Needham & Company LLC Raises Qorvo (NASDAQ:QRVO) Price Target to $135.00

Qorvo (NASDAQ:QRVO) had its target price lifted by Needham & Company LLC from $110.00 to $135.00 in a research report released on Wednesday morning, Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

QRVO has been the subject of a number of other research reports. Rosenblatt Securities restated a neutral rating and set a $105.00 target price on shares of Qorvo in a report on Wednesday, June 12th. JPMorgan Chase & Co. decreased their target price on Qorvo from $105.00 to $100.00 and set an underweight rating for the company in a report on Thursday, May 2nd. TD Cowen upped their price target on Qorvo from $110.00 to $125.00 and gave the stock a hold rating in a research note on Wednesday. Craig Hallum upped their price target on Qorvo from $124.00 to $142.00 and gave the stock a buy rating in a research note on Wednesday. Finally, Benchmark reduced their price target on Qorvo from $136.00 to $128.00 and set a buy rating on the stock in a research note on Thursday, May 2nd. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Hold and a consensus price target of $120.83.

Qorvo Stock Performance

Shares of QRVO stock opened at $107.93 on Wednesday. The company has a current ratio of 1.95, a quick ratio of 1.41 and a debt-to-equity ratio of 0.44. Qorvo has a fifty-two week low of $80.62 and a fifty-two week high of $130.99. The stock has a 50 day moving average price of $113.66 and a two-hundred day moving average price of $110.72.

Qorvo (NASDAQ:QRVO) last announced its earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.16. The company had revenue of $886.70 million during the quarter, compared to the consensus estimate of $851.95 million. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The firm’s revenue for the quarter was up 36.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.03 earnings per share. As a group, research analysts forecast that Qorvo will post 5.02 earnings per share for the current year.

Insider Buying and Selling at Qorvo

In other news, CEO Robert A. Bruggeworth sold 4,721 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $100.00, for a total value of $472,100.00. Following the transaction, the chief executive officer now owns 205,440 shares of the company’s stock, valued at $20,544,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Robert A. Bruggeworth sold 4,721 shares of the stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $100.00, for a total transaction of $472,100.00. Following the completion of the sale, the chief executive officer now owns 205,440 shares in the company, valued at $20,544,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Paul J. Fego sold 2,132 shares of the stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $99.31, for a total value of $211,728.92. Following the sale, the senior vice president now owns 25,201 shares of the company’s stock, valued at approximately $2,502,711.31. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 45,372 shares of company stock valued at $4,517,858. 0.46% of the stock is owned by company insiders.

Hedge Funds Weigh In On Qorvo

Institutional investors have recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Qorvo during the 2nd quarter valued at approximately $29,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Qorvo by 81.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 115 shares during the period. Park Place Capital Corp boosted its holdings in shares of Qorvo by 398.1% in the 1st quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 207 shares during the period. Versant Capital Management Inc boosted its holdings in shares of Qorvo by 9,333.3% in the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 280 shares during the period. Finally, New Millennium Group LLC purchased a new position in shares of Qorvo in the 2nd quarter worth approximately $34,000. Hedge funds and other 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.