Holderness Investments Co. lifted its position in Qorvo Inc (NASDAQ:QRVO) by 3.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,469 shares of the semiconductor company’s stock after acquiring an additional 495 shares during the period. Holderness Investments Co.’s holdings in Qorvo were worth $1,097,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Nomura Asset Management Co. Ltd. boosted its holdings in shares of Qorvo by 10.8% during the first quarter. Nomura Asset Management Co. Ltd. now owns 25,416 shares of the semiconductor company’s stock worth $1,824,000 after purchasing an additional 2,475 shares during the period. Virtu Financial LLC acquired a new stake in shares of Qorvo during the first quarter worth approximately $275,000. Meag Munich Ergo Kapitalanlagegesellschaft MBH acquired a new stake in shares of Qorvo during the first quarter worth approximately $366,000. Swiss National Bank boosted its holdings in shares of Qorvo by 2.1% during the first quarter. Swiss National Bank now owns 416,845 shares of the semiconductor company’s stock worth $29,900,000 after purchasing an additional 8,400 shares during the period. Finally, Advisor Partners LLC acquired a new stake in shares of Qorvo during the first quarter worth approximately $243,000. 93.85% of the stock is currently owned by institutional investors and hedge funds.
Shares of Qorvo stock traded up $1.50 on Friday, reaching $71.61. The stock had a trading volume of 1,135,700 shares, compared to its average volume of 1,352,633. The business’s 50-day moving average price is $70.89 and its two-hundred day moving average price is $69.45. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.30 and a current ratio of 3.44. Qorvo Inc has a fifty-two week low of $54.74 and a fifty-two week high of $81.98. The stock has a market cap of $8.22 billion, a P/E ratio of 13.64, a price-to-earnings-growth ratio of 1.72 and a beta of 1.09.
Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $1.18 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.23. Qorvo had a net margin of 6.39% and a return on equity of 15.77%. The business had revenue of $775.60 million during the quarter, compared to analysts’ expectations of $738.98 million. During the same period in the previous year, the company earned $0.96 earnings per share. Qorvo’s revenue for the quarter was up 12.0% on a year-over-year basis. As a group, equities analysts forecast that Qorvo Inc will post 4.3 earnings per share for the current fiscal year.
In other news, Director Roderick Nelson sold 500 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $69.85, for a total value of $34,925.00. Following the completion of the sale, the director now directly owns 4,782 shares in the company, valued at $334,022.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Robert A. Bruggeworth sold 17,292 shares of the business’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $71.05, for a total transaction of $1,228,596.60. Following the completion of the sale, the insider now owns 193,002 shares of the company’s stock, valued at $13,712,792.10. The disclosure for this sale can be found here. Insiders sold 25,958 shares of company stock valued at $1,819,662 over the last 90 days. 0.71% of the stock is owned by corporate insiders.
Several analysts recently commented on the stock. Craig Hallum restated a “buy” rating and set a $85.00 price target (up from $75.00) on shares of Qorvo in a report on Friday, August 2nd. Needham & Company LLC restated a “buy” rating and set a $90.00 price target on shares of Qorvo in a report on Monday, August 5th. Canaccord Genuity restated a “buy” rating and set a $76.00 price target (down from $87.00) on shares of Qorvo in a report on Tuesday, May 21st. Zacks Investment Research cut shares of Qorvo from a “buy” rating to a “hold” rating in a report on Thursday, May 23rd. Finally, Morgan Stanley lifted their target price on shares of Qorvo from $67.00 to $71.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Fourteen equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $76.86.
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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