Share price has nothing to do with evaluating a company. There are so many different factors like earnings and amount of shares to consider. I could create a company worth 10000 dollars and only have one share but that doesn't mean anything other than the fact that the share price of the company is 10,000.
With that said adding apple will be great for the company and will add to the projected earnings for next year. Could be trading at a 30 P/E sometime soon and should be north of 20 within a year.
If a company is growing at 30% a year the PEG ratio of 1 would mean the company should be valued at 30 times their earnings. Most growth companies are given wider margins over a PEG of 2+. In this case a PEG of 1 would give INVN a value of 30 times .59 or $17.70. If they do have an Apple design win you could very easily double that. If they win against STM you could add more to their PEG. You don't need an Apple win to value this company at a 30 times multiple, on their history alone they deserve that.
I kind of get what you are saying, but the share price is a big consideration. It is compared to earnings and sales and shows if a stock is valued to high. This stock seems to have something coming up that may drive it higher. You mention P/E ratio and the P is Price. I will agree that stock prices are not logical. But then, the market is just a casino, so roll the dice.