Qorvo (NASDAQ:QRVO) Receives Buy Rating from Needham & Company LLC

Qorvo (NASDAQ:QRVO)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a report issued on Wednesday,Benzinga reports. They presently have a $100.00 price target on the semiconductor company’s stock. Needham & Company LLC’s price objective indicates a potential upside of 16.58% from the company’s current price.

Several other research firms have also weighed in on QRVO. The Goldman Sachs Group cut their target price on Qorvo from $99.00 to $78.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. UBS Group reduced their price objective on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 30th. Bank of America lowered their target price on shares of Qorvo from $115.00 to $80.00 and set an “underperform” rating for the company in a research note on Wednesday, October 30th. StockNews.com lowered shares of Qorvo from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Finally, Susquehanna decreased their price target on shares of Qorvo from $115.00 to $90.00 and set a “neutral” 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 assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $95.22.

Qorvo Trading Down 2.1 %

Shares of NASDAQ QRVO opened at $85.78 on Wednesday. Qorvo has a fifty-two week low of $64.54 and a fifty-two week high of $130.99. The firm has a market capitalization of $8.11 billion, a P/E ratio of -58.75, a P/E/G ratio of 6.98 and a beta of 1.40. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.38. The company’s 50 day simple moving average is $73.00 and its 200 day simple moving average is $91.88.

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

Insider Activity at Qorvo

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

Institutional Trading of Qorvo

A number of institutional investors have recently made changes to their positions in the business. Stephens Inc. AR increased its stake in Qorvo by 4.5% in the 4th quarter. Stephens Inc. AR now owns 8,300 shares of the semiconductor company’s stock valued at $580,000 after buying an additional 358 shares during the last quarter. Stoneridge Investment Partners LLC bought a new position in shares of Qorvo in the 4th quarter valued at about $784,000. Entropy Technologies LP increased its position in shares of Qorvo by 148.2% in the fourth quarter. Entropy Technologies LP now owns 58,192 shares of the semiconductor company’s stock valued at $4,069,000 after acquiring an additional 34,749 shares during the last quarter. Empowered Funds LLC raised its holdings in Qorvo by 64.5% during the fourth quarter. Empowered Funds LLC now owns 18,727 shares of the semiconductor company’s stock worth $1,310,000 after acquiring an additional 7,340 shares in the last quarter. Finally, Golden State Wealth Management LLC acquired a new position in Qorvo during the fourth quarter valued at approximately $70,000. 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.