Qorvo, Inc. (QRVO) Given “Hold” Rating at Mizuho
Mizuho reissued their hold rating on shares of Qorvo, Inc. (NASDAQ:QRVO) in a research note released on Friday morning. The brokerage currently has a $70.00 price objective on the semiconductor company’s stock.
“We favor AVGO and SWKS with better, cleaner execution, higher topline growth, solid GMs, FCF, and diversification.”,” the firm’s analyst wrote.
A number of other equities analysts also recently weighed in on the company. TheStreet downgraded Qorvo from a b rating to a c rating in a research report on Wednesday. Canaccord Genuity boosted their price target on Qorvo from $79.00 to $81.00 and gave the stock a buy rating in a research report on Thursday. Drexel Hamilton reissued a buy rating and set a $95.00 price target on shares of Qorvo in a research report on Tuesday, August 1st. BidaskClub downgraded Qorvo from a buy rating to a hold rating in a research report on Tuesday, June 27th. Finally, Zacks Investment Research downgraded Qorvo from a hold rating to a strong sell rating in a research report on Wednesday, June 21st. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $72.74.
Qorvo (QRVO) traded down 0.40% during midday trading on Friday, hitting $66.62. The company had a trading volume of 965,633 shares. The company’s market cap is $8.46 billion. The company’s 50 day moving average is $68.08 and its 200-day moving average is $68.64. Qorvo has a one year low of $48.28 and a one year high of $79.34.
Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.07. The firm had revenue of $640.80 million for the quarter, compared to the consensus estimate of $632.18 million. Qorvo had a positive return on equity of 10.10% and a negative net margin of 1.40%. The business’s revenue was down 8.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.08 earnings per share. On average, equities analysts predict that Qorvo will post $5.57 EPS for the current year.
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In related news, VP Steven E. Creviston sold 6,000 shares of the stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $66.94, for a total transaction of $401,640.00. Following the sale, the vice president now owns 114,733 shares of the company’s stock, valued at $7,680,227.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Daniel A. Dileo sold 5,000 shares of the stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $74.04, for a total value of $370,200.00. Following the sale, the director now directly owns 24,520 shares in the company, valued at approximately $1,815,460.80. The disclosure for this sale can be found here. Insiders have sold 139,586 shares of company stock worth $10,034,869 in the last three months. 0.91% of the stock is currently owned by company insiders.
Large investors have recently modified their holdings of the company. Benjamin F. Edwards & Company Inc. increased its stake in shares of Qorvo by 49.6% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,664 shares of the semiconductor company’s stock worth $114,000 after buying an additional 552 shares in the last quarter. IFP Advisors Inc boosted its stake in Qorvo by 46.7% in the first quarter. IFP Advisors Inc now owns 2,105 shares of the semiconductor company’s stock valued at $144,000 after buying an additional 670 shares during the last quarter. NEXT Financial Group Inc boosted its stake in Qorvo by 145.6% in the first quarter. NEXT Financial Group Inc now owns 2,321 shares of the semiconductor company’s stock valued at $158,000 after buying an additional 1,376 shares during the last quarter. Federated Investors Inc. PA boosted its stake in Qorvo by 4.0% in the second quarter. Federated Investors Inc. PA now owns 2,323 shares of the semiconductor company’s stock valued at $147,000 after buying an additional 90 shares during the last quarter. Finally, Penserra Capital Management LLC acquired a new stake in Qorvo during the first quarter valued at $191,000. 97.51% of the stock is currently owned by institutional investors and hedge funds.
Qorvo Company Profile
Qorvo, Inc is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs).
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