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

Qorvo (NASDAQ:QRVO) had its price objective reduced by investment analysts at Needham & Company LLC from $125.00 to $110.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the semiconductor company’s stock. Needham & Company LLC’s price objective would suggest a potential downside of 1.69% from the company’s previous close.

Several other research analysts also recently commented on the company. JPMorgan Chase & Co. lifted their target price on Qorvo from $95.00 to $105.00 and gave the stock an “underweight” rating in a report on Thursday, February 1st. Rosenblatt Securities boosted their price objective on Qorvo from $95.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, February 1st. Susquehanna reissued a “neutral” rating and issued a $100.00 price objective on shares of Qorvo in a research note on Monday, April 8th. Mizuho dropped their price objective on Qorvo from $115.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday. Finally, The Goldman Sachs Group boosted their price objective on Qorvo from $104.00 to $117.00 and gave the company a “neutral” rating in a research note on Thursday, February 1st. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $111.12.

Qorvo Stock Down 4.2 %

Shares of QRVO opened at $111.89 on Thursday. The company has a market capitalization of $10.80 billion, a PE ratio of -52.04, a PEG ratio of 0.93 and a beta of 1.53. Qorvo has a 12 month low of $80.62 and a 12 month high of $121.65. The stock’s 50-day moving average price is $113.84 and its two-hundred day moving average price is $105.64. 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 (NASDAQ:QRVO) last announced its earnings results on Wednesday, May 1st. The semiconductor company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.21 by $0.18. The firm had revenue of $941.00 million for the quarter, compared to the consensus estimate of $927.24 million. Qorvo had a positive return on equity of 10.41% and a negative net margin of 6.11%. The business’s quarterly revenue was up 48.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.11 EPS. On average, analysts anticipate that Qorvo will post 4.95 EPS for the current year.

Insider Activity at Qorvo

In related news, VP Gina Harrison sold 354 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $114.00, for a total value of $40,356.00. Following the transaction, the vice president now owns 18,442 shares in the company, valued at $2,102,388. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Qorvo news, SVP Paul J. Fego sold 3,027 shares of the stock in a transaction on 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 $3,386,370. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Gina Harrison sold 354 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $114.00, for a total value of $40,356.00. Following the sale, 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. Over the last quarter, insiders have sold 6,381 shares of company stock worth $745,434. Insiders own 0.43% of the company’s stock.

Institutional Investors Weigh In On Qorvo

Institutional investors have recently made changes to their positions in the stock. Park Place Capital Corp lifted its position in shares of Qorvo by 398.1% during the first quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock worth $30,000 after acquiring an additional 207 shares in the last quarter. Riverview Trust Co purchased a new stake in shares of Qorvo during the first quarter worth $40,000. Huntington National Bank lifted its position in shares of Qorvo by 8,090.0% during the third quarter. Huntington National Bank now owns 819 shares of the semiconductor company’s stock worth $78,000 after acquiring an additional 809 shares in the last quarter. GAMMA Investing LLC purchased a new stake in shares of Qorvo during the fourth quarter worth $104,000. Finally, Quadrant Capital Group LLC lifted its position in shares of Qorvo by 18.7% during the fourth quarter. Quadrant Capital Group LLC now owns 951 shares of the semiconductor company’s stock worth $107,000 after acquiring an additional 150 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.