Trade Report: Today, Qorvo’s (QRVO) “Buy” Rating Reiterate at Needham & Company LLC

Today, Qorvo’s (QRVO) “Buy” Rating Reiterate at Needham & Company LLC

Qorvo Inc. (NASDAQ:QRVO)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a research report issued to clients and investors on Monday. They currently have a $62.00 price objective on the stock, down from their prior price objective of $63.00. Needham & Company LLC’s target price would indicate a potential upside of 12.93% from the stock’s current price.

A number of other analysts also recently issued reports on QRVO. JPMorgan Chase & Co. reissued a “buy” rating and set a $70.00 target price on shares of Qorvo in a research report on Friday, November 4th. Cowen and Company reissued a “market perform” rating and set a $65.00 target price on shares of Qorvo in a research report on Wednesday, August 3rd. Craig Hallum increased their target price on shares of Qorvo from $58.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, August 3rd. Brean Capital reissued a “buy” rating and set a $62.00 target price on shares of Qorvo in a research report on Wednesday, August 3rd. Finally, DA Davidson dropped their target price on shares of Qorvo from $70.00 to $67.00 and set a “buy” rating for the company in a research report on Wednesday, August 3rd. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $60.22.

Shares of Qorvo (NASDAQ:QRVO) traded up 0.53% during mid-day trading on Monday, hitting $54.90. 660,204 shares of the stock traded hands. The stock has a 50-day moving average of $54.44 and a 200 day moving average of $54.85. Qorvo has a one year low of $33.30 and a one year high of $64.80. The stock’s market cap is $7.01 billion.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Thursday, November 3rd. The company reported $1.29 EPS for the quarter, missing the Zacks’ consensus estimate of $1.41 by $0.12. The company had revenue of $863.70 million for the quarter, compared to analyst estimates of $834.77 million. Qorvo had a negative net margin of 1.04% and a positive return on equity of 9.60%. The company’s revenue was up 22.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.22 EPS. Equities analysts predict that Qorvo will post $4.67 EPS for the current fiscal year.

In other Qorvo news, Director John R. Harding sold 12,500 shares of the firm’s stock in a transaction on Tuesday, November 8th. The stock was sold at an average price of $49.98, for a total value of $624,750.00. Following the sale, the director now directly owns 19,320 shares in the company, valued at $965,613.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mark J. Murphy bought 10,000 shares of the business’s stock in a transaction on Wednesday, November 9th. The stock was bought at an average price of $51.66 per share, for a total transaction of $516,600.00. Following the completion of the purchase, the chief financial officer now directly owns 65,270 shares of the company’s stock, valued at approximately $3,371,848.20. The disclosure for this purchase can be found here. 1.14% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD raised its position in shares of Qorvo by 11.3% in the third quarter. Price T Rowe Associates Inc. MD now owns 248,200 shares of the company’s stock worth $13,835,000 after buying an additional 25,110 shares during the period. LPL Financial LLC raised its position in shares of Qorvo by 373.7% in the third quarter. LPL Financial LLC now owns 17,882 shares of the company’s stock worth $972,000 after buying an additional 14,107 shares during the period. Cornerstone Capital Management Holdings LLC. raised its position in shares of Qorvo by 87.1% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 430,089 shares of the company’s stock worth $23,972,000 after buying an additional 200,199 shares during the period. Credit Suisse AG raised its position in shares of Qorvo by 18.5% in the third quarter. Credit Suisse AG now owns 205,929 shares of the company’s stock worth $11,479,000 after buying an additional 32,103 shares during the period. Finally, Chartwell Investment Partners LLC acquired a new position in shares of Qorvo during the third quarter worth approximately $6,799,000. 89.29% of the stock is currently owned by institutional investors.

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