Elkfork Partners LLC Invests $1,520,000 in Qorvo, Inc. (QRVO)
Elkfork Partners LLC acquired a new position in shares of Qorvo, Inc. (NASDAQ:QRVO) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 28,832 shares of the company’s stock, valued at approximately $1,520,000.
A number of other large investors have also recently made changes to their positions in QRVO. Systematic Financial Management LP boosted its stake in shares of Qorvo by 5.1% in the fourth quarter. Systematic Financial Management LP now owns 204,743 shares of the company’s stock worth $10,796,000 after buying an additional 9,973 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Qorvo by 24.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,399,885 shares of the company’s stock worth $73,824,000 after buying an additional 275,154 shares in the last quarter. Oxford Asset Management boosted its stake in shares of Qorvo by 35.3% in the fourth quarter. Oxford Asset Management now owns 65,557 shares of the company’s stock worth $3,457,000 after buying an additional 17,099 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in shares of Qorvo by 5.7% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 11,349 shares of the company’s stock worth $598,000 after buying an additional 615 shares in the last quarter. Finally, State Street Corp boosted its stake in shares of Qorvo by 1.9% in the fourth quarter. State Street Corp now owns 5,428,718 shares of the company’s stock worth $286,261,000 after buying an additional 99,427 shares in the last quarter. Institutional investors and hedge funds own 93.63% of the company’s stock.
Shares of Qorvo, Inc. (NASDAQ:QRVO) traded down 0.21% on Friday, hitting $67.01. The stock had a trading volume of 1,227,362 shares. The stock’s market capitalization is $8.47 billion. Qorvo, Inc. has a 52 week low of $40.11 and a 52 week high of $67.68. The firm has a 50-day moving average price of $60.90 and a 200-day moving average price of $56.47.
Qorvo (NASDAQ:QRVO) last announced its earnings results on Wednesday, February 1st. The company reported $1.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.09. The business had revenue of $825.40 million for the quarter, compared to analysts’ expectations of $821.29 million. Qorvo had a positive return on equity of 10.77% and a negative net margin of 3.22%. The business’s revenue for the quarter was up 33.1% on a year-over-year basis. During the same period last year, the firm posted $1.03 earnings per share. Equities analysts expect that Qorvo, Inc. will post $4.52 earnings per share for the current fiscal year.
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QRVO has been the topic of several analyst reports. Cowen and Company reiterated a “market perform” rating and set a $60.00 price target (up from $53.00) on shares of Qorvo in a research report on Monday, January 30th. They noted that the move was a valuation call. J P Morgan Chase & Co initiated coverage on Qorvo in a research report on Monday, October 24th. They set an “overweight” rating and a $72.00 price target on the stock. Zacks Investment Research cut Qorvo from a “hold” rating to a “sell” rating in a research report on Friday, January 6th. Vetr cut Qorvo from a “hold” rating to a “sell” rating and set a $64.00 price target on the stock. in a research report on Wednesday, February 8th. Finally, Canaccord Genuity reiterated a “buy” rating and set a $67.00 price target on shares of Qorvo in a research report on Sunday, November 6th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twelve have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $61.84.
In other Qorvo news, Director Daniel A. Dileo sold 1,125 shares of the firm’s stock in a transaction dated Tuesday, February 14th. The stock was sold at an average price of $66.64, for a total value of $74,970.00. Following the transaction, the director now directly owns 23,145 shares of the company’s stock, valued at $1,542,382.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.14% of the company’s stock.
Qorvo, Inc is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs).
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