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

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

A number of other brokerages have also commented on QRVO. UBS Group dropped their price target on Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research note on Wednesday, October 30th. Susquehanna dropped their target price on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research report on Wednesday, October 30th. Craig Hallum reduced their price target on shares of Qorvo from $142.00 to $105.00 and set a “buy” rating on the stock in a research report on Wednesday, October 30th. JPMorgan Chase & Co. lowered their price objective on shares of Qorvo from $115.00 to $95.00 and set an “underweight” rating for the company in a report on Wednesday, October 30th. Finally, Barclays reduced their target price on Qorvo from $120.00 to $90.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 30th. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $101.41.

Qorvo Price Performance

QRVO stock opened at $73.08 on Tuesday. 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. The firm’s 50-day moving average price is $69.69 and its two-hundred day moving average price is $95.70. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45. Qorvo has a 12-month low of $64.54 and a 12-month high of $130.99.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the previous year, the business earned $1.99 EPS. Qorvo’s revenue was down 5.2% compared to the same quarter last year. As a group, equities analysts predict that Qorvo will post 3.37 earnings per share for the current year.

Insider Buying and Selling at Qorvo

In other news, SVP Philip Chesley sold 4,045 shares of the stock in a transaction that occurred 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 in the company, valued at $2,122,809.15. This represents a 11.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.46% of the stock is owned by company insiders.

Hedge Funds Weigh In On Qorvo

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GDS Wealth Management purchased a new position in shares of Qorvo in the third quarter worth $2,171,000. Robeco Institutional Asset Management B.V. raised its position in Qorvo by 78.6% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock worth $55,548,000 after buying an additional 236,590 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Qorvo in the 3rd quarter worth about $2,507,000. Quest Partners LLC lifted its stake in Qorvo by 504.6% during the 3rd quarter. Quest Partners LLC now owns 11,596 shares of the semiconductor company’s stock valued at $1,198,000 after acquiring an additional 9,678 shares during the period. Finally, Paloma Partners Management Co purchased a new stake in shares of Qorvo during the 3rd quarter valued at about $5,165,000. 88.57% of the stock is owned by institutional investors.

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.