Distillate Capital Partners LLC Purchases Shares of 123,773 Qorvo, Inc. (NASDAQ:QRVO)

Distillate Capital Partners LLC bought a new position in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 123,773 shares of the semiconductor company's stock, valued at approximately $14,363,000. Distillate Capital Partners LLC owned approximately 0.13% of Qorvo as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Marshall Wace LLP raised its stake in Qorvo by 75.4% in the second quarter. Marshall Wace LLP now owns 178,945 shares of the semiconductor company's stock valued at $20,765,000 after purchasing an additional 76,945 shares in the last quarter. Magnetar Financial LLC acquired a new position in Qorvo in the second quarter valued at about $348,000. Public Sector Pension Investment Board raised its stake in Qorvo by 65.5% in the second quarter. Public Sector Pension Investment Board now owns 3,645 shares of the semiconductor company's stock valued at $423,000 after purchasing an additional 1,443 shares in the last quarter. Holderness Investments Co. raised its stake in Qorvo by 1.8% in the second quarter. Holderness Investments Co. now owns 14,214 shares of the semiconductor company's stock valued at $1,649,000 after purchasing an additional 250 shares in the last quarter. Finally, ProShare Advisors LLC raised its stake in Qorvo by 208.9% in the second quarter. ProShare Advisors LLC now owns 87,258 shares of the semiconductor company's stock valued at $10,125,000 after purchasing an additional 59,007 shares in the last quarter. Institutional investors and hedge funds own 88.57% of the company's stock.

Insider Activity at Qorvo

In related news, VP Gina Harrison sold 689 shares of the company's stock in a transaction that occurred 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 sale, the vice president now directly owns 21,601 shares in the company, valued at $2,325,779.67. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.46% of the stock is currently owned by company insiders.

Qorvo Trading Up 0.8 %

Shares of NASDAQ:QRVO traded up $0.79 during midday trading on Tuesday, hitting $102.97. 1,138,780 shares of the stock were exchanged, compared to its average volume of 1,365,353. The business's 50-day moving average price is $111.01 and its 200 day moving average price is $110.15. Qorvo, Inc. has a 12 month low of $80.62 and a 12 month high of $130.99. The stock has a market capitalization of $9.79 billion, a price-to-earnings ratio of -141.05, a P/E/G ratio of 1.23 and a beta of 1.46. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.36 and a current ratio of 1.95.

Qorvo (NASDAQ:QRVO - Get Free Report) last announced its earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.71 by $0.16. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The business had revenue of $886.70 million for the quarter, compared to analysts' expectations of $851.95 million. During the same period in the prior year, the business posted $0.03 earnings per share. The firm's revenue was up 36.2% on a year-over-year basis. Analysts predict that Qorvo, Inc. will post 4.8 earnings per share for the current year.

Analysts Set New Price Targets

QRVO has been the subject of a number of analyst reports. Barclays boosted their price target on Qorvo from $100.00 to $125.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 30th. Raymond James lifted their target price on Qorvo from $115.00 to $135.00 and gave the company an "outperform" rating in a research report on Wednesday, July 31st. StockNews.com cut Qorvo from a "buy" rating to a "hold" rating in a research report on Thursday, August 1st. Piper Sandler reiterated a "neutral" rating and issued a $120.00 target price (up previously from $105.00) on shares of Qorvo in a research report on Wednesday, July 31st. Finally, Craig Hallum lifted their target price on Qorvo from $124.00 to $142.00 and gave the company a "buy" rating in a research report on Wednesday, July 31st. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $121.00.

Qorvo 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.