Mizuho Raises Qorvo (NASDAQ:QRVO) Price Target to $125.00

Qorvo (NASDAQ:QRVO) had its target price boosted by Mizuho from $114.00 to $125.00 in a report released on Thursday morning, The Fly reports. Mizuho currently has a buy rating on the semiconductor company’s stock.

A number of other brokerages have also recently commented on QRVO. Cfra decreased their price target on Qorvo from $120.00 to $109.00 and set a hold rating on the stock in a research report on Friday, May 8th. Oppenheimer raised Qorvo from a market perform rating to an outperform rating and set a $150.00 price objective on the stock in a research note on Thursday. Loop Capital assumed coverage on Qorvo in a research note on Friday, May 8th. They issued a buy rating and a $120.00 price objective on the stock. JPMorgan Chase & Co. raised their price objective on Qorvo from $108.00 to $120.00 and gave the company an overweight rating in a research note on Friday, May 8th. Finally, Craig Hallum raised their price objective on Qorvo from $100.00 to $120.00 and gave the company a buy rating in a research note on Friday, May 8th. Six investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of Buy and a consensus target price of $121.36.

QRVO stock traded down $0.52 during trading hours on Thursday, hitting $128.15. 2,097,060 shares of the stock were exchanged, compared to its average volume of 1,398,244. The company has a current ratio of 4.08, a quick ratio of 2.18 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $14.66 billion, a P/E ratio of 21.79, a P/E/G ratio of 2.63 and a beta of 1.41. The company has a 50-day simple moving average of $112.02 and a two-hundred day simple moving average of $101.04. Qorvo has a 12 month low of $67.54 and a 12 month high of $130.86.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Wednesday, July 29th. The semiconductor company reported $1.50 EPS for the quarter, topping the Zacks’ consensus estimate of $1.13 by $0.37. Qorvo had a return on equity of 16.10% and a net margin of 12.05%. The company had revenue of $787.50 million for the quarter, compared to analysts’ expectations of $729.91 million. During the same quarter last year, the business earned $1.36 earnings per share. Qorvo’s revenue was up 1.5% on a year-over-year basis. On average, equities research analysts predict that Qorvo will post 4.73 earnings per share for the current year.

In other Qorvo news, VP James L. Klein sold 1,440 shares of Qorvo stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $109.15, for a total value of $157,176.00. Also, VP Steven E. Creviston sold 2,000 shares of Qorvo stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $102.76, for a total value of $205,520.00. Following the completion of the sale, the vice president now owns 53,444 shares of the company’s stock, valued at $5,491,905.44. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,877 shares of company stock worth $3,409,446. 0.66% of the stock is owned by insiders.

A number of hedge funds have recently modified their holdings of QRVO. Ameritas Investment Company LLC bought a new stake in Qorvo in the first quarter worth approximately $31,000. Signaturefd LLC increased its holdings in Qorvo by 275.2% in the first quarter. Signaturefd LLC now owns 439 shares of the semiconductor company’s stock worth $35,000 after purchasing an additional 322 shares in the last quarter. CSat Investment Advisory L.P. increased its holdings in Qorvo by 32.5% in the first quarter. CSat Investment Advisory L.P. now owns 620 shares of the semiconductor company’s stock worth $50,000 after purchasing an additional 152 shares in the last quarter. Synovus Financial Corp bought a new stake in Qorvo in the first quarter worth approximately $52,000. Finally, Verus Capital Partners LLC bought a new stake in Qorvo in the fourth quarter worth approximately $66,000. Institutional investors and hedge funds own 88.02% of the company’s stock.

About Qorvo

Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.

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