First Trust Advisors LP Acquires 156,646 Shares of Qorvo, Inc. (QRVO)
First Trust Advisors LP raised its position in shares of Qorvo, Inc. (NASDAQ:QRVO) by 62.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 408,510 shares of the semiconductor company’s stock after buying an additional 156,646 shares during the period. First Trust Advisors LP owned approximately 0.32% of Qorvo worth $25,867,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in Qorvo by 3,264.5% in the first quarter. BlackRock Inc. now owns 8,737,400 shares of the semiconductor company’s stock worth $599,038,000 after buying an additional 8,477,705 shares during the last quarter. Baupost Group LLC MA acquired a new stake in Qorvo during the first quarter worth about $492,639,000. Manning & Napier Advisors LLC acquired a new stake in Qorvo during the second quarter worth about $101,456,000. Todd Asset Management LLC increased its stake in Qorvo by 182.7% in the first quarter. Todd Asset Management LLC now owns 699,334 shares of the semiconductor company’s stock worth $47,947,000 after buying an additional 451,987 shares during the last quarter. Finally, Strs Ohio increased its stake in Qorvo by 105.3% in the first quarter. Strs Ohio now owns 876,710 shares of the semiconductor company’s stock worth $60,107,000 after buying an additional 449,775 shares during the last quarter. 97.09% of the stock is currently owned by institutional investors.
Qorvo, Inc. (NASDAQ:QRVO) opened at 72.42 on Thursday. The company’s market capitalization is $9.22 billion. The firm’s 50-day moving average is $67.62 and its 200 day moving average is $69.15. Qorvo, Inc. has a one year low of $48.28 and a one year high of $79.34.
Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.07. The company had revenue of $640.80 million for the quarter, compared to the consensus estimate of $632.18 million. Qorvo had a positive return on equity of 10.10% and a negative net margin of 1.40%. The company’s quarterly revenue was down 8.3% compared to the same quarter last year. During the same period last year, the business posted $1.08 EPS. On average, equities analysts expect that Qorvo, Inc. will post $5.54 EPS for the current fiscal year.
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QRVO has been the topic of a number of recent research reports. Benchmark Co. initiated coverage on shares of Qorvo in a research note on Tuesday, April 25th. They set a “buy” rating on the stock. DA Davidson downgraded shares of Qorvo from a “buy” rating to a “neutral” rating and set a $70.00 price target on the stock. in a research note on Thursday, May 4th. Zacks Investment Research downgraded shares of Qorvo from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 21st. Needham & Company LLC increased their target price on shares of Qorvo from $70.00 to $86.00 and gave the company a “buy” rating in a research note on Friday, May 26th. Finally, TheStreet raised shares of Qorvo from a “c+” rating to a “b” rating in a research note on Wednesday, May 3rd. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the stock. Qorvo currently has an average rating of “Hold” and a consensus target price of $73.28.
In related news, VP Steven E. Creviston sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $71.34, for a total transaction of $428,040.00. Following the sale, the vice president now directly owns 120,110 shares in the company, valued at approximately $8,568,647.40. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Steven E. Creviston sold 26,911 shares of the firm’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $77.00, for a total value of $2,072,147.00. Following the sale, the vice president now owns 153,644 shares in the company, valued at $11,830,588. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 130,695 shares of company stock worth $9,428,675. Company insiders own 0.91% of the company’s stock.
Qorvo Company Profile
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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