Qorvo (NASDAQ:QRVO) Research Coverage Started at Needham & Company LLC

Equities researchers at Needham & Company LLC assumed coverage on shares of Qorvo (NASDAQ:QRVO) in a report issued on Monday, StockNewsAPI reports. The firm set a “buy” rating and a $135.00 price target on the semiconductor company’s stock. Needham & Company LLC’s price objective suggests a potential upside of 35.68% from the company’s current price.

A number of other brokerages have also commented on QRVO. Rosenblatt Securities raised their target price on shares of Qorvo from $105.00 to $120.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. The Goldman Sachs Group raised their price objective on Qorvo from $105.00 to $118.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Barclays decreased their target price on Qorvo from $125.00 to $120.00 and set an “equal weight” rating for the company in a research report on Thursday, October 10th. Piper Sandler dropped their price target on Qorvo from $120.00 to $100.00 and set a “neutral” rating on the stock in a research report on Friday. Finally, Susquehanna decreased their price objective on Qorvo from $135.00 to $115.00 and set a “neutral” rating for the company in a report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Qorvo currently has an average rating of “Hold” and an average target price of $119.86.

Qorvo Price Performance

QRVO opened at $99.50 on Monday. The business has a fifty day moving average of $105.32 and a 200 day moving average of $108.17. The stock has a market cap of $9.46 billion, a P/E ratio of -136.30, a PEG ratio of 1.22 and a beta of 1.45. The company has a quick ratio of 1.36, a current ratio of 1.95 and a debt-to-equity ratio of 0.44. Qorvo has a 52-week low of $80.62 and a 52-week high of $130.99.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.16. The firm had revenue of $886.70 million during the quarter, compared to analyst estimates of $851.95 million. Qorvo had a negative net margin of 0.66% and a positive return on equity of 14.92%. The business’s revenue was up 36.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.03 earnings per share. As a group, sell-side analysts anticipate that Qorvo will post 4.84 EPS for the current year.

Insider Transactions at Qorvo

In related news, VP Gina Harrison sold 689 shares of the stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $107.67, for a total transaction of $74,184.63. Following the completion of the sale, the vice president now owns 21,601 shares of the company’s stock, valued at $2,325,779.67. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in QRVO. Mather Group LLC. raised its holdings in shares of Qorvo by 5.6% in the second quarter. Mather Group LLC. now owns 1,812 shares of the semiconductor company’s stock worth $208,000 after buying an additional 96 shares during the last quarter. V Square Quantitative Management LLC increased its position in shares of Qorvo by 5.0% in the 3rd quarter. V Square Quantitative Management LLC now owns 2,233 shares of the semiconductor company’s stock valued at $231,000 after acquiring an additional 107 shares during the period. EverSource Wealth Advisors LLC raised its stake in 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 acquiring an additional 115 shares during the last quarter. American Trust lifted its position in Qorvo by 5.8% during the 2nd quarter. American Trust now owns 2,110 shares of the semiconductor company’s stock worth $245,000 after acquiring an additional 115 shares during the period. Finally, Empirical Finance LLC grew its stake in Qorvo by 3.2% during the 1st quarter. Empirical Finance LLC now owns 3,768 shares of the semiconductor company’s stock valued at $433,000 after purchasing an additional 117 shares during the last quarter. 88.57% of the stock is 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.