Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Loomis Sayles & Co. L P lifted its stake in shares of Qorvo by 208.8% in the second quarter. Loomis Sayles & Co. L P now owns 281 shares of the semiconductor company’s stock worth $27,000 after acquiring an additional 190 shares during the period. Parkside Financial Bank & Trust lifted its stake in shares of Qorvo by 106.4% in the first quarter. Parkside Financial Bank & Trust now owns 225 shares of the semiconductor company’s stock worth $28,000 after acquiring an additional 116 shares during the period. New Millennium Group LLC acquired a new position in shares of Qorvo in the second quarter worth approximately $29,000. Spire Wealth Management lifted its stake in shares of Qorvo by 63.9% in the second quarter. Spire Wealth Management now owns 336 shares of the semiconductor company’s stock worth $32,000 after acquiring an additional 131 shares during the period. Finally, International Assets Investment Management LLC acquired a new position in shares of Qorvo in the first quarter worth approximately $40,000. 86.47% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
QRVO has been the topic of a number of recent analyst reports. Barclays lifted their price objective on Qorvo from $85.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Monday, January 23rd. Morgan Stanley boosted their price target on Qorvo from $87.00 to $110.00 and gave the company an “equal weight” rating in a research note on Thursday, February 2nd. Benchmark dropped their price target on Qorvo from $152.00 to $120.00 in a research note on Thursday, November 3rd. Wells Fargo & Company boosted their price target on Qorvo from $90.00 to $110.00 and gave the company an “equal weight” rating in a research note on Thursday, February 2nd. Finally, JPMorgan Chase & Co. lowered Qorvo from an “overweight” rating to an “underweight” rating and dropped their price target for the company from $125.00 to $90.00 in a research note on Thursday, November 3rd. Two investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Qorvo currently has an average rating of “Hold” and a consensus target price of $108.70.
Qorvo Trading Up 2.0 %
Shares of Qorvo stock opened at $105.42 on Tuesday. The stock has a fifty day simple moving average of $99.28 and a 200 day simple moving average of $94.55. Qorvo, Inc. has a 12-month low of $75.38 and a 12-month high of $139.35. The company has a market capitalization of $10.53 billion, a P/E ratio of 24.75, a price-to-earnings-growth ratio of 3.25 and a beta of 1.42. The company has a current ratio of 3.68, a quick ratio of 2.28 and a debt-to-equity ratio of 0.49.
Qorvo (NASDAQ:QRVO – Get Rating) last announced its quarterly earnings results on Wednesday, February 1st. The semiconductor company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.12. Qorvo had a return on equity of 19.41% and a net margin of 11.06%. The business had revenue of $743.30 million during the quarter, compared to the consensus estimate of $726.33 million. During the same quarter in the prior year, the company posted $2.81 earnings per share. Qorvo’s revenue was down 33.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Qorvo, Inc. will post 4.91 earnings per share for the current fiscal year.
Qorvo declared that its Board of Directors has initiated a share repurchase plan on Wednesday, November 2nd that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the semiconductor company to buy up to 22.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
Insider Buying and Selling at Qorvo
In other Qorvo news, VP Gina Harrison sold 3,559 shares of the company’s stock in a transaction on Tuesday, December 13th. The stock was sold at an average price of $104.00, for a total value of $370,136.00. Following the completion of the transaction, the vice president now owns 16,257 shares in the company, valued at approximately $1,690,728. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.45% of the company’s stock.
Qorvo, Inc engages in the provision of development and commercialization of technologies and products for wireless and wired connectivity. It operates through the following reportable segments: Mobile Products and Infrastructure & Defense Products. The Mobile Products segment is involved in supplying cellular, UWB, and Wi-Fi solutions for applications, including smartphones, wearables, laptops, tablets, and Internet of things.
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