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

Qorvo (NASDAQ:QRVO) had its price target lowered by research analysts at Needham & Company LLC from $125.00 to $110.00 in a report issued on Thursday, Benzinga reports. The firm presently has a “buy” rating on the semiconductor company’s stock. Needham & Company LLC’s price objective suggests a potential downside of 1.69% from the company’s current price.

A number of other analysts have also recently issued reports on the company. Susquehanna restated a “neutral” rating and set a $100.00 price objective on shares of Qorvo in a research report on Monday, April 8th. Craig Hallum upped their price target on Qorvo from $110.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, February 1st. Barclays upped their price target on Qorvo from $95.00 to $100.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 16th. JPMorgan Chase & Co. upped their price target on Qorvo from $95.00 to $105.00 and gave the company an “underweight” rating in a research report on Thursday, February 1st. Finally, StockNews.com cut Qorvo from a “buy” rating to a “hold” rating in a research report on Thursday, February 8th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $111.12.

Qorvo Stock Performance

QRVO opened at $111.89 on Thursday. The stock has a market cap of $10.80 billion, a PE ratio of -52.04, a P/E/G ratio of 0.93 and a beta of 1.53. The company has a current ratio of 1.90, a quick ratio of 1.33 and a debt-to-equity ratio of 0.43. Qorvo has a 1 year low of $80.62 and a 1 year high of $121.65. The stock’s 50 day simple moving average is $113.84 and its 200-day simple moving average is $105.64.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Wednesday, May 1st. The semiconductor company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.18. The business had revenue of $941.00 million for the quarter, compared to analysts’ expectations of $927.24 million. Qorvo had a positive return on equity of 10.41% and a negative net margin of 6.11%. Qorvo’s quarterly revenue was up 48.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.11 earnings per share. Sell-side analysts forecast that Qorvo will post 4.95 EPS for the current year.

Insiders Place Their Bets

In other news, VP Gina Harrison sold 354 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was 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 of the company’s stock, valued at $2,102,388. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, VP Gina Harrison sold 354 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was 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 of the company’s stock, valued at $2,102,388. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Steven E. Creviston sold 3,000 shares of the company’s 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 transaction, the senior vice president now directly owns 77,552 shares in the company, valued at approximately $9,306,240. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,381 shares of company stock valued at $745,434. 0.43% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Qorvo

Several large investors have recently made changes to their positions in QRVO. Resonant Capital Advisors LLC lifted its stake in Qorvo by 10.1% in the first quarter. Resonant Capital Advisors LLC now owns 2,452 shares of the semiconductor company’s stock valued at $282,000 after buying an additional 225 shares during the period. Janney Montgomery Scott LLC acquired a new position in Qorvo in the first quarter valued at about $811,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in Qorvo by 17.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 110,848 shares of the semiconductor company’s stock valued at $12,565,000 after buying an additional 16,812 shares during the period. Hartline Investment Corp acquired a new position in Qorvo in the first quarter valued at about $210,000. Finally, Van ECK Associates Corp lifted its stake in Qorvo by 23.8% in the first quarter. Van ECK Associates Corp now owns 622,697 shares of the semiconductor company’s stock valued at $71,504,000 after buying an additional 119,521 shares during the period. Institutional investors and hedge funds own 88.57% of the company’s stock.

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.