Rhumbline Advisers decreased its position in shares of Qorvo Inc (NASDAQ:QRVO) by 1.4% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 253,097 shares of the semiconductor company’s stock after selling 3,681 shares during the period. Rhumbline Advisers owned approximately 0.20% of Qorvo worth $20,291,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also recently bought and sold shares of the business. Global X Management Co. LLC lifted its position in shares of Qorvo by 48.1% during the 1st quarter. Global X Management Co. LLC now owns 4,687 shares of the semiconductor company’s stock worth $330,000 after purchasing an additional 1,523 shares during the last quarter. Wells Fargo & Company MN lifted its position in shares of Qorvo by 21.4% during the 1st quarter. Wells Fargo & Company MN now owns 99,886 shares of the semiconductor company’s stock worth $7,037,000 after purchasing an additional 17,641 shares during the last quarter. Daiwa Securities Group Inc. lifted its position in shares of Qorvo by 20.2% during the 1st quarter. Daiwa Securities Group Inc. now owns 4,420 shares of the semiconductor company’s stock worth $311,000 after purchasing an additional 744 shares during the last quarter. D.B. Root & Company LLC acquired a new position in shares of Qorvo during the 1st quarter worth about $1,301,000. Finally, Sentry Investment Management LLC lifted its position in shares of Qorvo by 62.4% during the 1st quarter. Sentry Investment Management LLC now owns 9,264 shares of the semiconductor company’s stock worth $653,000 after purchasing an additional 3,561 shares during the last quarter. Institutional investors and hedge funds own 98.77% of the company’s stock.
In other news, Director Walter H. Wilkinson sold 9,510 shares of the company’s stock in a transaction that occurred on Thursday, May 24th. The stock was sold at an average price of $81.09, for a total value of $771,165.90. Following the sale, the director now directly owns 37,045 shares in the company, valued at approximately $3,003,979.05. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP James L. Klein sold 1,567 shares of the company’s stock in a transaction that occurred on Monday, August 13th. The shares were sold at an average price of $83.00, for a total value of $130,061.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 42,850 shares of company stock worth $3,545,223. Corporate insiders own 0.85% of the company’s stock.
Several research firms recently weighed in on QRVO. Barclays boosted their price objective on Qorvo from $90.00 to $95.00 and gave the stock an “overweight” rating in a research report on Monday, June 18th. BidaskClub raised Qorvo from a “sell” rating to a “hold” rating in a research report on Saturday, August 4th. Zacks Investment Research upgraded Qorvo from a “hold” rating to a “buy” rating and set a $94.00 price target on the stock in a research note on Monday, August 6th. Benchmark initiated coverage on Qorvo in a research note on Friday, June 15th. They set a “buy” rating and a $95.00 price target on the stock. Finally, Needham & Company LLC boosted their price target on Qorvo from $85.00 to $92.00 and gave the company a “buy” rating in a research note on Thursday, August 2nd. Two equities 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. The stock currently has an average rating of “Hold” and a consensus price target of $84.48.
Shares of QRVO opened at $81.50 on Friday. Qorvo Inc has a 12-month low of $64.53 and a 12-month high of $86.84. The stock has a market cap of $10.45 billion, a P/E ratio of 17.05, a PEG ratio of 1.28 and a beta of 0.99. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.15 and a current ratio of 3.39.
Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Wednesday, August 1st. The semiconductor company reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.20. Qorvo had a positive return on equity of 12.85% and a negative net margin of 1.31%. The company had revenue of $692.70 million for the quarter, compared to analyst estimates of $656.97 million. During the same period in the prior year, the company posted $0.87 EPS. The company’s revenue was up 8.3% compared to the same quarter last year. analysts anticipate that Qorvo Inc will post 5.46 EPS for the current fiscal 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 (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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