Qorvo (NASDAQ:QRVO) Given New $110.00 Price Target at Needham & Company LLC

Qorvo (NASDAQ:QRVO) had its price objective trimmed by Needham & Company LLC from $125.00 to $110.00 in a research report report published on Thursday morning, Benzinga reports. The brokerage currently has a buy rating on the semiconductor company’s stock.

A number of other equities analysts have also recently issued reports on QRVO. Raymond James upped their target price on Qorvo from $115.00 to $120.00 and gave the stock an outperform rating in a report on Thursday, February 1st. JPMorgan Chase & Co. increased their price target on Qorvo from $95.00 to $105.00 and gave the company an underweight rating in a research note on Thursday, February 1st. Piper Sandler decreased their price target on Qorvo from $120.00 to $105.00 and set a neutral rating for the company in a research note on Thursday, February 1st. Craig Hallum increased their price target on Qorvo from $110.00 to $125.00 and gave the company a buy rating in a research note on Thursday, February 1st. Finally, Susquehanna reissued a neutral rating and issued a $100.00 price target on shares of Qorvo in a research note on Monday, April 8th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Qorvo currently has an average rating of Hold and an average price target of $110.83.

Qorvo Stock Performance

Shares of QRVO opened at $95.95 on Thursday. Qorvo has a 12-month low of $80.62 and a 12-month high of $121.65. The business has a 50-day simple moving average of $113.15 and a two-hundred day simple moving average of $105.78. The company has a quick ratio of 1.41, a current ratio of 1.99 and a debt-to-equity ratio of 0.44.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Wednesday, May 1st. The semiconductor company reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.18. Qorvo had a positive return on equity of 13.43% and a negative net margin of 1.86%. The business had revenue of $941.00 million during the quarter, compared to analysts’ expectations of $927.24 million. During the same quarter in the prior year, the firm earned $0.11 EPS. The business’s revenue for the quarter was up 48.7% compared to the same quarter last year. As a group, analysts predict that Qorvo will post 6.69 EPS for the current year.

Insiders Place Their Bets

In other Qorvo news, VP Gina Harrison sold 354 shares of the 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 sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, VP Gina Harrison sold 354 shares of the 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 completion of the sale, the vice president now directly owns 18,442 shares of the company’s stock, valued at $2,102,388. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Paul J. Fego sold 3,027 shares of the 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 $345,078.00. Following the completion of the sale, the senior vice president now directly owns 29,705 shares of the company’s stock, valued at $3,386,370. 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. Corporate insiders own 0.43% of the company’s stock.

Institutional Trading of Qorvo

Several institutional investors and hedge funds have recently modified their holdings of the stock. Zhang Financial LLC raised its stake in shares of Qorvo by 2.7% in the fourth quarter. Zhang Financial LLC now owns 3,852 shares of the semiconductor company’s stock worth $434,000 after purchasing an additional 102 shares during the last quarter. Quadrature Capital Ltd increased its position in shares of Qorvo by 0.4% during the fourth quarter. Quadrature Capital Ltd now owns 25,092 shares of the semiconductor company’s stock valued at $2,825,000 after acquiring an additional 103 shares during the last quarter. Wahed Invest LLC increased its position in shares of Qorvo by 7.5% during the third quarter. Wahed Invest LLC now owns 1,540 shares of the semiconductor company’s stock valued at $147,000 after acquiring an additional 108 shares during the last quarter. Teacher Retirement System of Texas increased its position in shares of Qorvo by 1.5% during the third quarter. Teacher Retirement System of Texas now owns 7,669 shares of the semiconductor company’s stock valued at $732,000 after acquiring an additional 116 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Qorvo by 12.9% during the first quarter. GAMMA Investing LLC now owns 1,040 shares of the semiconductor company’s stock valued at $119,000 after acquiring an additional 119 shares during the last quarter. 88.57% of the stock is owned by hedge funds and other institutional investors.

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.