. This represents a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Qorvo

A number of institutional investors and hedge funds have recently modified their holdings of QRVO. Diversified Trust Co acquired a new position in Qorvo during the fourth quarter worth $806,000. Everence Capital Management Inc. acquired a new position in shares of Qorvo during the 4th quarter worth $310,000. Versant Capital Management Inc grew its stake in Qorvo by 89.7% in the 4th quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company’s stock valued at $42,000 after acquiring an additional 286 shares during the last quarter. Principal Financial Group Inc. grew its stake in Qorvo by 1.3% in the 3rd quarter. Principal Financial Group Inc. now owns 109,100 shares of the semiconductor company’s stock valued at $11,270,000 after acquiring an additional 1,426 shares during the last quarter. Finally, Oddo BHF Asset Management Sas purchased a new position in Qorvo during the 3rd quarter valued at about $1,616,000. Institutional investors and hedge funds 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.