Qorvo’s (QRVO) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Qorvo (NASDAQ:QRVO) in a research report sent to investors on Wednesday,Benzinga reports. The firm currently has a $100.00 target price on the semiconductor company’s stock.

Several other analysts have also commented on QRVO. Barclays cut their target price on shares of Qorvo from $90.00 to $80.00 and set an “equal weight” rating for the company in a research note on Friday, January 17th. StockNews.com downgraded Qorvo from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Piper Sandler upgraded Qorvo from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $85.00 to $110.00 in a report on Monday, January 27th. JPMorgan Chase & Co. reduced their target price on Qorvo from $115.00 to $95.00 and set an “underweight” rating for the company in a report on Wednesday, October 30th. Finally, Benchmark reissued a “hold” rating on shares of Qorvo in a research note on Wednesday. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $95.84.

Qorvo Stock Down 0.9 %

QRVO opened at $82.98 on Wednesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90. The company has a market capitalization of $7.84 billion, a PE ratio of 296.36, a P/E/G ratio of 6.89 and a beta of 1.40. The stock’s fifty day moving average is $74.01 and its 200-day moving average is $91.48. Qorvo has a one year low of $64.54 and a one year high of $130.99.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, topping the consensus estimate of $1.85 by $0.03. Qorvo had a net margin of 0.71% and a return on equity of 12.32%. The firm had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same period in the previous year, the business earned $1.99 earnings per share. Qorvo’s revenue for the quarter was down 5.2% compared to the same quarter last year. On average, equities analysts predict that Qorvo will post 3.37 EPS for the current fiscal year.

Insider Transactions at Qorvo

In other Qorvo news, SVP Philip Chesley sold 4,045 shares of the business’s stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $70.15, for a total value of $283,756.75. Following the transaction, the senior vice president now owns 30,261 shares in the company, valued at $2,122,809.15. The trade was a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.46% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Qorvo

Institutional investors have recently made changes to their positions in the company. Kestra Investment Management LLC raised its position in Qorvo by 33.8% during the fourth quarter. Kestra Investment Management LLC now owns 8,569 shares of the semiconductor company’s stock valued at $599,000 after acquiring an additional 2,166 shares in the last quarter. Venturi Wealth Management LLC increased its stake in shares of Qorvo by 67.4% during the 4th quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company’s stock worth $43,000 after purchasing an additional 250 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Qorvo by 320.0% during the 4th quarter. Principal Financial Group Inc. now owns 458,178 shares of the semiconductor company’s stock valued at $32,040,000 after purchasing an additional 349,078 shares in the last quarter. Allworth Financial LP lifted its stake in shares of Qorvo by 181.2% in the 4th quarter. Allworth Financial LP now owns 2,598 shares of the semiconductor company’s stock valued at $182,000 after purchasing an additional 1,674 shares during the last quarter. Finally, Rhumbline Advisers lifted its stake in shares of Qorvo by 40.6% in the 4th quarter. Rhumbline Advisers now owns 252,286 shares of the semiconductor company’s stock valued at $17,642,000 after purchasing an additional 72,911 shares during the last quarter. 88.57% of the stock is currently owned by institutional investors and hedge funds.

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.