Systematic Financial Management LP boosted its stake in Qorvo Inc (NASDAQ:QRVO) by 13.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 176,830 shares of the semiconductor company’s stock after purchasing an additional 21,137 shares during the quarter. Systematic Financial Management LP owned about 0.14% of Qorvo worth $14,176,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in QRVO. Resources Investment Advisors Inc. grew its holdings in Qorvo by 159.6% in the first quarter. Resources Investment Advisors Inc. now owns 1,480 shares of the semiconductor company’s stock valued at $104,000 after purchasing an additional 910 shares during the period. Piedmont Investment Advisors LLC purchased a new stake in Qorvo in the second quarter valued at approximately $119,000. Engineers Gate Manager LP purchased a new stake in Qorvo in the second quarter valued at approximately $200,000. Intact Investment Management Inc. purchased a new stake in Qorvo in the second quarter valued at approximately $216,000. Finally, Element Capital Management LLC purchased a new stake in Qorvo in the first quarter valued at approximately $230,000. Hedge funds and other institutional investors own 98.77% of the company’s stock.
A number of research firms recently issued reports on QRVO. ValuEngine downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a report on Saturday. Mizuho reiterated a “hold” rating and set a $74.00 price objective on shares of Qorvo in a research note on Thursday, May 3rd. Barclays boosted their price objective on shares of Qorvo from $90.00 to $95.00 and gave the stock an “overweight” rating in a research note on Monday, June 18th. Loop Capital initiated coverage on shares of Qorvo in a research note on Thursday, June 21st. They set a “buy” rating and a $95.00 price objective for the company. Finally, Summit Insights upgraded shares of Qorvo from a “sell” rating to a “hold” 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’s stock. The company has a consensus rating of “Hold” and a consensus price target of $84.48.
QRVO opened at $81.50 on Friday. The firm has a market capitalization of $10.45 billion, a P/E ratio of 17.05, a P/E/G 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 Inc has a 12-month low of $64.53 and a 12-month high of $86.84.
Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Wednesday, August 1st. The semiconductor company reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.20. The firm had revenue of $692.70 million for the quarter, compared to analysts’ expectations of $656.97 million. Qorvo had a negative net margin of 1.31% and a positive return on equity of 12.85%. The firm’s quarterly revenue was up 8.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.87 earnings per share. equities research analysts anticipate that Qorvo Inc will post 5.46 EPS for the current fiscal year.
In related news, Director Walter H. Wilkinson sold 9,510 shares of the company’s stock in a transaction on Thursday, May 24th. The shares were 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 of the company’s stock, valued at $3,003,979.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP James L. Klein sold 2,093 shares of the company’s stock in a transaction on Friday, June 1st. The shares were sold at an average price of $80.63, for a total transaction of $168,758.59. Following the completion of the sale, the vice president now directly owns 51,835 shares in the company, valued at $4,179,456.05. The disclosure for this sale can be found here. Insiders sold 42,850 shares of company stock worth $3,545,223 over the last ninety days. 0.85% of the stock is currently owned by corporate insiders.
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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