Qorvo (NASDAQ:QRVO) Given New $110.00 Price Target at Needham & Company LLC

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

QRVO has been the subject of several other research reports. Craig Hallum raised their price target on shares of Qorvo from $110.00 to $125.00 and gave the company a buy rating in a research report on Thursday, February 1st. The Goldman Sachs Group raised their price target on shares of Qorvo from $104.00 to $117.00 and gave the company a neutral rating in a research report on Thursday, February 1st. Mizuho reduced their price target on shares of Qorvo from $115.00 to $105.00 and set a neutral rating for the company in a research report on Thursday. StockNews.com downgraded shares of Qorvo from a buy rating to a hold rating in a research report on Thursday, February 8th. Finally, Susquehanna reissued a neutral rating and set a $100.00 price target on shares of Qorvo in a research report on Monday, April 8th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $110.83.

Qorvo Price Performance

Shares of QRVO opened at $95.95 on Thursday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.41 and a current ratio of 1.99. Qorvo has a one year low of $80.62 and a one year high of $121.65. The company has a 50-day simple moving average of $113.15 and a two-hundred day simple moving average of $105.78.

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

Insider Activity

In other news, VP Gina Harrison sold 354 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $114.00, for a total transaction of $40,356.00. Following the completion of the sale, the vice president now owns 18,442 shares of the company’s stock, valued at approximately $2,102,388. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, SVP Steven E. Creviston sold 3,000 shares of Qorvo stock in a transaction on Friday, March 1st. The shares were sold at an average price of $120.00, for a total transaction of $360,000.00. Following the transaction, the senior vice president now owns 77,552 shares in the company, valued at approximately $9,306,240. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Gina Harrison sold 354 shares of Qorvo stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $114.00, for a total transaction of $40,356.00. Following the transaction, the vice president now owns 18,442 shares in the company, valued at approximately $2,102,388. The disclosure for this sale can be found here. Insiders sold a total of 6,381 shares of company stock valued at $745,434 in the last 90 days. Company insiders own 0.43% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Barclays PLC lifted its stake in shares of Qorvo by 646.2% during 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 in the last quarter. FIL Ltd lifted its stake in shares of Qorvo by 4.5% during the 4th quarter. FIL Ltd now owns 2,778,629 shares of the semiconductor company’s stock valued at $312,901,000 after buying an additional 120,213 shares in the last quarter. Invesco Ltd. lifted its stake in Qorvo by 18.9% in 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 stake in Qorvo by 0.5% in the 4th quarter. Boston Partners now owns 1,436,328 shares of the semiconductor company’s stock worth $161,726,000 after purchasing an additional 6,558 shares in the last quarter. Finally, UBS Group AG lifted its stake in Qorvo by 491.9% in the 3rd quarter. UBS Group AG now owns 1,267,273 shares of the semiconductor company’s stock worth $120,987,000 after purchasing an additional 1,053,157 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.