Qorvo, Inc. (QRVO) Rating Reiterated by Needham & Company LLC

Qorvo, Inc. (NASDAQ:QRVO)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a research note issued to investors on Sunday. They presently have a $86.00 target price on the semiconductor company’s stock. Needham & Company LLC’s price target would suggest a potential upside of 13.92% from the stock’s previous close.

Several other brokerages also recently commented on QRVO. Cowen and Company reissued a “market perform” rating and issued a $85.00 target price (up from $74.00) on shares of Qorvo in a report on Friday, May 26th. BMO Capital Markets restated a “hold” rating and issued a $63.00 price objective on shares of Qorvo in a research report on Monday, June 12th. Nomura started coverage on shares of Qorvo in a research report on Tuesday, September 5th. They issued a “neutral” rating and a $75.00 price objective for the company. Mizuho restated a “hold” rating and issued a $70.00 price objective on shares of Qorvo in a research report on Friday, August 4th. Finally, Zacks Investment Research cut shares of Qorvo from a “hold” rating to a “sell” rating in a research report on Friday, September 1st. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and thirteen have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $73.45.

Shares of Qorvo (NASDAQ 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. Qorvo has a 52-week low of $19.18 and a 52-week high of $75.55. The firm’s market capitalization is $9.61 billion.

Qorvo (NASDAQ:QRVO) last announced its 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 business had revenue of $640.80 million for the quarter, compared to the consensus estimate of $632.18 million. Qorvo had a positive return on equity of 10.10% and a negative net margin of 1.40%. Qorvo’s revenue was down 8.3% compared to the same quarter last year. During the same period in the previous year, the business earned $1.08 EPS. 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 the company’s stock in a transaction on Friday, July 7th. The shares were sold at an average price of $65.03, for a total value of $1,810,370.17. Following the completion of the sale, the insider now owns 217,042 shares in the company, valued at approximately $14,114,241.26. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP James L. Klein sold 2,600 shares of the company’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $63.49, for a total transaction of $165,074.00. Following the completion of the sale, the vice president now owns 40,058 shares of the company’s stock, valued at approximately $2,543,282.42. The disclosure for this sale can be found here. Insiders have sold a total of 78,919 shares of company stock valued at $5,379,553 in the last quarter. Corporate insiders own 0.91% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Qorvo by 16.0% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 433,541 shares of the semiconductor company’s stock valued at $27,452,000 after buying an additional 59,712 shares in the last quarter. Baupost Group LLC MA bought a new stake in shares of Qorvo in the 1st quarter valued at $492,639,000. CHURCHILL MANAGEMENT Corp increased its position in shares of Qorvo by 25.7% in the 2nd quarter. CHURCHILL MANAGEMENT Corp now owns 37,420 shares of the semiconductor company’s stock valued at $2,369,000 after buying an additional 7,661 shares in the last quarter. British Columbia Investment Management Corp increased its position in shares of Qorvo by 105.0% in the 1st quarter. British Columbia Investment Management Corp now owns 46,806 shares of the semiconductor company’s stock valued at $3,209,000 after buying an additional 23,973 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. increased its position in shares of Qorvo by 24.1% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 7,415 shares of the semiconductor company’s stock valued at $508,000 after buying an additional 1,438 shares in the last quarter. Institutional investors and hedge funds own 94.39% of the company’s stock.

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).

Analyst Recommendations for Qorvo (NASDAQ:QRVO)

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