Eaton Vance Management cut its holdings in Qorvo (NASDAQ:QRVO) by 27.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 21,298 shares of the semiconductor company’s stock after selling 8,223 shares during the quarter. Eaton Vance Management’s holdings in Qorvo were worth $1,500,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Penserra Capital Management LLC boosted its holdings in shares of Qorvo by 45.4% in the fourth quarter. Penserra Capital Management LLC now owns 2,660 shares of the semiconductor company’s stock valued at $177,000 after acquiring an additional 831 shares in the last quarter. Wetherby Asset Management Inc. purchased a new stake in shares of Qorvo in the fourth quarter valued at about $209,000. Kovack Advisors Inc. purchased a new stake in shares of Qorvo in the fourth quarter valued at about $255,000. Wealthsource Partners LLC purchased a new stake in shares of Qorvo in the fourth quarter valued at about $281,000. Finally, West Branch Capital LLC purchased a new stake in shares of Qorvo in the first quarter valued at about $309,000. Institutional investors own 97.30% of the company’s stock.
In other Qorvo news, Director Daniel A. Dileo sold 2,500 shares of the company’s stock in a transaction dated Tuesday, March 6th. The shares were sold at an average price of $83.97, for a total value of $209,925.00. Following the sale, the director now owns 27,282 shares of the company’s stock, valued at $2,290,869.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert A. Bruggeworth sold 27,434 shares of the company’s stock in a transaction dated Tuesday, May 15th. The shares were sold at an average price of $80.02, for a total transaction of $2,195,268.68. Following the completion of the sale, the insider now directly owns 238,197 shares in the company, valued at approximately $19,060,523.94. The disclosure for this sale can be found here. In the last three months, insiders have sold 55,054 shares of company stock worth $4,368,103. 0.91% of the stock is owned by insiders.
QRVO has been the topic of several analyst reports. Canaccord Genuity lifted their target price on shares of Qorvo from $81.00 to $89.00 and gave the company a “buy” rating in a report on Thursday, February 1st. Nomura raised shares of Qorvo from a “neutral” rating to a “buy” rating and lifted their target price for the company from $75.00 to $85.00 in a report on Thursday, February 1st. Instinet raised shares of Qorvo from a “neutral” rating to a “buy” rating and set a $75.00 target price on the stock in a report on Thursday, February 1st. Needham & Company LLC lifted their target price on shares of Qorvo from $84.00 to $88.00 and gave the company a “buy” rating in a report on Thursday, February 1st. Finally, Drexel Hamilton reaffirmed a “buy” rating and issued a $95.00 target price on shares of Qorvo in a report on Wednesday, January 31st. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and ten have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $81.63.
QRVO stock opened at $80.78 on Wednesday. The stock has a market cap of $10.26 billion, a P/E ratio of 16.90, a P/E/G ratio of 1.34 and a beta of 0.93. Qorvo has a 52 week low of $62.68 and a 52 week high of $86.84. The company has a current ratio of 4.18, a quick ratio of 3.11 and a debt-to-equity ratio of 0.21.
Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Wednesday, May 2nd. The semiconductor company reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.02. The firm had revenue of $665.40 million for the quarter, compared to the consensus estimate of $655.67 million. Qorvo had a negative net margin of 1.35% and a positive return on equity of 12.50%. The firm’s revenue was up 3.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.85 earnings per share. equities analysts predict that Qorvo will post 5.08 earnings per share for the current year.
Qorvo Company Profile
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 (PA), low noise amplifiers, 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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