Needham & Company LLC Lowers Qorvo (NASDAQ:QRVO) Price Target to $110.00

Qorvo (NASDAQ:QRVO) had its price target cut by Needham & Company LLC from $125.00 to $110.00 in a research note published on Thursday, Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

A number of other brokerages have also weighed in on QRVO. Mizuho lowered their price objective on Qorvo from $115.00 to $105.00 and set a neutral rating for the company in a research note on Thursday. StockNews.com downgraded shares of Qorvo from a buy rating to a hold rating in a research report on Thursday, February 8th. Rosenblatt Securities increased their price objective on shares of Qorvo from $95.00 to $105.00 and gave the stock a neutral rating in a research note on Thursday, February 1st. Barclays upped their target price on Qorvo from $95.00 to $100.00 and gave the company an equal weight rating in a report on Tuesday, January 16th. Finally, Piper Sandler dropped their target price on Qorvo from $120.00 to $105.00 and set a neutral rating on the stock in a research report on Thursday, February 1st. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $110.83.

Qorvo Stock Up 0.3 %

Shares of NASDAQ:QRVO traded up $0.28 during midday trading on Thursday, hitting $95.95. 2,424,521 shares of the company’s stock traded hands, compared to its average volume of 1,436,907. The firm’s fifty day moving average price is $113.15 and its two-hundred day moving average price is $105.59. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.33 and a current ratio of 1.99. Qorvo has a twelve month low of $80.62 and a twelve month high of $121.65. The company has a market cap of $9.26 billion, a PE ratio of -131.44, a P/E/G ratio of 0.74 and a beta of 1.53.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Wednesday, May 1st. The semiconductor company reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.18. Qorvo had a positive return on equity of 13.43% and a negative net margin of 1.86%. The firm had revenue of $941.00 million during the quarter, compared to analysts’ expectations of $927.24 million. During the same quarter in the prior year, the business earned $0.11 EPS. Qorvo’s quarterly revenue was up 48.7% compared to the same quarter last year. On average, equities research analysts anticipate that Qorvo will post 6.69 EPS for the current fiscal year.

Insider Transactions at Qorvo

In other Qorvo news, SVP Paul J. Fego sold 3,027 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $114.00, for a total transaction of $345,078.00. Following the sale, the senior vice president now owns 29,705 shares in the company, valued at approximately $3,386,370. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, SVP Paul J. Fego sold 3,027 shares of Qorvo stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $114.00, for a total value of $345,078.00. Following the transaction, the senior vice president now directly owns 29,705 shares of the company’s stock, valued at $3,386,370. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Steven E. Creviston sold 3,000 shares of the stock in a transaction on Friday, March 1st. The shares were sold at an average price of $120.00, for a total value of $360,000.00. Following the completion of the sale, the senior vice president now owns 77,552 shares of the company’s stock, valued at approximately $9,306,240. The disclosure for this sale can be found here. Insiders have sold 6,381 shares of company stock valued at $745,434 over the last three months. Company insiders own 0.43% of the company’s stock.

Institutional Trading of Qorvo

Several institutional investors have recently made changes to their positions in QRVO. Barclays PLC increased its stake in Qorvo by 646.2% in the 3rd quarter. Barclays PLC now owns 3,866,040 shares of the semiconductor company’s stock valued at $369,091,000 after buying an additional 3,347,972 shares during the period. FIL Ltd increased its position in Qorvo by 4.5% in the 4th quarter. FIL Ltd now owns 2,778,629 shares of the semiconductor company’s stock worth $312,901,000 after purchasing an additional 120,213 shares during the last quarter. Invesco Ltd. raised its stake in shares of Qorvo by 18.9% during the 3rd quarter. Invesco Ltd. now owns 1,989,776 shares of the semiconductor company’s stock worth $189,964,000 after purchasing an additional 316,328 shares in the last quarter. Boston Partners lifted its holdings in shares of Qorvo by 0.5% during the 4th quarter. Boston Partners now owns 1,436,328 shares of the semiconductor company’s stock valued at $161,726,000 after buying an additional 6,558 shares during the last quarter. Finally, UBS Group AG grew its stake in shares of Qorvo by 491.9% in the 3rd quarter. UBS Group AG now owns 1,267,273 shares of the semiconductor company’s stock valued at $120,987,000 after buying an additional 1,053,157 shares in the last quarter. 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.