Tidal Investments LLC Buys 24,635 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Tidal Investments LLC increased its position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 188.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 37,729 shares of the semiconductor company's stock after buying an additional 24,635 shares during the quarter. Tidal Investments LLC's holdings in Qorvo were worth $3,897,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Larson Financial Group LLC grew its stake in Qorvo by 163.4% in the third 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. New Millennium Group LLC acquired a new position in Qorvo in the second quarter valued at approximately $34,000. Blue Trust Inc. raised its holdings in shares of Qorvo by 241.6% during the second quarter. Blue Trust Inc. now owns 345 shares of the semiconductor company's stock valued at $40,000 after buying an additional 244 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt bought a new stake in shares of Qorvo during the third quarter valued at approximately $41,000. Finally, Farther Finance Advisors LLC raised its holdings in shares of Qorvo by 33.7% during the third quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company's stock valued at $43,000 after buying an additional 104 shares during the last quarter. 88.57% of the stock is owned by hedge funds and other institutional investors.

Qorvo Stock Down 0.1 %

Shares of NASDAQ QRVO traded down $0.05 during mid-day trading on Friday, hitting $69.59. The company had a trading volume of 2,631,489 shares, compared to its average volume of 1,904,939. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45. The business's 50-day simple moving average is $80.23 and its 200-day simple moving average is $100.04. Qorvo, Inc. has a 12 month low of $64.54 and a 12 month high of $130.99.

Qorvo (NASDAQ:QRVO - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the prior year, the business posted $1.99 earnings per share. The company's quarterly revenue was down 5.2% compared to the same quarter last year. As a group, research analysts anticipate that Qorvo, Inc. will post 3.37 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on QRVO shares. BNP Paribas cut Qorvo from an "outperform" rating to a "neutral" rating and set a $80.00 price target on the stock. in a report on Wednesday, October 30th. Piper Sandler dropped their price target on Qorvo from $120.00 to $100.00 and set a "neutral" rating on the stock in a report on Friday, October 25th. Needham & Company LLC assumed coverage on Qorvo in a report on Monday, October 28th. They issued a "buy" rating and a $135.00 price target on the stock. Benchmark cut Qorvo from a "buy" rating to a "hold" rating in a report on Wednesday, October 30th. Finally, TD Cowen cut their target price on shares of Qorvo from $125.00 to $85.00 and set a "hold" rating on the stock in a research note on Wednesday, October 30th. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $102.88.

Insider Transactions at Qorvo

In related news, SVP Philip Chesley sold 4,045 shares of the firm's stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $70.15, for a total value of $283,756.75. Following the completion of the sale, the senior vice president now owns 30,261 shares of the company's stock, valued at $2,122,809.15. This trade represents a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.46% of the company's stock.

About Qorvo

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.