Qorvo (NASDAQ:QRVO) had its price objective trimmed by Needham & Company LLC to $66.00 in a research report sent to investors on Thursday, January 3rd, The Fly reports. The brokerage currently has a sell rating on the semiconductor company’s stock. The analysts noted that the move was a valuation call.
A number of other analysts have also recently issued reports on QRVO. Cowen lowered their target price on Qorvo from $80.00 to $75.00 and set a market perform rating for the company in a research note on Tuesday, November 13th. Susquehanna Bancshares assumed coverage on shares of Qorvo in a research note on Friday, December 7th. They set a neutral rating and a $70.00 price target for the company. Zacks Investment Research raised shares of Qorvo from a hold rating to a buy rating and set a $85.00 price target for the company in a research note on Wednesday, October 17th. DA Davidson decreased their price target on shares of Qorvo to $72.00 and set a neutral rating for the company in a research note on Wednesday, November 14th. Finally, Citigroup decreased their price target on shares of Qorvo from $86.00 to $75.00 and set a neutral rating for the company in a research note on Monday, November 12th. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and twelve have given a buy rating to the stock. The company has an average rating of Hold and a consensus price target of $78.17.
QRVO opened at $63.69 on Thursday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.48 and a current ratio of 3.50. Qorvo has a twelve month low of $54.74 and a twelve month high of $86.84. The stock has a market capitalization of $7.55 billion, a PE ratio of 13.32, a PEG ratio of 1.14 and a beta of 0.87.
Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Wednesday, October 31st. The semiconductor company reported $1.75 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.62 by $0.13. The business had revenue of $884.40 million for the quarter, compared to the consensus estimate of $855.57 million. Qorvo had a negative net margin of 1.41% and a positive return on equity of 13.65%. The firm’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.52 EPS. Analysts expect that Qorvo will post 5.32 earnings per share for the current year.
In other Qorvo news, Director John R. Harding sold 3,000 shares of Qorvo stock in a transaction dated Tuesday, November 6th. The stock was sold at an average price of $70.61, for a total value of $211,830.00. Following the transaction, the director now owns 5,669 shares in the company, valued at $400,288.09. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP James L. Klein sold 2,094 shares of Qorvo stock in a transaction dated Wednesday, November 7th. The shares were sold at an average price of $70.52, for a total value of $147,668.88. Following the completion of the transaction, the vice president now owns 51,638 shares in the company, valued at approximately $3,641,511.76. The disclosure for this sale can be found here. Insiders have sold a total of 19,356 shares of company stock valued at $1,259,691 in the last ninety days. Insiders own 0.85% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc boosted its stake in shares of Qorvo by 1.0% during the third quarter. Vanguard Group Inc now owns 13,123,467 shares of the semiconductor company’s stock valued at $1,009,063,000 after purchasing an additional 128,991 shares in the last quarter. BlackRock Inc. lifted its stake in shares of Qorvo by 0.7% in the third quarter. BlackRock Inc. now owns 9,082,802 shares of the semiconductor company’s stock worth $698,377,000 after acquiring an additional 66,872 shares during the period. Vulcan Value Partners LLC lifted its stake in shares of Qorvo by 16.2% in the second quarter. Vulcan Value Partners LLC now owns 7,798,102 shares of the semiconductor company’s stock worth $625,174,000 after acquiring an additional 1,087,335 shares during the period. Iridian Asset Management LLC CT lifted its stake in Qorvo by 32.7% in the third quarter. Iridian Asset Management LLC CT now owns 3,408,079 shares of the semiconductor company’s stock valued at $262,047,000 after buying an additional 838,994 shares during the period. Finally, Manning & Napier Group LLC lifted its stake in Qorvo by 1.8% in the third quarter. Manning & Napier Group LLC now owns 2,954,792 shares of the semiconductor company’s stock valued at $227,192,000 after buying an additional 53,355 shares during the period. 94.29% of the stock is currently owned by hedge funds and other institutional investors.
Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.
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