Mizuho Upgrades Qorvo (NASDAQ:QRVO) to Neutral

Qorvo (NASDAQ:QRVO) was upgraded by Mizuho from an “underperform” rating to a “neutral” rating in a research report issued to clients and investors on Tuesday, Marketbeat Ratings reports. The firm presently has a $93.00 price target on the semiconductor company’s stock, up from their prior price target of $75.00. Mizuho’s price target would suggest a potential upside of 5.87% from the stock’s previous close.

Several other research firms have also recently weighed in on QRVO. Morgan Stanley set a $110.00 price objective on Qorvo and gave the stock an “equal weight” rating in a research report on Wednesday, October 29th. UBS Group boosted their target price on Qorvo from $100.00 to $108.00 and gave the company a “neutral” rating in a research note on Wednesday, October 29th. Cfra Research raised shares of Qorvo to a “hold” rating in a research note on Tuesday, October 28th. Stifel Nicolaus set a $88.00 price objective on shares of Qorvo and gave the company a “hold” rating in a report on Wednesday, July 30th. Finally, Barclays increased their target price on shares of Qorvo from $70.00 to $90.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 30th. Three equities research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $102.00.

Qorvo Stock Up 1.5%

Shares of QRVO stock opened at $87.84 on Tuesday. Qorvo has a 12-month low of $49.46 and a 12-month high of $106.30. The company has a quick ratio of 2.20, a current ratio of 2.95 and a debt-to-equity ratio of 0.44. The firm has a fifty day moving average of $90.80 and a 200-day moving average of $85.56. The company has a market capitalization of $8.12 billion, a price-to-earnings ratio of 38.03, a P/E/G ratio of 1.57 and a beta of 1.44.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Tuesday, November 4th. The semiconductor company reported $2.22 EPS for the quarter, beating the consensus estimate of $2.03 by $0.19. Qorvo had a net margin of 5.95% and a return on equity of 13.30%. The firm’s revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.88 EPS. As a group, equities research analysts predict that Qorvo will post 4.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Qorvo

In other news, SVP Paul J. Fego sold 13,612 shares of the company’s stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $95.00, for a total value of $1,293,140.00. Following the sale, the senior vice president directly owned 54,558 shares of the company’s stock, valued at approximately $5,183,010. This represents a 19.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.41% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Qorvo

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Jericho Capital Asset Management L.P. bought a new stake in Qorvo in the first quarter valued at approximately $168,980,000. Contour Asset Management LLC acquired a new position in shares of Qorvo during the 1st quarter worth approximately $151,698,000. Norges Bank bought a new stake in Qorvo in the 2nd quarter valued at $153,994,000. LSV Asset Management raised its stake in Qorvo by 118.0% in the 2nd quarter. LSV Asset Management now owns 1,382,970 shares of the semiconductor company’s stock valued at $117,428,000 after acquiring an additional 748,589 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in Qorvo by 2,096.5% during the 1st quarter. The Manufacturers Life Insurance Company now owns 498,122 shares of the semiconductor company’s stock valued at $36,069,000 after purchasing an additional 475,444 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.