Van ECK Associates Corp raised its position in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 23.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 832,292 shares of the semiconductor company's stock after purchasing an additional 160,534 shares during the quarter. Van ECK Associates Corp owned 0.88% of Qorvo worth $83,429,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently made changes to their positions in QRVO. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Qorvo during the second quarter valued at approximately $29,000. EverSource Wealth Advisors LLC boosted its holdings in Qorvo by 81.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company's stock worth $30,000 after buying an additional 115 shares during the period. Versant Capital Management Inc increased its stake in Qorvo by 9,333.3% in the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company's stock worth $33,000 after buying an additional 280 shares in the last quarter. New Millennium Group LLC bought a new stake in Qorvo during the second quarter valued at about $34,000. Finally, Blue Trust Inc. lifted its position in shares of Qorvo by 241.6% in the second quarter. Blue Trust Inc. now owns 345 shares of the semiconductor company's stock valued at $40,000 after acquiring an additional 244 shares in the last quarter. Hedge funds and other institutional investors own 88.57% of the company's stock.
Qorvo Trading Down 0.7 %
QRVO traded down $0.49 during trading hours on Monday, reaching $71.37. 1,687,302 shares of the company's stock traded hands, compared to its average volume of 1,413,549. The firm has a market capitalization of $6.75 billion, a PE ratio of -49.49, a PEG ratio of 3.98 and a beta of 1.49. Qorvo, Inc. has a 52-week low of $70.39 and a 52-week high of $130.99. The company has a quick ratio of 1.36, a current ratio of 1.90 and a debt-to-equity ratio of 0.45. The firm has a 50-day moving average price of $102.41 and a 200 day moving average price of $107.17.
Qorvo (NASDAQ:QRVO - Get Free Report) last issued its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, topping analysts' consensus estimates of $1.85 by $0.03. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The business had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the prior year, the firm earned $1.99 EPS. The company's revenue for the quarter was down 5.2% compared to the same quarter last year. As a group, sell-side analysts predict that Qorvo, Inc. will post 4.84 EPS for the current fiscal year.
Wall Street Analyst Weigh In
Several analysts recently issued reports on the company. Rosenblatt Securities lifted their target price on Qorvo from $105.00 to $120.00 and gave the company a "neutral" rating in a research note on Wednesday, July 31st. Susquehanna reduced their price objective on shares of Qorvo from $115.00 to $90.00 and set a "neutral" rating on the stock in a research report on Wednesday, October 30th. TD Cowen cut their target price on shares of Qorvo from $125.00 to $85.00 and set a "hold" rating for the company in a research note on Wednesday, October 30th. Needham & Company LLC assumed coverage on shares of Qorvo in a research note on Monday, October 28th. They issued a "buy" rating and a $135.00 price target on the stock. Finally, Piper Sandler cut their price objective on Qorvo from $120.00 to $100.00 and set a "neutral" rating for the company in a research report on Friday, October 25th. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Qorvo has a consensus rating of "Hold" and a consensus target price of $104.75.
Check Out Our Latest Analysis on Qorvo
Insiders Place Their Bets
In other news, VP Gina Harrison sold 689 shares of the stock in a transaction on Friday, September 6th. The stock was sold at an average price of $107.67, for a total transaction of $74,184.63. Following the transaction, the vice president now owns 21,601 shares of the company's stock, valued at approximately $2,325,779.67. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.46% of the stock is currently owned by company insiders.
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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