Qorvo (NASDAQ:QRVO) Price Target Raised to $104.00 at Needham & Company LLC

Key Points

• Needham & Company LLC has raised its price target for Qorvo from $90 to $104, suggesting a potential upside of 22.83% from the current stock price.
• Other analysts, including Benchmark and TD Cowen, have also increased their target prices for Qorvo, with prices ranging from $95 to $125 and a mix of "buy," "hold," and "neutral" ratings.
• Qorvo reported better-than-expected quarterly earnings, with an EPS of $0.92, beating analysts' estimates, although revenues decreased by 7.7% year-over-year.

Qorvo (NASDAQ:QRVO - Get Free Report) had its price target boosted by research analysts at Needham & Company LLC from $90.00 to $104.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the semiconductor company's stock. Needham & Company LLC's price target points to a potential upside of 25.39% from the company's current price.

A number of other research analysts have also weighed in on the stock. Loop Capital decreased their price target on shares of Qorvo from $90.00 to $75.00 and set a "hold" rating on the stock in a research note on Wednesday, April 30th. TD Cowen raised their target price on Qorvo from $80.00 to $95.00 and gave the company a "hold" rating in a research report on Wednesday. Stifel Nicolaus set a $88.00 price target on Qorvo and gave the stock a "hold" rating in a research note on Wednesday. Benchmark increased their price objective on Qorvo from $95.00 to $125.00 and gave the company a "buy" rating in a research note on Wednesday. Finally, Citigroup reaffirmed a "sell" rating on shares of Qorvo in a report on Tuesday, June 10th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $95.35.

Qorvo Price Performance

QRVO traded down $0.66 during trading on Wednesday, hitting $82.94. The company's stock had a trading volume of 242,989 shares, compared to its average volume of 2,455,234. The company has a current ratio of 2.81, a quick ratio of 1.95 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $7.70 billion, a price-to-earnings ratio of 97.61, a P/E/G ratio of 2.31 and a beta of 1.39. The business's fifty day simple moving average is $83.05 and its 200 day simple moving average is $76.07. Qorvo has a twelve month low of $49.46 and a twelve month high of $117.90.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The semiconductor company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.62 by $0.30. The company had revenue of $818.80 million during the quarter, compared to analyst estimates of $775.61 million. Qorvo had a net margin of 2.21% and a return on equity of 12.63%. The firm's revenue was down 7.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.87 EPS. On average, equities research analysts forecast that Qorvo will post 4.09 EPS for the current fiscal year.

Insider Transactions at Qorvo

In other Qorvo news, Director John R. Harding sold 1,450 shares of the business's stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $70.09, for a total value of $101,630.50. Following the completion of the transaction, the director owned 7,597 shares in the company, valued at $532,473.73. The trade was a 16.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.41% of the stock is currently owned by company insiders.

Institutional Trading of Qorvo

Several hedge funds have recently modified their holdings of QRVO. Envestnet Asset Management Inc. grew its stake in Qorvo by 9.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 22,028 shares of the semiconductor company's stock worth $1,870,000 after purchasing an additional 1,851 shares in the last quarter. Resonant Capital Advisors LLC acquired a new position in shares of Qorvo during the second quarter worth about $227,000. FNY Investment Advisers LLC increased its stake in shares of Qorvo by 980.9% during the second quarter. FNY Investment Advisers LLC now owns 1,470 shares of the semiconductor company's stock worth $124,000 after buying an additional 1,334 shares during the period. DekaBank Deutsche Girozentrale raised its holdings in Qorvo by 5.5% in the second quarter. DekaBank Deutsche Girozentrale now owns 10,377 shares of the semiconductor company's stock valued at $872,000 after acquiring an additional 541 shares in the last quarter. Finally, Chicago Partners Investment Group LLC lifted its stake in Qorvo by 7.7% in the second quarter. Chicago Partners Investment Group LLC now owns 4,808 shares of the semiconductor company's stock worth $426,000 after acquiring an additional 342 shares during the last quarter. 88.57% of the stock is currently owned by institutional investors and hedge funds.

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.