Qorvo (NASDAQ:QRVO) Price Target Cut to $110.00 by Analysts at Needham & Company LLC

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

A number of other analysts also recently issued reports on the company. Rosenblatt Securities raised their price target on Qorvo from $95.00 to $105.00 and gave the stock a neutral rating in a research report on Thursday, February 1st. The Goldman Sachs Group lifted their price target on shares of Qorvo from $104.00 to $117.00 and gave the stock a neutral rating in a research note on Thursday, February 1st. Piper Sandler reduced their target price on Qorvo from $120.00 to $105.00 and set a neutral rating on the stock in a research note on Thursday, February 1st. Raymond James boosted their target price on shares of Qorvo from $115.00 to $120.00 and gave the company an outperform rating in a research note on Thursday, February 1st. Finally, Susquehanna reissued a neutral rating and issued a $100.00 price objective on shares of Qorvo in a research report 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 stock. According to MarketBeat.com, Qorvo has a consensus rating of Hold and a consensus price target of $110.83.

Qorvo Stock Performance

Qorvo stock traded up $0.28 during midday trading on Thursday, hitting $95.95. The stock had a trading volume of 2,424,521 shares, compared to its average volume of 1,436,907. The company has a market capitalization of $9.26 billion, a PE ratio of -131.44, a P/E/G ratio of 0.74 and a beta of 1.53. Qorvo has a 52-week low of $80.62 and a 52-week high of $121.65. The firm’s fifty day moving average is $113.15 and its two-hundred day moving average is $105.59. The company has a current ratio of 1.99, a quick ratio of 1.33 and a debt-to-equity ratio of 0.44.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Wednesday, May 1st. The semiconductor company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.21 by $0.18. Qorvo had a negative net margin of 1.86% and a positive return on equity of 13.43%. The business had revenue of $941.00 million during the quarter, compared to the consensus estimate of $927.24 million. During the same quarter in the prior year, the firm earned $0.11 EPS. The business’s revenue was up 48.7% on a year-over-year basis. On average, research analysts forecast that Qorvo will post 6.69 EPS for the current year.

Insider Buying and Selling

In other Qorvo news, VP Gina Harrison sold 354 shares of Qorvo stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $114.00, for a total transaction of $40,356.00. Following the completion of the sale, the vice president now directly owns 18,442 shares in the company, valued at approximately $2,102,388. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, VP Gina Harrison sold 354 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $114.00, for a total transaction of $40,356.00. Following the completion of the transaction, the vice president now owns 18,442 shares of the company’s stock, valued at $2,102,388. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Steven E. Creviston sold 3,000 shares of the stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $120.00, for a total value of $360,000.00. Following the sale, the senior vice president now directly owns 77,552 shares in the company, valued at $9,306,240. The disclosure for this sale can be found here. In the last quarter, insiders have sold 6,381 shares of company stock worth $745,434. 0.43% of the stock is owned by company insiders.

Hedge Funds Weigh In On Qorvo

Large investors have recently made changes to their positions in the company. Park Place Capital Corp increased its holdings in Qorvo by 398.1% in the first quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 207 shares in the last quarter. Riverview Trust Co acquired a new stake in shares of Qorvo during the 1st quarter valued at about $40,000. Fidelis Capital Partners LLC purchased a new position in shares of Qorvo in the 1st quarter valued at about $58,000. Huntington National Bank raised its holdings in Qorvo by 8,090.0% in the 3rd quarter. Huntington National Bank now owns 819 shares of the semiconductor company’s stock worth $78,000 after purchasing an additional 809 shares during the period. Finally, GAMMA Investing LLC purchased a new position in Qorvo during the fourth quarter worth approximately $104,000. 88.57% of the stock is currently owned by institutional investors and hedge funds.

About Qorvo

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.