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

Needham & Company LLC began coverage on shares of Qorvo (NASDAQ:QRVO) in a research report report published on Monday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $135.00 price objective on the semiconductor company’s stock.

A number of other equities research analysts also recently issued reports on the stock. TD Cowen raised shares of Qorvo to a “hold” rating in a research report on Monday, September 16th. Morgan Stanley downgraded Qorvo from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $130.00 to $120.00 in a research report on Friday, October 11th. Rosenblatt Securities boosted their price target on Qorvo from $105.00 to $120.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Raymond James raised their target price on shares of Qorvo from $115.00 to $135.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. Finally, Barclays decreased their price objective on Qorvo from $125.00 to $120.00 and set an “equal weight” rating for the company in a research note on Thursday, October 10th. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Qorvo has an average rating of “Hold” and an average target price of $104.47.

Qorvo Price Performance

Shares of NASDAQ QRVO opened at $71.26 on Monday. Qorvo has a twelve month low of $70.39 and a twelve month high of $130.99. The company has a 50 day moving average of $104.06 and a 200 day moving average of $107.74. The company has a quick ratio of 1.36, a current ratio of 1.95 and a debt-to-equity ratio of 0.44. The firm has a market cap of $6.77 billion, a P/E ratio of -97.62, a PEG ratio of 1.20 and a beta of 1.45.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data 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 0.66% and a positive return on equity of 14.92%. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. The firm’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.99 earnings per share. As a group, research analysts expect that Qorvo will post 4.84 EPS for the current fiscal year.

Insider Buying and Selling

In other Qorvo news, VP Gina Harrison sold 689 shares of the company’s stock in a transaction that occurred 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 sale, the vice president now owns 21,601 shares in the company, valued at approximately $2,325,779.67. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.46% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Qorvo

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