GDS Wealth Management purchased a new position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 21,016 shares of the semiconductor company's stock, valued at approximately $2,171,000.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Qorvo in the second quarter worth approximately $29,000. EverSource Wealth Advisors LLC lifted its position in Qorvo by 81.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company's stock valued at $30,000 after acquiring an additional 115 shares in the last quarter. Versant Capital Management Inc boosted its stake in Qorvo by 9,333.3% during the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company's stock valued at $33,000 after purchasing an additional 280 shares during the last quarter. New Millennium Group LLC bought a new stake in shares of Qorvo in the 2nd quarter worth $34,000. Finally, Blue Trust Inc. raised its stake in shares of Qorvo by 241.6% in the second quarter. Blue Trust Inc. now owns 345 shares of the semiconductor company's stock worth $40,000 after purchasing an additional 244 shares during the last quarter. Institutional investors own 88.57% of the company's stock.
Qorvo Price Performance
Shares of QRVO traded down $1.86 during trading hours on Monday, reaching $68.49. 1,432,515 shares of the stock traded hands, compared to its average volume of 1,418,016. The company has a market cap of $6.47 billion, a P/E ratio of -48.18, a price-to-earnings-growth ratio of 5.64 and a beta of 1.49. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45. The company's 50-day moving average price is $98.21 and its two-hundred day moving average price is $105.89. Qorvo, Inc. has a 52-week low of $67.94 and a 52-week high of $130.99.
Qorvo (NASDAQ:QRVO - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, topping analysts' consensus estimates of $1.85 by $0.03. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The firm had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the prior year, the company posted $1.99 earnings per share. The business's quarterly revenue was down 5.2% compared to the same quarter last year. On average, analysts anticipate that Qorvo, Inc. will post 3.37 earnings per share for the current year.
Wall Street Analyst Weigh In
QRVO has been the topic of several recent analyst reports. Needham & Company LLC initiated coverage on Qorvo in a research report on Monday, October 28th. They set a "buy" rating and a $135.00 price objective on the stock. Bank of America reduced their price target on shares of Qorvo from $115.00 to $80.00 and set an "underperform" rating for the company in a research note on Wednesday, October 30th. Rosenblatt Securities increased their price objective on shares of Qorvo from $105.00 to $120.00 and gave the company a "neutral" rating in a research report on Wednesday, July 31st. Craig Hallum dropped their target price on shares of Qorvo from $142.00 to $105.00 and set a "buy" rating on the stock in a report on Wednesday, October 30th. Finally, Morgan Stanley lowered shares of Qorvo from an "overweight" rating to an "equal weight" rating and decreased their target price for the company from $130.00 to $120.00 in a research note on Friday, October 11th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Qorvo has a consensus rating of "Hold" and a consensus price target of $104.75.
Get Our Latest Analysis on QRVO
Insider Transactions at Qorvo
In related news, VP Gina Harrison sold 689 shares of the firm's stock in a transaction on Friday, September 6th. The shares were sold at an average price of $107.67, for a total transaction of $74,184.63. Following the completion of the transaction, the vice president now directly owns 21,601 shares of the company's stock, valued at approximately $2,325,779.67. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.46% of the company's stock.
About Qorvo
(
Free Report)
Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.
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