Qorvo (NASDAQ:QRVO) PT Lowered to $135.00 at Mizuho

Qorvo (NASDAQ:QRVOGet Rating) had its price objective reduced by stock analysts at Mizuho from $155.00 to $135.00 in a research note issued to investors on Monday, The Fly reports. Mizuho’s price objective points to a potential upside of 19.07% from the company’s previous close.

A number of other brokerages have also recently commented on QRVO. Benchmark cut their price target on shares of Qorvo from $225.00 to $175.00 and set a “buy” rating for the company in a research note on Thursday, February 3rd. BMO Capital Markets cut their target price on shares of Qorvo from $185.00 to $160.00 and set a “market perform” rating for the company in a research note on Thursday, February 3rd. Piper Sandler dropped their price objective on shares of Qorvo from $200.00 to $190.00 and set an “overweight” rating for the company in a research note on Thursday, February 3rd. Zacks Investment Research cut shares of Qorvo from a “hold” rating to a “sell” rating and set a $135.00 price objective for the company. in a research note on Friday, February 4th. Finally, Citigroup dropped their price objective on shares of Qorvo from $144.00 to $142.00 and set a “neutral” rating for the company in a research note on Tuesday, March 22nd. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Qorvo presently has an average rating of “Hold” and a consensus price target of $178.67.

Shares of QRVO stock opened at $113.38 on Monday. The firm has a fifty day moving average of $127.20 and a 200-day moving average of $144.95. The company has a quick ratio of 2.58, a current ratio of 3.63 and a debt-to-equity ratio of 0.44. Qorvo has a 12-month low of $111.74 and a 12-month high of $201.68. The company has a market capitalization of $12.29 billion, a price-to-earnings ratio of 11.45, a P/E/G ratio of 0.93 and a beta of 1.37.

Qorvo (NASDAQ:QRVOGet Rating) last released its earnings results on Wednesday, February 2nd. The semiconductor company reported $2.81 earnings per share for the quarter, beating analysts’ consensus estimates of $2.53 by $0.28. The business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.11 billion. Qorvo had a net margin of 24.60% and a return on equity of 27.27%. The firm’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same quarter last year, the firm earned $2.95 earnings per share. On average, equities analysts expect that Qorvo will post 11.25 EPS for the current year.

In related news, VP Paul J. Fego sold 861 shares of the business’s stock in a transaction on Tuesday, February 15th. The shares were sold at an average price of $131.78, for a total transaction of $113,462.58. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.52% of the stock is owned by insiders.

A number of hedge funds have recently made changes to their positions in QRVO. Point72 Asset Management L.P. grew its stake in shares of Qorvo by 71.4% in the 3rd quarter. Point72 Asset Management L.P. now owns 236,149 shares of the semiconductor company’s stock worth $39,482,000 after acquiring an additional 98,377 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of Qorvo by 151.0% in the 3rd quarter. Franklin Resources Inc. now owns 42,486 shares of the semiconductor company’s stock worth $7,103,000 after acquiring an additional 25,560 shares in the last quarter. Geode Capital Management LLC grew its position in Qorvo by 2.6% during the third quarter. Geode Capital Management LLC now owns 2,124,349 shares of the semiconductor company’s stock valued at $354,281,000 after buying an additional 53,922 shares during the period. Cornercap Investment Counsel Inc. grew its position in Qorvo by 35.9% during the third quarter. Cornercap Investment Counsel Inc. now owns 10,681 shares of the semiconductor company’s stock valued at $1,786,000 after buying an additional 2,822 shares during the period. Finally, Panview Asian Equity Master Fund grew its position in Qorvo by 103.0% during the fourth quarter. Panview Asian Equity Master Fund now owns 67,000 shares of the semiconductor company’s stock valued at $10,478,000 after buying an additional 34,000 shares during the period. Institutional investors and hedge funds own 83.49% of the company’s stock.

About Qorvo (Get Rating)

Qorvo, Inc develops and commercializes technologies and products for wireless and wired connectivity worldwide. The company operates through two segments, Mobile Products, and Infrastructure and Defense Products. The company offers integrated modules incorporating switches, power amplifiers, filters, multiplexers and other components, radio frequency (RF) power management integrated circuits, antenna tuners, antenna-plexers, discrete filters and duplexers, discrete switches, and ultra-wideband (UWB) system solutions.

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