Needham & Company LLC Reaffirms “Buy” Rating for Qorvo, Inc. (QRVO)
Qorvo, Inc. (NASDAQ:QRVO)‘s stock had its “buy” rating restated by Needham & Company LLC in a report released on Sunday. They presently have a $86.00 price target on the semiconductor company’s stock. Needham & Company LLC’s price target suggests a potential upside of 13.92% from the company’s previous close.
Several other research analysts have also commented on the company. Craig Hallum reaffirmed a “buy” rating on shares of Qorvo in a research report on Wednesday. KeyCorp reaffirmed a “sector perform” rating on shares of Qorvo in a research report on Thursday. Instinet began coverage on Qorvo in a research report on Wednesday, September 6th. They set a “neutral” rating and a $75.00 price target on the stock. Nomura began coverage on Qorvo in a research report on Tuesday, September 5th. They set a “neutral” rating and a $75.00 price target on the stock. Finally, Zacks Investment Research lowered Qorvo from a “hold” rating to a “sell” rating in a research report on Friday, September 1st. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and thirteen have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $73.45.
Shares of Qorvo (QRVO) opened at 75.49 on Friday. The company has a 50-day moving average price of $58.03 and a 200-day moving average price of $61.14. The stock’s market cap is $9.61 billion. Qorvo has a 12 month low of $19.18 and a 12 month high of $75.55.
Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.80 by $0.07. The company had revenue of $640.80 million for the quarter, compared to analyst estimates of $632.18 million. Qorvo had a positive return on equity of 10.10% and a negative net margin of 1.40%. The firm’s revenue was down 8.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.08 earnings per share. On average, analysts expect that Qorvo will post $5.54 EPS for the current fiscal year.
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In related news, insider Robert A. Bruggeworth sold 27,839 shares of Qorvo stock in a transaction that occurred on Friday, July 7th. The stock was sold at an average price of $65.03, for a total value of $1,810,370.17. Following the sale, the insider now directly owns 217,042 shares in the company, valued at $14,114,241.26. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Steven E. Creviston sold 6,000 shares of Qorvo stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $66.94, for a total value of $401,640.00. Following the completion of the sale, the vice president now owns 114,733 shares in the company, valued at $7,680,227.02. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 78,919 shares of company stock worth $5,379,553. Company insiders own 0.91% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Federated Investors Inc. PA raised its holdings in Qorvo by 4.0% during the second quarter. Federated Investors Inc. PA now owns 2,323 shares of the semiconductor company’s stock worth $147,000 after purchasing an additional 90 shares during the last quarter. NEXT Financial Group Inc raised its holdings in Qorvo by 2.1% during the second quarter. NEXT Financial Group Inc now owns 2,370 shares of the semiconductor company’s stock worth $150,000 after purchasing an additional 49 shares during the last quarter. Advisor Group Inc. raised its holdings in Qorvo by 5.1% during the second quarter. Advisor Group Inc. now owns 2,584 shares of the semiconductor company’s stock worth $164,000 after purchasing an additional 126 shares during the last quarter. Global X Management Co. LLC raised its holdings in Qorvo by 400.9% during the second quarter. Global X Management Co. LLC now owns 2,795 shares of the semiconductor company’s stock worth $177,000 after purchasing an additional 2,237 shares during the last quarter. Finally, Achmea Investment Management B.V. acquired a new position in Qorvo during the second quarter worth $188,000. 94.39% of the stock is owned by hedge funds and other institutional investors.
Qorvo Company Profile
Qorvo, Inc is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs).
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