Y Intercept Hong Kong Ltd Takes $1.84 Million Position in Qorvo, Inc. (NASDAQ:QRVO)

Y Intercept Hong Kong Ltd purchased a new position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 17,834 shares of the semiconductor company's stock, valued at approximately $1,842,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Pacer Advisors Inc. grew its stake in Qorvo by 17,255.9% in the second quarter. Pacer Advisors Inc. now owns 1,427,006 shares of the semiconductor company's stock valued at $165,590,000 after purchasing an additional 1,418,784 shares during the last quarter. Vulcan Value Partners LLC grew its position in shares of Qorvo by 35.0% in the 2nd quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company's stock worth $246,665,000 after buying an additional 550,111 shares during the last quarter. Thrivent Financial for Lutherans raised its stake in shares of Qorvo by 140.2% during the 3rd quarter. Thrivent Financial for Lutherans now owns 835,336 shares of the semiconductor company's stock worth $86,290,000 after acquiring an additional 487,621 shares in the last quarter. Caxton Associates LP purchased a new stake in Qorvo during the second quarter valued at approximately $34,812,000. Finally, Robeco Institutional Asset Management B.V. boosted its stake in Qorvo by 78.6% in 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 acquiring an additional 236,590 shares in the last quarter. 88.57% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Qorvo news, SVP Philip Chesley sold 4,045 shares of the business's stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $70.15, for a total value of $283,756.75. Following the transaction, the senior vice president now directly owns 30,261 shares in the company, valued at $2,122,809.15. The trade was a 11.79 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.46% of the stock is currently owned by corporate insiders.

Qorvo Price Performance

Shares of QRVO stock traded up $0.46 on Wednesday, reaching $69.06. 1,622,695 shares of the company were exchanged, compared to its average volume of 1,472,475. Qorvo, Inc. has a 1 year low of $64.54 and a 1 year high of $130.99. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90. The business has a 50-day moving average price of $81.52 and a 200 day moving average price of $100.45. The company has a market cap of $6.53 billion, a price-to-earnings ratio of -47.30, a P/E/G ratio of 5.48 and a beta of 1.42.

Qorvo (NASDAQ:QRVO - Get Free Report) last posted its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, topping the consensus estimate of $1.85 by $0.03. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. Qorvo's quarterly revenue was down 5.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.99 EPS. Equities research analysts forecast that Qorvo, Inc. will post 3.37 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently commented on QRVO shares. Bank of America decreased their price objective on Qorvo from $115.00 to $80.00 and set an "underperform" rating for the company in a report on Wednesday, October 30th. StockNews.com upgraded Qorvo from a "hold" rating to a "buy" rating in a research note on Monday. UBS Group decreased their price target on shares of Qorvo from $115.00 to $90.00 and set a "neutral" rating for the company in a report on Wednesday, October 30th. Craig Hallum cut their target price on Qorvo from $142.00 to $105.00 and set a "buy" rating on the stock in a research report on Wednesday, October 30th. Finally, Needham & Company LLC assumed coverage on Qorvo in a research report on Monday, October 28th. They set a "buy" rating and a $135.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $102.88.

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.