Mizuho Forecasts Strong Price Appreciation for Qorvo (NASDAQ:QRVO) Stock

Qorvo (NASDAQ:QRVO) had its target price upped by Mizuho from $80.00 to $90.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the semiconductor company’s stock. Mizuho’s target price indicates a potential upside of 1.37% from the stock’s current price.

QRVO has been the topic of several other research reports. UBS Group dropped 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. Raymond James downgraded Qorvo from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group decreased their price objective on Qorvo from $99.00 to $78.00 and set a “neutral” rating for the company in a report on Friday, January 10th. Needham & Company LLC began coverage on Qorvo in a report on Monday, October 28th. They issued a “buy” rating and a $135.00 price objective for the company. Finally, Barclays decreased their price objective on Qorvo from $90.00 to $80.00 and set an “equal weight” rating for the company in a report on Friday, January 17th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $98.24.

Qorvo Stock Down 2.0 %

Shares of Qorvo stock traded down $1.79 on Friday, hitting $88.78. The company had a trading volume of 1,308,342 shares, compared to its average volume of 3,503,755. The stock has a 50-day moving average of $71.72 and a 200-day moving average of $93.02. The firm has a market capitalization of $8.39 billion, a P/E ratio of -60.90, a P/E/G ratio of 6.98 and a beta of 1.40. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.38. Qorvo has a twelve month low of $64.54 and a twelve month high of $130.99.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings results 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 the consensus estimate of $1.03 billion. During the same quarter last year, the business posted $1.99 EPS. The company’s revenue for the quarter was down 5.2% on a year-over-year basis. Research analysts predict that Qorvo will post 3.37 earnings per share for the current year.

Insider Transactions at Qorvo

In other news, SVP Philip Chesley sold 4,045 shares of the business’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $70.15, for a total transaction of $283,756.75. Following the completion of the sale, the senior vice president now owns 30,261 shares in the company, valued at $2,122,809.15. The trade was a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Qorvo

A number of institutional investors have recently made changes to their positions in QRVO. Larson Financial Group LLC raised its position in shares of Qorvo by 163.4% in the third quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 201 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in shares of Qorvo in the third quarter valued at approximately $41,000. Versant Capital Management Inc raised its position in shares of Qorvo by 89.7% in the fourth quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company’s stock valued at $42,000 after buying an additional 286 shares in the last quarter. Farther Finance Advisors LLC raised its position in shares of Qorvo by 33.7% in the third quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock valued at $43,000 after buying an additional 104 shares in the last quarter. Finally, UMB Bank n.a. raised its position in shares of Qorvo by 33.8% in the third quarter. UMB Bank n.a. now owns 736 shares of the semiconductor company’s stock valued at $76,000 after buying an additional 186 shares in the last quarter. Institutional investors own 88.57% of the company’s stock.

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.