Mizuho Has Lowered Expectations for Qorvo (NASDAQ:QRVO) Stock Price

Qorvo (NASDAQ:QRVOGet Free Report) had its price target cut by Mizuho from $98.00 to $80.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the semiconductor company’s stock. Mizuho’s price target would indicate a potential upside of 9.05% from the company’s previous close.

QRVO has been the topic of a number of other research reports. Piper Sandler decreased their price target on shares of Qorvo from $120.00 to $100.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th. StockNews.com lowered Qorvo from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Morgan Stanley downgraded Qorvo from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $130.00 to $120.00 in a report on Friday, October 11th. BNP Paribas lowered shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price target on the stock. in a research report on Wednesday, October 30th. Finally, Craig Hallum dropped their price target on Qorvo from $142.00 to $105.00 and set a “buy” rating for the company in a research note on Wednesday, October 30th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Qorvo has an average rating of “Hold” and a consensus price target of $101.41.

Read Our Latest Stock Analysis on Qorvo

Qorvo Stock Up 1.7 %

QRVO traded up $1.22 during trading on Tuesday, reaching $73.36. 334,138 shares of the stock were exchanged, compared to its average volume of 2,167,683. The stock has a market cap of $6.93 billion, a P/E ratio of -50.25, a price-to-earnings-growth ratio of 5.58 and a beta of 1.40. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90. The stock’s 50 day moving average price is $70.23 and its two-hundred day moving average price is $96.14. Qorvo has a twelve month low of $64.54 and a twelve month high of $130.99.

Qorvo (NASDAQ:QRVOGet Free Report) 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 positive return on equity of 13.81% and a negative net margin of 3.58%. The firm had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the prior year, the company earned $1.99 earnings per share. The business’s revenue for the quarter was down 5.2% compared to the same quarter last year. Equities analysts expect that Qorvo will post 3.37 EPS for the current year.

Insider Activity

In other news, SVP Philip Chesley sold 4,045 shares of Qorvo stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $70.15, for a total transaction of $283,756.75. Following the sale, the senior vice president now directly owns 30,261 shares of the company’s stock, valued at approximately $2,122,809.15. This trade represents a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.46% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Vulcan Value Partners LLC raised 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 during the last quarter. Pacer Advisors Inc. lifted its holdings in Qorvo by 7.1% during the 3rd quarter. Pacer Advisors Inc. now owns 1,528,748 shares of the semiconductor company’s stock worth $157,920,000 after buying an additional 101,742 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Qorvo by 0.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,323,463 shares of the semiconductor company’s stock worth $153,558,000 after buying an additional 4,386 shares during the period. Thrivent Financial for Lutherans grew its position in shares of Qorvo by 140.2% in the 3rd quarter. Thrivent Financial for Lutherans now owns 835,336 shares of the semiconductor company’s stock valued at $86,290,000 after buying an additional 487,621 shares during the last quarter. Finally, Van ECK Associates Corp raised its position in shares of Qorvo by 23.9% during the third quarter. Van ECK Associates Corp now owns 832,292 shares of the semiconductor company’s stock worth $83,429,000 after acquiring an additional 160,534 shares during the last quarter. Institutional investors own 88.57% of the company’s stock.

Qorvo Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Qorvo (NASDAQ:QRVO)

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