Quantitative Investment Management LLC Takes Position in Qorvo, Inc. (QRVO)
Quantitative Investment Management LLC acquired a new position in shares of Qorvo, Inc. (NASDAQ:QRVO) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 148,300 shares of the semiconductor company’s stock, valued at approximately $9,390,000. Quantitative Investment Management LLC owned approximately 0.12% of Qorvo at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of QRVO. Russell Investments Group Ltd. raised its holdings in shares of Qorvo by 16.8% during the 1st quarter. Russell Investments Group Ltd. now owns 12,509 shares of the semiconductor company’s stock worth $858,000 after acquiring an additional 1,800 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of Qorvo by 47.1% during the 1st quarter. Wells Fargo & Company MN now owns 113,425 shares of the semiconductor company’s stock worth $7,777,000 after acquiring an additional 36,339 shares in the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of Qorvo by 1,664.7% during the 1st quarter. Canada Pension Plan Investment Board now owns 17,823 shares of the semiconductor company’s stock worth $1,222,000 after acquiring an additional 16,813 shares in the last quarter. Comerica Bank raised its holdings in shares of Qorvo by 0.3% during the 1st quarter. Comerica Bank now owns 30,858 shares of the semiconductor company’s stock worth $2,195,000 after acquiring an additional 91 shares in the last quarter. Finally, Karp Capital Management Corp purchased a new stake in shares of Qorvo during the 1st quarter worth approximately $1,310,000. 94.34% of the stock is currently owned by institutional investors and hedge funds.
In related news, insider Robert A. Bruggeworth sold 27,839 shares of the business’s stock in a transaction on Friday, July 7th. The stock was sold at an average price of $65.03, for a total value of $1,810,370.17. Following the sale, the insider now owns 217,042 shares in the company, valued at approximately $14,114,241.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Gina Harrison sold 5,000 shares of the business’s stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $73.41, for a total value of $367,050.00. Following the completion of the sale, the vice president now owns 17,230 shares in the company, valued at approximately $1,264,854.30. The disclosure for this sale can be found here. Insiders sold a total of 89,919 shares of company stock worth $6,186,623 in the last quarter. Company insiders own 0.91% of the company’s stock.
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Several analysts have recently issued reports on the company. Mizuho reaffirmed a “hold” rating and set a $70.00 price objective on shares of Qorvo in a report on Friday, August 4th. Cowen and Company reaffirmed a “hold” rating and set a $85.00 price objective on shares of Qorvo in a report on Sunday, September 17th. BidaskClub raised Qorvo from a “hold” rating to a “buy” rating in a report on Friday, August 18th. MKM Partners reaffirmed a “buy” rating and set a $90.00 price objective (up from $78.00) on shares of Qorvo in a report on Tuesday, May 30th. Finally, Canaccord Genuity increased their price target on Qorvo from $79.00 to $81.00 and gave the company a “buy” rating in a report on Thursday, August 3rd. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twelve have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $73.45.
Qorvo, Inc. (NASDAQ:QRVO) opened at 70.61 on Friday. The stock’s 50 day moving average price is $61.65 and its 200-day moving average price is $61.65. The company’s market cap is $8.99 billion. Qorvo, Inc. has a 52-week low of $19.18 and a 52-week high of $76.47.
Qorvo (NASDAQ:QRVO) last posted its earnings results on Wednesday, August 2nd. The semiconductor company reported $0.87 EPS for the quarter, beating the Zacks’ consensus estimate 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 revenue for the quarter was down 8.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.08 earnings per share. On average, equities analysts predict that Qorvo, Inc. will post $5.54 earnings per share for the current fiscal year.
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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