Qorvo (NASDAQ:QRVO) Price Target Cut to $80.00 by Analysts at Mizuho

Qorvo (NASDAQ:QRVO) had its price objective cut by Mizuho from $98.00 to $80.00 in a research note issued to investors on Tuesday,Benzinga reports. They currently have a neutral rating on the semiconductor company’s stock.

Other research analysts have also recently issued reports about the company. UBS Group dropped their target price on Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 30th. Barclays dropped their price target on shares of Qorvo from $120.00 to $90.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 30th. BNP Paribas lowered Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price objective for the company. in a research note on Wednesday, October 30th. Benchmark lowered Qorvo from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Finally, Susquehanna decreased their price objective on Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Qorvo presently has a consensus rating of “Hold” and a consensus target price of $101.41.

Qorvo Stock Performance

Shares of NASDAQ QRVO opened at $73.63 on Tuesday. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45. The firm’s 50-day moving average price is $69.69 and its 200-day moving average price is $95.86. Qorvo has a 52-week low of $64.54 and a 52-week high of $130.99. The company has a market cap of $6.96 billion, a PE ratio of -50.43, a PEG ratio of 5.58 and a beta of 1.40.

Qorvo (NASDAQ:QRVO) last posted its 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 firm’s revenue was down 5.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.99 EPS. As a group, analysts anticipate that Qorvo will post 3.37 EPS for the current year.

Insider Activity

In related news, SVP Philip Chesley sold 4,045 shares of the firm’s stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $70.15, for a total value of $283,756.75. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in QRVO. Larson Financial Group LLC raised its position in Qorvo by 163.4% during the third quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock valued at $33,000 after purchasing an additional 201 shares during the period. Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in Qorvo in the 3rd quarter worth about $41,000. Versant Capital Management Inc lifted its stake in Qorvo by 89.7% in the fourth quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company’s stock worth $42,000 after purchasing an additional 286 shares during the last quarter. Farther Finance Advisors LLC boosted its position in shares of Qorvo by 33.7% during 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 during the period. Finally, UMB Bank n.a. grew its stake in shares of Qorvo by 33.8% during 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 during 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.