CWA Asset Management Group LLC Makes New $2.62 Million Investment in Qorvo, Inc. (NASDAQ:QRVO)

CWA Asset Management Group LLC purchased a new stake in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund purchased 25,368 shares of the semiconductor company's stock, valued at approximately $2,621,000.

A number of other institutional investors have also added to or reduced their stakes in QRVO. Capital Research Global Investors lifted its holdings in shares of Qorvo by 2.1% during the first quarter. Capital Research Global Investors now owns 4,591,985 shares of the semiconductor company's stock worth $527,298,000 after purchasing an additional 93,068 shares during the period. Vulcan Value Partners LLC raised its holdings in Qorvo by 35.0% during the 2nd quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company's stock worth $246,665,000 after purchasing an additional 550,111 shares during the last quarter. Pacer Advisors Inc. lifted its position in shares of Qorvo by 17,255.9% in the 2nd quarter. Pacer Advisors Inc. now owns 1,427,006 shares of the semiconductor company's stock worth $165,590,000 after purchasing an additional 1,418,784 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Qorvo by 0.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,323,463 shares of the semiconductor company's stock valued at $153,558,000 after purchasing an additional 4,386 shares during the last quarter. Finally, Van ECK Associates Corp boosted its position in Qorvo by 23.9% during the third quarter. Van ECK Associates Corp now owns 832,292 shares of the semiconductor company's stock valued at $83,429,000 after acquiring an additional 160,534 shares during the last quarter. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Qorvo

In other news, VP Gina Harrison sold 689 shares of the firm's stock in a transaction on Friday, September 6th. The stock was sold at an average price of $107.67, for a total value 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 $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 Securities & Exchange Commission, which is available at the SEC website. 0.46% of the stock is owned by company insiders.

Qorvo Stock Performance

Shares of NASDAQ:QRVO traded down $1.71 during midday trading on Friday, reaching $70.35. The company had a trading volume of 1,548,255 shares, compared to its average volume of 2,024,471. The stock has a market cap of $6.65 billion, a P/E ratio of -48.18, a P/E/G ratio of 5.64 and a beta of 1.49. The company's 50 day moving average price is $98.21 and its 200 day moving average price is $105.89. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45. Qorvo, Inc. has a 52-week low of $70.19 and a 52-week high of $130.99.

Qorvo (NASDAQ:QRVO - Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.03. The business had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. Qorvo's revenue was down 5.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.99 earnings per share. As a group, sell-side analysts anticipate that Qorvo, Inc. will post 3.37 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Susquehanna reduced their price objective on shares of Qorvo from $115.00 to $90.00 and set a "neutral" rating for the company in a research report on Wednesday, October 30th. Rosenblatt Securities boosted their target price on Qorvo from $105.00 to $120.00 and gave the company a "neutral" rating in a research report on Wednesday, July 31st. Benchmark cut Qorvo from a "buy" rating to a "hold" rating in a research note on Wednesday, October 30th. Piper Sandler reduced their price target on shares of Qorvo from $120.00 to $100.00 and set a "neutral" rating for the company in a research report on Friday, October 25th. Finally, Bank of America reduced their price objective on shares of Qorvo from $115.00 to $80.00 and set an "underperform" rating for the company in a report on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat.com, Qorvo presently has an average rating of "Hold" and an average target price of $104.75.

Qorvo Company Profile

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.