Needham & Company LLC Begins Coverage on Qorvo (NASDAQ:QRVO)

Needham & Company LLC began coverage on shares of Qorvo (NASDAQ:QRVO) in a note issued to investors on Monday, StockNewsAPI reports. The brokerage set a “buy” rating and a $135.00 price target on the semiconductor company’s stock. Needham & Company LLC’s price target indicates a potential upside of 35.68% from the company’s current price.

Several other brokerages have also recently weighed in on QRVO. TD Cowen upgraded Qorvo to a “hold” rating in a research report on Monday, September 16th. Raymond James lifted their target price on shares of Qorvo from $115.00 to $135.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. JPMorgan Chase & Co. increased their price target on shares of Qorvo from $100.00 to $115.00 and gave the stock an “underweight” rating in a report on Wednesday, July 31st. Craig Hallum raised their price target on shares of Qorvo from $124.00 to $142.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Finally, Susquehanna decreased their price objective on shares of Qorvo from $135.00 to $115.00 and set a “neutral” rating for the company in a research report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $119.86.

Qorvo Stock Up 0.5 %

NASDAQ:QRVO opened at $99.50 on Monday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.95 and a quick ratio of 1.36. The company’s fifty day moving average price is $105.32 and its 200-day moving average price is $108.17. Qorvo has a 1-year low of $80.62 and a 1-year high of $130.99. The firm has a market capitalization of $9.46 billion, a P/E ratio of -136.30, a PEG ratio of 1.22 and a beta of 1.45.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.16. The company had revenue of $886.70 million for 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% compared to the same quarter last year. During the same period last year, the firm earned $0.03 EPS. As a group, equities research analysts anticipate that Qorvo will post 4.84 EPS for the current year.

Insider Buying and Selling

In other Qorvo news, VP Gina Harrison sold 689 shares of the firm’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $107.67, for a total value of $74,184.63. Following the transaction, the vice president now owns 21,601 shares in the company, valued at approximately $2,325,779.67. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.46% of the stock is owned by company insiders.

Institutional Investors Weigh In On Qorvo

A number of hedge funds have recently modified their holdings of QRVO. Bessemer Group Inc. lifted its position in Qorvo by 1,361.9% during the first quarter. Bessemer Group Inc. now owns 13,596 shares of the semiconductor company’s stock worth $1,562,000 after buying an additional 12,666 shares in the last quarter. Daiwa Securities Group Inc. raised its holdings in shares of Qorvo by 44.4% during the 1st quarter. Daiwa Securities Group Inc. now owns 13,247 shares of the semiconductor company’s stock worth $1,521,000 after acquiring an additional 4,072 shares during the period. Canada Pension Plan Investment Board boosted its position in shares of Qorvo by 23.8% during the 1st quarter. Canada Pension Plan Investment Board now owns 370,200 shares of the semiconductor company’s stock valued at $42,510,000 after acquiring an additional 71,200 shares during the last quarter. Leeward Investments LLC MA grew its holdings in shares of Qorvo by 50.6% in the first quarter. Leeward Investments LLC MA now owns 154,346 shares of the semiconductor company’s stock valued at $17,724,000 after purchasing an additional 51,850 shares during the period. Finally, APG Asset Management N.V. grew its holdings in shares of Qorvo by 21.9% in the second quarter. APG Asset Management N.V. now owns 101,243 shares of the semiconductor company’s stock valued at $10,962,000 after purchasing an additional 18,178 shares during the period. 88.57% of the stock is currently owned by institutional investors and hedge funds.

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.