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

Qorvo (NASDAQ:QRVO)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $100.00 price objective on the semiconductor company’s stock. Needham & Company LLC’s price objective indicates a potential upside of 19.45% from the stock’s current price.

A number of other research analysts also recently weighed in on QRVO. Mizuho upped their target price on Qorvo from $80.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, January 24th. Loop Capital started coverage on Qorvo in a report on Monday, November 11th. They issued a “hold” rating and a $73.00 price objective for the company. Morgan Stanley upgraded shares of Qorvo from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $90.00 to $106.00 in a report on Tuesday, January 21st. StockNews.com lowered shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Finally, The Goldman Sachs Group cut their price objective on shares of Qorvo from $99.00 to $78.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $95.84.

Qorvo Stock Performance

Shares of QRVO stock opened at $83.72 on Wednesday. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45. The stock has a fifty day moving average of $73.73 and a 200 day moving average of $91.78. The firm has a market capitalization of $7.91 billion, a price-to-earnings ratio of -57.34, a PEG ratio of 6.98 and a beta of 1.40. Qorvo has a 52 week low of $64.54 and a 52 week high of $130.99.

Qorvo (NASDAQ:QRVO) last announced its 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 negative net margin of 3.58% and a positive return on equity of 13.81%. The firm had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the previous year, the firm posted $1.99 EPS. The company’s revenue for the quarter was down 5.2% compared to the same quarter last year. As a group, research analysts expect that Qorvo will post 3.37 earnings per share for the current year.

Insider Buying and Selling

In other news, SVP Philip Chesley sold 4,045 shares of the firm’s stock in a transaction on 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 directly owns 30,261 shares in the company, valued at $2,122,809.15. This trade represents a 11.79 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.46% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of QRVO. Allworth Financial LP increased its position in shares of Qorvo by 181.2% during 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. Rhumbline Advisers increased its holdings in Qorvo by 40.6% during the fourth quarter. Rhumbline Advisers now owns 252,286 shares of the semiconductor company’s stock valued at $17,642,000 after buying an additional 72,911 shares during the last quarter. AustralianSuper Pty Ltd bought a new position in Qorvo in the fourth quarter worth approximately $7,915,000. New York State Teachers Retirement System boosted its stake in shares of Qorvo by 13.8% during the 4th quarter. New York State Teachers Retirement System now owns 99,784 shares of the semiconductor company’s stock worth $6,978,000 after acquiring an additional 12,091 shares during the last quarter. Finally, Vontobel Holding Ltd. grew its position in shares of Qorvo by 39.1% during the 4th quarter. Vontobel Holding Ltd. now owns 13,906 shares of the semiconductor company’s stock valued at $972,000 after acquiring an additional 3,911 shares during the period. 88.57% of the stock is owned by hedge funds and other institutional investors.

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.