Comerica Bank increased its stake in shares of Qorvo Inc (NASDAQ:QRVO) by 49.2% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 45,566 shares of the semiconductor company’s stock after purchasing an additional 15,016 shares during the period. Comerica Bank’s holdings in Qorvo were worth $3,048,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of QRVO. Ameriprise Financial Inc. raised its holdings in shares of Qorvo by 4.3% in the 3rd quarter. Ameriprise Financial Inc. now owns 4,657,995 shares of the semiconductor company’s stock valued at $329,228,000 after acquiring an additional 194,106 shares in the last quarter. Boston Partners raised its holdings in shares of Qorvo by 47.5% in the 4th quarter. Boston Partners now owns 2,869,210 shares of the semiconductor company’s stock valued at $191,089,000 after acquiring an additional 924,017 shares in the last quarter. Manning & Napier Advisors LLC raised its holdings in shares of Qorvo by 52.5% in the 3rd quarter. Manning & Napier Advisors LLC now owns 2,443,052 shares of the semiconductor company’s stock valued at $172,674,000 after acquiring an additional 840,755 shares in the last quarter. Alyeska Investment Group L.P. purchased a new stake in shares of Qorvo in the 3rd quarter valued at about $118,506,000. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Qorvo by 4.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,217,756 shares of the semiconductor company’s stock valued at $86,067,000 after acquiring an additional 50,179 shares in the last quarter. 96.61% of the stock is currently owned by institutional investors and hedge funds.
Qorvo Inc (QRVO) opened at $77.31 on Tuesday. The company has a current ratio of 4.72, a quick ratio of 3.62 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $9,780.00, a PE ratio of 368.14, a PEG ratio of 1.36 and a beta of 1.05. Qorvo Inc has a 1 year low of $62.68 and a 1 year high of $85.24.
Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Wednesday, January 31st. The semiconductor company reported $1.69 EPS for the quarter, beating the consensus estimate of $1.60 by $0.09. The firm had revenue of $845.70 million for the quarter, compared to analyst estimates of $841.09 million. Qorvo had a return on equity of 11.72% and a net margin of 0.95%. The company’s revenue was up 2.3% on a year-over-year basis. During the same period in the prior year, the company earned $1.35 EPS. sell-side analysts anticipate that Qorvo Inc will post 4.49 earnings per share for the current fiscal year.
In related news, VP James L. Klein sold 2,211 shares of the firm’s stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $74.76, for a total transaction of $165,294.36. Following the transaction, the vice president now directly owns 42,604 shares in the company, valued at approximately $3,185,075.04. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Walter H. Wilkinson sold 15,925 shares of the firm’s stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $80.02, for a total value of $1,274,318.50. Following the transaction, the director now owns 62,480 shares in the company, valued at $4,999,649.60. The disclosure for this sale can be found here. Insiders have sold a total of 42,996 shares of company stock worth $3,193,399 over the last quarter. Corporate insiders own 0.91% of the company’s stock.
Several analysts have weighed in on the company. Oppenheimer reaffirmed a “hold” rating on shares of Qorvo in a report on Thursday, February 1st. BidaskClub raised Qorvo from a “strong sell” rating to a “sell” rating in a report on Wednesday, January 31st. Instinet raised Qorvo from a “neutral” rating to a “buy” rating and set a $75.00 price target on the stock in a report on Thursday, February 1st. BMO Capital Markets raised their price target on Qorvo from $63.00 to $70.00 and gave the company a “market perform” rating in a report on Thursday, February 1st. Finally, Cowen raised their price target on Qorvo from $78.00 to $85.00 and gave the company a “market perform” rating in a report on Thursday, February 1st. Three research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twelve have assigned a buy rating to the company. Qorvo presently has an average rating of “Hold” and an average price target of $80.42.
Qorvo, Inc is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs).
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