Qorvo (QRVO) Stock Rating Reaffirmed by Needham & Company LLC

Qorvo (NASDAQ:QRVO)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a research note issued to investors on Thursday. They currently have a $92.00 target price on the semiconductor company’s stock. Needham & Company LLC’s price target indicates a potential upside of 24.32% from the stock’s previous close.

The analysts wrote, “QRVO reported strong F2Q19 results that easily beat guidance and Street estimates driven by the ramp of flagship smartphone products and growth in IDP’s Infrastructure market. The F3Q19 revenue and NG EPS outlook was slightly below the Street, but higher than our estimates. Management continues to expect FY19 revenue to grow ~10% and guided NG GM to recover to 50% or more in F2H19. QRVO is seeing increasing demand and design traction for its 5G solutions in MP and IDP , and while QRVO has take a measured approach in forecasting its China business in F2H19, we believe the company remains well positioned for growth due to new opportunities and share gains in its IDP and MP businesses. We maintain our Buy rating and $92 PT , which is ~12x our CY20 NG EPS estimate.””

QRVO has been the topic of a number of other research reports. Morgan Stanley cut their target price on shares of Qorvo from $75.00 to $72.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 3rd. BidaskClub downgraded shares of Qorvo from a “hold” rating to a “sell” rating in a research note on Friday, July 27th. Zacks Investment Research downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Tuesday, July 24th. BMO Capital Markets raised their price target on shares of Qorvo from $67.00 to $75.00 and gave the company a “market perform” rating in a report on Thursday, August 2nd. They noted that the move was a valuation call. Finally, Barclays lowered their price target on shares of Qorvo from $95.00 to $85.00 and set an “overweight” rating for the company in a report on Tuesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and twelve have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $83.43.

Shares of QRVO stock traded down $4.49 during mid-day trading on Thursday, reaching $74.00. The company’s stock had a trading volume of 2,260,068 shares, compared to its average volume of 1,208,513. Qorvo has a 12-month low of $64.53 and a 12-month high of $86.84. The company has a current ratio of 3.39, a quick ratio of 2.15 and a debt-to-equity ratio of 0.12. The company has a market cap of $9.24 billion, a PE ratio of 15.48, a P/E/G ratio of 1.13 and a beta of 0.91.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Wednesday, October 31st. The semiconductor company reported $1.75 EPS for the quarter, beating the Zacks’ consensus estimate of $1.62 by $0.13. Qorvo had a negative net margin of 1.41% and a positive return on equity of 13.56%. The business had revenue of $884.40 million for the quarter, compared to the consensus estimate of $855.57 million. During the same quarter last year, the firm posted $1.52 EPS. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. Equities research analysts expect that Qorvo will post 5.46 EPS for the current fiscal year.

In other Qorvo news, VP James L. Klein sold 4,916 shares of the firm’s stock in a transaction on Thursday, August 9th. The shares were sold at an average price of $85.50, for a total transaction of $420,318.00. Following the completion of the transaction, the vice president now directly owns 54,952 shares of the company’s stock, valued at approximately $4,698,396. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Steven E. Creviston sold 3,000 shares of the firm’s stock in a transaction on Monday, September 10th. The stock was sold at an average price of $74.88, for a total transaction of $224,640.00. Following the transaction, the vice president now directly owns 76,446 shares of the company’s stock, valued at $5,724,276.48. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 45,608 shares of company stock valued at $3,635,256. Company insiders own 0.85% of the company’s stock.

Hedge funds have recently made changes to their positions in the business. NEXT Financial Group Inc acquired a new position in Qorvo during the 3rd quarter worth $110,000. Piedmont Investment Advisors LLC acquired a new position in Qorvo during the 2nd quarter worth $119,000. Huntington National Bank grew its holdings in Qorvo by 2,381.0% during the 3rd quarter. Huntington National Bank now owns 2,084 shares of the semiconductor company’s stock worth $160,000 after acquiring an additional 2,000 shares in the last quarter. Cerebellum GP LLC grew its holdings in Qorvo by 123.5% during the 3rd quarter. Cerebellum GP LLC now owns 2,461 shares of the semiconductor company’s stock worth $189,000 after acquiring an additional 1,360 shares in the last quarter. Finally, Engineers Gate Manager LP acquired a new position in Qorvo during the 2nd quarter worth $200,000. 94.06% of the stock is owned by institutional investors.

Qorvo Company Profile

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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