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

Qorvo (NASDAQ:QRVO) had its price target upped by equities researchers at Mizuho from $80.00 to $90.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the semiconductor company’s stock. Mizuho’s target price points to a potential upside of 1.37% from the company’s current price.

Several other research analysts also recently issued reports on the stock. StockNews.com downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Raymond James downgraded shares of Qorvo from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. lowered their price target 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. Piper Sandler reduced their price objective 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. Finally, The Goldman Sachs Group reduced their price objective on shares of Qorvo from $99.00 to $78.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $98.24.

Qorvo Price Performance

QRVO traded down $1.79 during trading on Friday, hitting $88.78. 1,308,342 shares of the stock traded hands, compared to its average volume of 3,503,755. Qorvo has a twelve month low of $64.54 and a twelve month high of $130.99. The company has a market cap of $8.39 billion, a price-to-earnings ratio of -60.90, a PEG 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. The business has a 50 day moving average price of $71.72 and a 200 day moving average price of $93.02.

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, topping the consensus estimate of $1.85 by $0.03. The company 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 company’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.99 earnings per share. Equities research analysts forecast that Qorvo will post 3.37 earnings per share for the current fiscal year.

Insider Buying and Selling at Qorvo

In other 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 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.46% of the company’s stock.

Hedge Funds Weigh In On Qorvo

Several institutional investors have recently made changes to their positions in the stock. Vulcan Value Partners LLC raised its holdings 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 purchasing an additional 550,111 shares during the period. Pacer Advisors Inc. lifted its position in Qorvo by 7.1% in the 3rd quarter. Pacer Advisors Inc. now owns 1,528,748 shares of the semiconductor company’s stock valued at $157,920,000 after acquiring an additional 101,742 shares in the last quarter. KBC Group NV lifted its position in Qorvo by 144.8% in the 4th quarter. KBC Group NV now owns 1,077,196 shares of the semiconductor company’s stock valued at $75,328,000 after acquiring an additional 637,087 shares in the last quarter. Thrivent Financial for Lutherans lifted its position in 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 acquiring an additional 487,621 shares in the last quarter. Finally, Van ECK Associates Corp lifted its position in Qorvo by 23.9% in the 3rd quarter. Van ECK Associates Corp now owns 832,292 shares of the semiconductor company’s stock valued at $83,429,000 after acquiring an additional 160,534 shares in the last quarter. Institutional investors and hedge funds 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.