Needham & Company LLC reissued their buy rating on shares of Qorvo (NASDAQ:QRVO) in a research note released on Thursday. They currently have a $92.00 price target on the semiconductor company’s stock.
“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.”,” Needham & Company LLC’s analyst commented.
Several other equities research analysts have also issued reports on the stock. Barclays decreased their price target on shares of Qorvo from $95.00 to $85.00 and set an overweight rating on the stock in a report on Tuesday, October 23rd. Zacks Investment Research upgraded shares of Qorvo from a hold rating to a buy rating and set a $85.00 target price on the stock in a research report on Wednesday, October 17th. 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 report on Wednesday, October 3rd. BidaskClub upgraded shares of Qorvo from a sell rating to a hold rating in a research report on Friday, September 21st. Finally, ValuEngine downgraded shares of Qorvo from a buy rating to a hold rating in a research report on Saturday, August 18th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twelve have assigned a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $83.43.
Shares of Qorvo stock opened at $74.00 on Thursday. The company has a market cap of $9.30 billion, a P/E ratio of 15.48, a P/E/G ratio of 1.09 and a beta of 0.92. 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 1 year low of $64.53 and a 1 year high of $86.84.
Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Wednesday, October 31st. The semiconductor company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.13. The company had revenue of $884.40 million for the quarter, compared to analyst estimates 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 revenue was up 7.8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.52 EPS. Equities research analysts forecast that Qorvo will post 5.46 EPS for the current year.
In other news, VP Steven E. Creviston sold 3,000 shares of Qorvo stock in a transaction on Monday, September 10th. The shares were sold at an average price of $74.88, for a total value of $224,640.00. Following the completion of the sale, the vice president now owns 76,446 shares in the company, valued at approximately $5,724,276.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Robert A. Bruggeworth sold 4,535 shares of Qorvo stock in a transaction on Tuesday, August 7th. The shares were sold at an average price of $85.69, for a total transaction of $388,604.15. Following the completion of the sale, the insider now owns 193,135 shares of the company’s stock, valued at approximately $16,549,738.15. The disclosure for this sale can be found here. Insiders sold a total of 45,608 shares of company stock worth $3,635,256 in the last 90 days. Corporate insiders own 0.85% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in shares of Qorvo by 3.2% in the 2nd quarter. BlackRock Inc. now owns 9,015,930 shares of the semiconductor company’s stock valued at $722,806,000 after acquiring an additional 275,764 shares in the last quarter. Vulcan Value Partners LLC increased its stake in shares of Qorvo by 16.2% in the 2nd quarter. Vulcan Value Partners LLC now owns 7,798,102 shares of the semiconductor company’s stock valued at $625,174,000 after acquiring an additional 1,087,335 shares in the last quarter. Manning & Napier Group LLC increased its stake in shares of Qorvo by 1.8% in the 3rd quarter. Manning & Napier Group LLC now owns 2,954,792 shares of the semiconductor company’s stock valued at $227,192,000 after acquiring an additional 53,355 shares in the last quarter. Boston Partners increased its stake in shares of Qorvo by 1.6% in the 2nd quarter. Boston Partners now owns 2,939,292 shares of the semiconductor company’s stock valued at $235,643,000 after acquiring an additional 45,069 shares in the last quarter. Finally, Iridian Asset Management LLC CT increased its stake in Qorvo by 108.0% during the 2nd quarter. Iridian Asset Management LLC CT now owns 2,569,085 shares of the semiconductor company’s stock valued at $205,964,000 after purchasing an additional 1,334,035 shares in the last quarter. Institutional investors own 93.93% of the company’s stock.
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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