Qorvo (NASDAQ:QRVO) Earns “Buy” Rating from Needham & Company LLC

Qorvo (NASDAQ:QRVO)‘s stock had its “buy” rating reaffirmed by analysts at Needham & Company LLC in a research note issued on Wednesday,Benzinga reports. They presently have a $100.00 price target on the semiconductor company’s stock. Needham & Company LLC’s target price suggests a potential upside of 19.45% from the company’s current price.

Several other research firms also recently weighed in on QRVO. BNP Paribas downgraded shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 target price for the company. in a research note on Wednesday, October 30th. Barclays dropped their target price on Qorvo from $90.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Friday, January 17th. Mizuho lifted their price target on Qorvo from $80.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday, January 24th. StockNews.com lowered Qorvo from a “buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Finally, TD Cowen reduced their target price on Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a report on Wednesday, October 30th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $95.84.

Qorvo Price Performance

Shares of NASDAQ QRVO opened at $83.72 on Wednesday. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45. The stock has a fifty day simple moving average of $73.73 and a two-hundred day simple moving average of $91.78. Qorvo has a 1-year low of $64.54 and a 1-year high of $130.99. The firm has a market cap of $7.91 billion, a price-to-earnings ratio of -57.34, a price-to-earnings-growth ratio of 6.98 and a beta of 1.40.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.03. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The firm’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.99 EPS. Analysts anticipate that Qorvo will post 3.37 earnings per share for the current year.

Insiders Place Their Bets

In other news, SVP Philip Chesley sold 4,045 shares of the company’s stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $70.15, for a total value of $283,756.75. Following the completion of the sale, the senior vice president now owns 30,261 shares of the company’s stock, valued at approximately $2,122,809.15. This represents a 11.79 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.46% of the stock is owned by insiders.

Institutional Trading of Qorvo

Several hedge funds have recently added to or reduced their stakes in the business. GDS Wealth Management purchased a new position in shares of Qorvo in the third quarter worth about $2,171,000. Robeco Institutional Asset Management B.V. increased its stake in Qorvo by 78.6% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock worth $55,548,000 after purchasing an additional 236,590 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in Qorvo in the third quarter valued at approximately $2,507,000. Quest Partners LLC boosted its stake in shares of Qorvo by 504.6% during the third quarter. Quest Partners LLC now owns 11,596 shares of the semiconductor company’s stock valued at $1,198,000 after purchasing an additional 9,678 shares during the period. Finally, Virtu Financial LLC bought a new position in shares of Qorvo in the third quarter worth approximately $1,211,000. 88.57% of the stock is owned by institutional investors.

About Qorvo

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.