Mizuho Cuts Qorvo (NASDAQ:QRVO) Price Target to $105.00

Qorvo (NASDAQ:QRVO) had its target price cut by Mizuho from $115.00 to $105.00 in a research report report published on Thursday morning, Benzinga reports. They currently have a neutral rating on the semiconductor company’s stock.

Several other equities research analysts also recently weighed in on QRVO. The Goldman Sachs Group increased their target price on shares of Qorvo from $104.00 to $117.00 and gave the company a neutral rating in a research note on Thursday, February 1st. Raymond James increased their price objective on shares of Qorvo from $115.00 to $120.00 and gave the stock an outperform rating in a research report on Thursday, February 1st. Piper Sandler dropped their target price on Qorvo from $120.00 to $105.00 and set a neutral rating for the company in a research report on Thursday, February 1st. Susquehanna reiterated a neutral rating and issued a $100.00 price target on shares of Qorvo in a report on Monday, April 8th. Finally, StockNews.com lowered Qorvo from a buy rating to a hold rating in a research note on Thursday, February 8th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of Hold and an average target price of $110.83.

Qorvo Stock Up 0.3 %

Shares of NASDAQ:QRVO traded up $0.28 during trading on Thursday, reaching $95.95. The company’s stock had a trading volume of 2,424,521 shares, compared to its average volume of 1,436,907. Qorvo has a 12 month low of $80.62 and a 12 month high of $121.65. The company has a quick ratio of 1.33, a current ratio of 1.99 and a debt-to-equity ratio of 0.44. The firm’s 50 day simple moving average is $113.15 and its two-hundred day simple moving average is $105.68.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Wednesday, May 1st. The semiconductor company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.18. The business had revenue of $941.00 million during the quarter, compared to analyst estimates of $927.24 million. Qorvo had a positive return on equity of 13.43% and a negative net margin of 1.86%. The company’s revenue for the quarter was up 48.7% on a year-over-year basis. During the same period last year, the company earned $0.11 EPS. Sell-side analysts expect that Qorvo will post 6.69 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Gina Harrison sold 354 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $114.00, for a total value of $40,356.00. Following the completion of the transaction, the vice president now owns 18,442 shares of the company’s stock, valued at $2,102,388. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, SVP Steven E. Creviston sold 3,000 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $120.00, for a total value of $360,000.00. Following the sale, the senior vice president now directly owns 77,552 shares in the company, valued at approximately $9,306,240. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Gina Harrison sold 354 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $114.00, for a total transaction of $40,356.00. Following the transaction, the vice president now owns 18,442 shares of the company’s stock, valued at approximately $2,102,388. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 6,381 shares of company stock worth $745,434. Corporate insiders own 0.43% of the company’s stock.

Hedge Funds Weigh In On Qorvo

Institutional investors and hedge funds have recently bought and sold shares of the company. Park Place Capital Corp lifted its holdings in shares of Qorvo by 398.1% during the 1st quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock valued at $30,000 after purchasing an additional 207 shares during the last quarter. Riverview Trust Co purchased a new stake in Qorvo in the first quarter valued at about $40,000. Fidelis Capital Partners LLC acquired a new stake in Qorvo in the first quarter worth about $58,000. Huntington National Bank grew its stake in shares of Qorvo by 8,090.0% during the third quarter. Huntington National Bank now owns 819 shares of the semiconductor company’s stock worth $78,000 after acquiring an additional 809 shares during the last quarter. Finally, GAMMA Investing LLC acquired a new position in shares of Qorvo during the fourth quarter valued at about $104,000. 88.57% of the stock is owned by hedge funds and other institutional investors.

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.