Qorvo (NASDAQ:QRVO) Now Covered by Analysts at Needham & Company LLC

Needham & Company LLC assumed coverage on shares of Qorvo (NASDAQ:QRVO) in a research note issued to investors on Monday, Marketbeat reports. The brokerage issued a buy rating and a $135.00 price objective on the semiconductor company’s stock.

A number of other research analysts have also issued reports on QRVO. JPMorgan Chase & Co. increased their target price on shares of Qorvo from $100.00 to $115.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 31st. TD Cowen upgraded Qorvo to a “hold” rating in a research report on Monday, September 16th. The Goldman Sachs Group boosted their price objective on shares of Qorvo from $105.00 to $118.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 31st. Piper Sandler decreased their target price on shares of Qorvo from $120.00 to $100.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. Finally, StockNews.com lowered Qorvo from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Two equities 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. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $104.47.

Qorvo Stock Performance

Shares of QRVO stock opened at $71.26 on Monday. Qorvo has a one year low of $70.39 and a one year high of $130.99. The stock has a market cap of $6.77 billion, a P/E ratio of -97.62, a P/E/G ratio of 1.20 and a beta of 1.45. The company has a fifty day moving average price of $104.06 and a two-hundred day moving average price of $107.74. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.95 and a quick ratio of 1.36.

Qorvo (NASDAQ:QRVO) last posted its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter last year, the company posted $1.99 EPS. Qorvo’s quarterly revenue was down 5.2% compared to the same quarter last year. As a group, equities analysts predict that Qorvo will post 4.84 EPS for the current year.

Insiders Place Their Bets

In other news, VP Gina Harrison sold 689 shares of Qorvo stock in a transaction on Friday, September 6th. The stock was sold at an average price of $107.67, for a total transaction of $74,184.63. Following the sale, the vice president now directly owns 21,601 shares in the company, valued at $2,325,779.67. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Qorvo

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mather Group LLC. grew its position in shares of Qorvo by 5.6% during the 2nd quarter. Mather Group LLC. now owns 1,812 shares of the semiconductor company’s stock valued at $208,000 after purchasing an additional 96 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in shares of Qorvo by 33.7% in the third quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock worth $43,000 after buying an additional 104 shares during the period. V Square Quantitative Management LLC lifted its position in Qorvo by 5.0% in the third quarter. V Square Quantitative Management LLC now owns 2,233 shares of the semiconductor company’s stock valued at $231,000 after purchasing an additional 107 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings 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. Finally, American Trust increased its holdings in Qorvo by 5.8% during the 2nd quarter. American Trust now owns 2,110 shares of the semiconductor company’s stock valued at $245,000 after purchasing an additional 115 shares during the period. 88.57% of the stock is currently owned by 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.