Needham & Company LLC Reiterates Buy Rating for Qorvo, Inc. (QRVO)

Needham & Company LLC reiterated their buy rating on shares of Qorvo, Inc. (NASDAQ:QRVO) in a report released on Sunday. Needham & Company LLC currently has a $86.00 price target on the semiconductor company’s stock.

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

Shares of Qorvo (NASDAQ QRVO) opened at 70.32 on Friday. Qorvo has a 12 month low of $19.18 and a 12 month high of $76.47. The company’s 50-day moving average price is $61.65 and its 200-day moving average price is $61.65. The company’s market cap is $8.95 billion.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.87 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.07. Qorvo had a positive return on equity of 10.10% and a negative net margin of 1.40%. The company had revenue of $640.80 million for the quarter, compared to the consensus estimate of $632.18 million. During the same quarter in the prior year, the business earned $1.08 EPS. Qorvo’s revenue was down 8.3% on a year-over-year basis. Equities analysts forecast that Qorvo will post $5.54 EPS for the current fiscal year.

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In related news, VP Steven E. Creviston sold 6,000 shares of the company’s stock in a transaction dated Monday, July 17th. The stock was 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 directly owns 114,733 shares of the company’s stock, valued at approximately $7,680,227.02. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP James L. Klein sold 2,600 shares of the company’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $63.49, for a total value of $165,074.00. Following the completion of the sale, the vice president now directly owns 40,058 shares of the company’s stock, valued at $2,543,282.42. The disclosure for this sale can be found here. Over the last three months, insiders sold 89,919 shares of company stock valued at $6,186,623. Insiders own 0.91% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of QRVO. Russell Investments Group Ltd. raised its stake in Qorvo by 16.8% during the 1st quarter. Russell Investments Group Ltd. now owns 12,509 shares of the semiconductor company’s stock valued at $858,000 after acquiring an additional 1,800 shares during the last quarter. Wells Fargo & Company MN raised its stake in Qorvo by 47.1% during the 1st quarter. Wells Fargo & Company MN now owns 113,425 shares of the semiconductor company’s stock valued at $7,777,000 after acquiring an additional 36,339 shares during the last quarter. Canada Pension Plan Investment Board raised its stake in Qorvo by 1,664.7% during the 1st quarter. Canada Pension Plan Investment Board now owns 17,823 shares of the semiconductor company’s stock valued at $1,222,000 after acquiring an additional 16,813 shares during the last quarter. Comerica Bank raised its stake in Qorvo by 0.3% during the 1st quarter. Comerica Bank now owns 30,858 shares of the semiconductor company’s stock valued at $2,195,000 after acquiring an additional 91 shares during the last quarter. Finally, Pictet Asset Management Ltd. raised its stake in Qorvo by 0.9% during the 1st quarter. Pictet Asset Management Ltd. now owns 67,720 shares of the semiconductor company’s stock valued at $4,643,000 after acquiring an additional 600 shares during the last quarter. 94.34% 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).

Analyst Recommendations for Qorvo (NASDAQ:QRVO)

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