Qorvo (NASDAQ:QRVO) Rating Increased to Buy at Mizuho

Qorvo (NASDAQ:QRVO) was upgraded by Mizuho from a “neutral” rating to a “buy” rating in a note issued to investors on Friday, MarketBeat.com reports. The firm currently has a $125.00 price target on the semiconductor company’s stock, up from their previous price target of $80.00. Mizuho’s price target points to a potential upside of 10.21% from the stock’s previous close.

Several other equities analysts have also recently weighed in on QRVO. BidaskClub cut shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Friday. Canaccord Genuity downgraded shares of Qorvo from a “buy” rating to a “hold” rating and lifted their price target for the company from $92.00 to $110.00 in a report on Wednesday, November 13th. Barclays lifted their price target on shares of Qorvo from $65.00 to $80.00 and gave the company an “equal weight” rating in a report on Friday, November 1st. Bank of America upgraded shares of Qorvo from an “underperform” rating to a “buy” rating in a report on Monday, December 9th. Finally, Piper Jaffray Companies lifted their price target on shares of Qorvo from $85.00 to $95.00 and gave the company an “overweight” rating in a report on Friday, November 1st. Ten equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Qorvo has an average rating of “Buy” and an average target price of $97.22.

QRVO stock traded up $1.46 during midday trading on Friday, hitting $113.42. The company’s stock had a trading volume of 2,389,768 shares, compared to its average volume of 1,478,026. Qorvo has a 12 month low of $58.52 and a 12 month high of $118.49. The company has a quick ratio of 2.37, a current ratio of 3.45 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $13.01 billion, a price-to-earnings ratio of 21.60, a price-to-earnings-growth ratio of 1.94 and a beta of 1.22. The company has a 50 day moving average of $111.10 and a two-hundred day moving average of $85.58.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.22. Qorvo had a net margin of 8.19% and a return on equity of 15.10%. The firm had revenue of $806.70 million for the quarter, compared to analysts’ expectations of $754.67 million. During the same quarter last year, the business posted $1.75 earnings per share. The company’s revenue for the quarter was down 8.8% compared to the same quarter last year. On average, analysts anticipate that Qorvo will post 4.85 earnings per share for the current fiscal year.

In other news, Director David H. Y. Ho sold 10,660 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $102.22, for a total value of $1,089,665.20. Following the sale, the director now directly owns 16,844 shares in the company, valued at approximately $1,721,793.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP James L. Klein sold 1,906 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $114.76, for a total transaction of $218,732.56. Following the completion of the sale, the vice president now owns 45,759 shares in the company, valued at $5,251,302.84. The disclosure for this sale can be found here. Over the last quarter, insiders sold 24,984 shares of company stock worth $2,551,420. 0.71% of the stock is currently owned by insiders.

Several large investors have recently made changes to their positions in QRVO. Amundi Pioneer Asset Management Inc. increased its stake in Qorvo by 46.6% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 87,061 shares of the semiconductor company’s stock worth $6,244,000 after acquiring an additional 27,692 shares during the last quarter. LPL Financial LLC raised its holdings in Qorvo by 5.0% during the 2nd quarter. LPL Financial LLC now owns 10,169 shares of the semiconductor company’s stock valued at $677,000 after buying an additional 485 shares during the period. Quantamental Technologies LLC bought a new stake in Qorvo in the second quarter worth $42,000. Renaissance Technologies LLC lifted its position in Qorvo by 755.1% in the second quarter. Renaissance Technologies LLC now owns 529,306 shares of the semiconductor company’s stock worth $35,257,000 after buying an additional 467,406 shares during the last quarter. Finally, Northern Trust Corp lifted its position in Qorvo by 4.6% in the second quarter. Northern Trust Corp now owns 1,623,274 shares of the semiconductor company’s stock worth $108,126,000 after buying an additional 71,067 shares during the last quarter. 92.21% of the stock is owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Qorvo (NASDAQ:QRVO)

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