Advisor Partners LLC purchased a new position in shares of Qorvo Inc (NASDAQ:QRVO) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 3,391 shares of the semiconductor company’s stock, valued at approximately $243,000.
Several other hedge funds have also recently added to or reduced their stakes in the stock. United Services Automobile Association boosted its position in Qorvo by 7.8% in the 4th quarter. United Services Automobile Association now owns 65,205 shares of the semiconductor company’s stock valued at $3,960,000 after buying an additional 4,715 shares during the period. Diversified Trust Co bought a new stake in shares of Qorvo in the 4th quarter valued at about $263,000. Amundi Pioneer Asset Management Inc. raised its holdings in shares of Qorvo by 4.5% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 59,369 shares of the semiconductor company’s stock valued at $3,606,000 after purchasing an additional 2,554 shares in the last quarter. Fisher Asset Management LLC raised its holdings in shares of Qorvo by 13.9% in the 4th quarter. Fisher Asset Management LLC now owns 1,052,049 shares of the semiconductor company’s stock valued at $63,891,000 after purchasing an additional 128,184 shares in the last quarter. Finally, Standard Life Aberdeen plc raised its holdings in shares of Qorvo by 169.6% in the 3rd quarter. Standard Life Aberdeen plc now owns 80,513 shares of the semiconductor company’s stock valued at $6,191,000 after purchasing an additional 50,650 shares in the last quarter. 91.52% of the stock is owned by hedge funds and other institutional investors.
Shares of QRVO stock traded down $1.34 during trading hours on Wednesday, hitting $60.20. The company’s stock had a trading volume of 2,338,653 shares, compared to its average volume of 1,429,084. Qorvo Inc has a 12-month low of $54.74 and a 12-month high of $86.50. The company has a market capitalization of $7.52 billion, a P/E ratio of 11.47, a price-to-earnings-growth ratio of 1.09 and a beta of 0.92. The company has a debt-to-equity ratio of 0.21, a current ratio of 3.87 and a quick ratio of 2.69.
Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Tuesday, May 7th. The semiconductor company reported $1.14 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.91 by $0.23. Qorvo had a net margin of 4.31% and a return on equity of 14.66%. The firm had revenue of $680.88 million for the quarter, compared to the consensus estimate of $670.59 million. During the same period in the prior year, the firm posted $1.07 earnings per share. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Qorvo Inc will post 5.13 earnings per share for the current year.
Several equities research analysts have recently commented on QRVO shares. DA Davidson boosted their price target on shares of Qorvo from $6.00 to $82.00 in a report on Wednesday, May 8th. TheStreet upgraded shares of Qorvo from a “c+” rating to a “b-” rating in a research note on Monday, March 25th. Zacks Investment Research upgraded shares of Qorvo from a “hold” rating to a “buy” rating and set a $84.00 price objective for the company in a research note on Wednesday, April 10th. Needham & Company LLC reiterated a “buy” rating and set a $70.00 price objective on shares of Qorvo in a research note on Monday, March 4th. Finally, Goldman Sachs Group upgraded shares of Qorvo from a “neutral” rating to a “buy” rating and upped their price target for the company from $66.00 to $79.00 in a research note on Thursday, March 21st. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $76.95.
In other Qorvo news, VP Gina Harrison sold 1,016 shares of the stock in a transaction on Friday, March 15th. The shares were sold at an average price of $70.00, for a total transaction of $71,120.00. Following the transaction, the vice president now directly owns 15,988 shares of the company’s stock, valued at $1,119,160. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP James L. Klein sold 1,914 shares of the stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $72.00, for a total transaction of $137,808.00. Following the transaction, the vice president now directly owns 53,859 shares in the company, valued at $3,877,848. The disclosure for this sale can be found here. Insiders have sold 246,024 shares of company stock worth $17,108,361 over the last three months. 0.85% of the stock is currently owned by insiders.
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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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