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

Needham & Company LLC reissued their buy rating on shares of Qorvo, Inc. (NASDAQ:QRVO) in a report issued on Thursday morning. They currently have a $84.00 target price on the semiconductor company’s stock.

QRVO has been the subject of a number of other reports. Instinet initiated coverage on shares of Qorvo in a report on Wednesday, September 6th. They set a neutral rating and a $75.00 price objective for the company. Craig Hallum reaffirmed a buy rating on shares of Qorvo in a report on Wednesday, September 13th. Mizuho reaffirmed a hold rating and set a $70.00 price objective on shares of Qorvo in a report on Monday, October 9th. TheStreet downgraded shares of Qorvo from a b rating to a c rating in a report on Wednesday, August 2nd. Finally, KeyCorp reaffirmed a sector perform rating on shares of Qorvo in a report on Thursday, September 14th. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and ten have issued a buy rating to the company’s stock. The stock has an average rating of Hold and an average target price of $75.26.

Qorvo (NASDAQ:QRVO) traded up $4.66 on Thursday, hitting $78.50. 2,463,737 shares of the stock were exchanged, compared to its average volume of 1,150,000. The stock has a market cap of $9,940.00 and a price-to-earnings ratio of 18.46. The company has a debt-to-equity ratio of 0.20, a current ratio of 3.80 and a quick ratio of 2.71. Qorvo has a 12-month low of $48.28 and a 12-month high of $79.34.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Wednesday, November 1st. The semiconductor company reported $1.52 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.52. Qorvo had a negative net margin of 0.59% and a positive return on equity of 10.77%. The company had revenue of $821.60 million during the quarter, compared to the consensus estimate of $810.47 million. During the same period in the previous year, the firm posted $1.29 EPS. The firm’s revenue was down 5.0% compared to the same quarter last year. research analysts forecast that Qorvo will post 4.77 earnings per share for the current year.

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In other Qorvo news, VP James L. Klein sold 1,500 shares of the company’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $67.67, for a total value of $101,505.00. Following the sale, the vice president now owns 41,893 shares in the company, valued at $2,834,899.31. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP James L. Klein sold 4,120 shares of the company’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $68.41, for a total transaction of $281,849.20. Following the completion of the sale, the vice president now owns 36,358 shares in the company, valued at approximately $2,487,250.78. The disclosure for this sale can be found here. In the last 90 days, insiders sold 67,080 shares of company stock worth $4,788,693. Corporate insiders own 0.91% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. NEXT Financial Group Inc grew its holdings in Qorvo by 2.1% in the second quarter. NEXT Financial Group Inc now owns 2,370 shares of the semiconductor company’s stock worth $150,000 after purchasing an additional 49 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in shares of Qorvo by 0.7% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 9,442 shares of the semiconductor company’s stock worth $598,000 after buying an additional 62 shares in the last quarter. Federated Investors Inc. PA lifted its stake in shares of Qorvo by 4.0% in the second quarter. Federated Investors Inc. PA now owns 2,323 shares of the semiconductor company’s stock worth $147,000 after buying an additional 90 shares in the last quarter. Sentry Investment Management LLC lifted its stake in shares of Qorvo by 1.4% in the second quarter. Sentry Investment Management LLC now owns 6,648 shares of the semiconductor company’s stock worth $421,000 after buying an additional 95 shares in the last quarter. Finally, Louisiana State Employees Retirement System lifted its stake in shares of Qorvo by 1.3% in the second quarter. Louisiana State Employees Retirement System now owns 7,900 shares of the semiconductor company’s stock worth $500,000 after buying an additional 100 shares in the last quarter. Institutional investors and hedge funds own 93.99% of the company’s stock.

About Qorvo

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).

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