Qorvo’s (QRVO) Buy Rating Reaffirmed at Needham & Company LLC

Qorvo (NASDAQ:QRVO)‘s stock had its “buy” rating reissued by stock analysts at Needham & Company LLC in a report issued on Thursday. They currently have a $92.00 price objective on the semiconductor company’s stock. Needham & Company LLC’s price target would indicate a potential upside of 25.15% from the company’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.””

Several other research firms have also weighed in on QRVO. BidaskClub raised Qorvo from a “sell” rating to a “hold” rating in a report on Saturday, August 4th. Zacks Investment Research raised Qorvo from a “hold” rating to a “buy” rating and set a $94.00 price objective on the stock in a research note on Monday, August 6th. BMO Capital Markets increased their price objective on Qorvo from $67.00 to $75.00 and gave the company a “market perform” rating in a research note on Thursday, August 2nd. They noted that the move was a valuation call. Summit Insights raised Qorvo from a “sell” rating to a “hold” rating in a research note on Thursday, August 2nd. Finally, Craig Hallum increased their price objective on Qorvo from $71.00 to $73.00 and gave the company a “hold” rating in a research note on Thursday, August 2nd. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $83.43.



Qorvo stock opened at $73.51 on Thursday. 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 firm has a market capitalization of $8.91 billion, a price-to-earnings ratio of 15.38, a PEG ratio of 1.09 and a beta of 0.96. Qorvo has a fifty-two week low of $64.53 and a fifty-two week high of $86.84.

Qorvo (NASDAQ:QRVO) last posted its earnings results on Wednesday, October 31st. The semiconductor company reported $1.75 earnings per share for the quarter, beating the Thomson Reuters’ 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 positive return on equity of 12.85% and a negative net margin of 1.31%. Qorvo’s revenue was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.52 earnings per share. Equities analysts predict that Qorvo will post 5.46 EPS for the current year.

In related news, CEO Robert A. Bruggeworth sold 3,086 shares of the stock in a transaction dated Thursday, August 16th. The stock was sold at an average price of $82.09, for a total transaction of $253,329.74. Following the transaction, the chief executive officer now directly owns 193,258 shares in the company, valued at $15,864,549.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Robert A. Bruggeworth sold 4,535 shares of the stock in a transaction dated Tuesday, August 7th. The stock was sold at an average price of $85.69, for a total value of $388,604.15. Following the transaction, the insider now owns 193,135 shares in the company, valued at $16,549,738.15. The disclosure for this sale can be found here. Insiders have sold 45,608 shares of company stock worth $3,635,256 over the last quarter. 0.85% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlueMountain Capital Management LLC purchased a new position in shares of Qorvo in the 2nd quarter worth about $1,308,000. Dimensional Fund Advisors LP raised its holdings in shares of Qorvo by 0.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,191,360 shares of the semiconductor company’s stock worth $95,517,000 after purchasing an additional 6,134 shares during the period. Systematic Financial Management LP raised its holdings in shares of Qorvo by 13.6% in the 2nd quarter. Systematic Financial Management LP now owns 176,830 shares of the semiconductor company’s stock worth $14,176,000 after purchasing an additional 21,137 shares during the period. Highland Capital Management LLC purchased a new position in shares of Qorvo in the 2nd quarter worth about $1,034,000. Finally, Nomura Asset Management Co. Ltd. raised its holdings in shares of Qorvo by 10.5% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 21,074 shares of the semiconductor company’s stock worth $1,689,000 after purchasing an additional 2,002 shares during the period. Hedge funds and other institutional investors own 94.06% of the company’s stock.

About Qorvo

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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Analyst Recommendations for Qorvo (NASDAQ:QRVO)

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