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

Qorvo (NASDAQ:QRVO - Get Free Report) had its price target reduced by stock analysts at Mizuho from $98.00 to $80.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a "neutral" rating on the semiconductor company's stock. Mizuho's target price points to a potential upside of 8.65% from the stock's current price.

Other analysts have also issued reports about the stock. StockNews.com lowered shares of Qorvo from a "buy" rating to a "hold" rating in a research note on Tuesday, December 17th. BNP Paribas cut Qorvo from an "outperform" rating to a "neutral" rating and set a $80.00 target price for the company. in a research report on Wednesday, October 30th. JPMorgan Chase & Co. decreased their price objective on Qorvo from $115.00 to $95.00 and set an "underweight" rating for the company in a research report on Wednesday, October 30th. Raymond James lowered shares of Qorvo from an "outperform" rating to a "market perform" rating in a research report on Wednesday, October 30th. Finally, Bank of America cut their target price on shares of Qorvo from $115.00 to $80.00 and set an "underperform" rating for the company in a research report on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $101.41.

Qorvo Price Performance

Shares of NASDAQ:QRVO traded up $1.49 during trading hours on Tuesday, hitting $73.63. 2,607,875 shares of the company's stock traded hands, compared to its average volume of 2,754,539. The company's fifty day simple moving average is $69.69 and its two-hundred day simple moving average is $95.86. The company has a market cap of $6.96 billion, a price-to-earnings ratio of -50.43, 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. Qorvo has a 52 week low of $64.54 and a 52 week high of $130.99.

Qorvo (NASDAQ:QRVO - Get Free Report) last posted 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 firm had revenue of $1.05 billion for the quarter, compared to analyst estimates 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 quarterly revenue was down 5.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.99 earnings per share. As a group, equities analysts anticipate that Qorvo will post 3.37 EPS for the current fiscal year.

Insider Activity

In related news, SVP Philip Chesley sold 4,045 shares of the business's stock in a transaction 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 transaction, the senior vice president now owns 30,261 shares of the company's stock, valued at approximately $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 through this hyperlink. 0.46% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in QRVO. Pacer Advisors Inc. increased its stake in Qorvo by 17,255.9% during the second quarter. Pacer Advisors Inc. now owns 1,427,006 shares of the semiconductor company's stock valued at $165,590,000 after acquiring an additional 1,418,784 shares during the period. Vulcan Value Partners LLC raised its stake in shares of Qorvo by 35.0% in 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 in the last quarter. Thrivent Financial for Lutherans lifted its position in Qorvo by 140.2% in the third quarter. Thrivent Financial for Lutherans now owns 835,336 shares of the semiconductor company's stock worth $86,290,000 after purchasing an additional 487,621 shares during the period. Caxton Associates LP acquired a new stake in Qorvo during the second quarter worth $34,812,000. Finally, Robeco Institutional Asset Management B.V. increased its holdings 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 valued at $55,548,000 after buying an additional 236,590 shares during the period. Institutional investors own 88.57% of the company's stock.

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.