Point72 Hong Kong Ltd purchased a new position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 116,272 shares of the semiconductor company's stock, valued at approximately $12,011,000. Point72 Hong Kong Ltd owned 0.12% of Qorvo as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently bought and sold shares of the company. GDS Wealth Management acquired a new stake in shares of Qorvo during the 3rd quarter worth approximately $2,171,000. Robeco Institutional Asset Management B.V. boosted its stake in shares of Qorvo by 78.6% during the third quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company's stock valued at $55,548,000 after purchasing an additional 236,590 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in Qorvo during the 3rd quarter worth approximately $2,507,000. Quest Partners LLC increased its holdings in Qorvo by 504.6% in the third quarter. Quest Partners LLC now owns 11,596 shares of the semiconductor company's stock valued at $1,198,000 after purchasing an additional 9,678 shares during the period. Finally, APG Asset Management N.V. increased its stake in shares of Qorvo by 21.9% in the second quarter. APG Asset Management N.V. now owns 101,243 shares of the semiconductor company's stock valued at $10,962,000 after buying an additional 18,178 shares during the period. 88.57% of the stock is owned by institutional investors.
Insider Activity
In other Qorvo 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 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 3.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.46% of the stock is owned by company insiders.
Qorvo Stock Performance
Shares of QRVO stock traded up $0.65 during trading hours on Friday, hitting $69.05. 1,018,977 shares of the company were exchanged, compared to its average volume of 1,840,856. 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 stock has a market capitalization of $6.53 billion, a price-to-earnings ratio of -47.29, a P/E/G ratio of 5.53 and a beta of 1.49. The firm has a fifty day simple moving average of $86.84 and a 200 day simple moving average of $102.08. Qorvo, Inc. has a 52-week low of $64.98 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 (EPS) for the quarter, beating 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 business had revenue of $1.05 billion for the quarter, compared to analysts' expectations of $1.03 billion. During the same period in the previous year, the business posted $1.99 EPS. The firm's quarterly revenue was down 5.2% compared to the same quarter last year. Research analysts predict that Qorvo, Inc. will post 3.37 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
A number of brokerages recently weighed in on QRVO. Craig Hallum lowered their target price on shares of Qorvo from $142.00 to $105.00 and set a "buy" rating for the company in a research note on Wednesday, October 30th. Morgan Stanley lowered shares of Qorvo from an "overweight" rating to an "equal weight" rating and decreased their price target for the company from $130.00 to $120.00 in a research note on Friday, October 11th. UBS Group lowered their price objective on Qorvo from $115.00 to $90.00 and set a "neutral" rating for the company in a research note on Wednesday, October 30th. BNP Paribas cut Qorvo from an "outperform" rating to a "neutral" rating and set a $80.00 target price on the stock. in a research report on Wednesday, October 30th. Finally, Loop Capital started coverage on Qorvo in a research report on Monday, November 11th. They issued a "hold" rating and a $73.00 price target for the company. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Qorvo presently has an average rating of "Hold" and an average target price of $102.88.
View Our Latest Analysis on QRVO
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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