Bank of Montreal Can Increases Stock Position in Qorvo, Inc. (NASDAQ:QRVO)

Bank of Montreal Can grew its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 36.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 124,514 shares of the semiconductor company's stock after acquiring an additional 33,281 shares during the period. Bank of Montreal Can owned 0.13% of Qorvo worth $12,900,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Qorvo during the 2nd quarter valued at $29,000. EverSource Wealth Advisors LLC raised its holdings in shares of Qorvo by 81.0% during the first quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company's stock valued at $30,000 after purchasing an additional 115 shares during the period. Versant Capital Management Inc boosted its position in shares of Qorvo by 9,333.3% during the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company's stock worth $33,000 after purchasing an additional 280 shares in the last quarter. Larson Financial Group LLC boosted its position in shares of Qorvo by 163.4% during the 3rd quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company's stock worth $33,000 after purchasing an additional 201 shares in the last quarter. Finally, New Millennium Group LLC acquired a new stake in shares of Qorvo in the 2nd quarter valued at about $34,000. 88.57% of the stock is owned by institutional investors.

Analysts Set New Price Targets

QRVO has been the topic of a number of recent research reports. Bank of America cut their target price on Qorvo from $115.00 to $80.00 and set an "underperform" rating on the stock in a report on Wednesday, October 30th. JPMorgan Chase & Co. reduced their price objective on shares of Qorvo from $115.00 to $95.00 and set an "underweight" rating for the company in a report on Wednesday, October 30th. Susquehanna lowered their target price on shares of Qorvo from $115.00 to $90.00 and set a "neutral" rating on the stock in a report on Wednesday, October 30th. TD Cowen cut their price target on Qorvo from $125.00 to $85.00 and set a "hold" rating for the company in a research note on Wednesday, October 30th. Finally, Barclays lowered their price objective on Qorvo from $120.00 to $90.00 and set an "equal weight" rating for the company in a research note on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $102.88.

Insider Activity

In other news, VP Gina Harrison sold 689 shares of the business'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 in the company, valued at $2,325,779.67. The trade was a 3.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.46% of the company's stock.

Qorvo Stock Performance

Qorvo stock traded up $0.65 during mid-day trading on Friday, reaching $69.05. The company's stock had a trading volume of 1,018,977 shares, compared to its average volume of 1,840,856. The firm's fifty day moving average price is $86.84 and its two-hundred day moving average price is $102.08. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90. Qorvo, Inc. has a 12-month low of $64.98 and a 12-month high of $130.99. The company has a market capitalization of $6.53 billion, a P/E ratio of -47.29, a PEG ratio of 5.53 and a beta of 1.49.

Qorvo (NASDAQ:QRVO - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $1.05 billion during the quarter, compared to analysts' expectations of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The firm's quarterly revenue was down 5.2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.99 earnings per share. Sell-side analysts predict that Qorvo, Inc. will post 3.37 EPS for the current fiscal year.

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.