Qorvo, Inc. (QRVO) Shares Bought by Prudential PLC
Prudential PLC lifted its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 27.4% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 75,400 shares of the semiconductor company’s stock after purchasing an additional 16,218 shares during the period. Prudential PLC owned about 0.06% of Qorvo worth $4,774,000 as of its most recent filing with the SEC.
Several other hedge funds also recently modified their holdings of the company. Zurich Insurance Group Ltd FI bought a new position in shares of Qorvo during the second quarter worth about $213,000. Institute for Wealth Management LLC. bought a new position in shares of Qorvo during the second quarter worth about $432,000. Clinton Group Inc. bought a new position in shares of Qorvo during the second quarter worth about $1,633,000. Stifel Financial Corp lifted its position in shares of Qorvo by 2.3% during the second quarter. Stifel Financial Corp now owns 13,080 shares of the semiconductor company’s stock worth $830,000 after purchasing an additional 298 shares during the last quarter. Finally, Bayesian Capital Management LP bought a new position in shares of Qorvo during the second quarter worth about $323,000. 94.34% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have recently commented on QRVO shares. BMO Capital Markets reaffirmed a “hold” rating and set a $63.00 price target on shares of Qorvo in a research report on Monday, June 12th. Raymond James Financial, Inc. started coverage on shares of Qorvo in a research report on Friday, June 16th. They set an “outperform” rating and a $87.00 price target on the stock. BidaskClub cut shares of Qorvo from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 16th. Drexel Hamilton reaffirmed a “buy” rating and set a $95.00 price target on shares of Qorvo in a research report on Tuesday, August 1st. Finally, Canaccord Genuity increased their price target on shares of Qorvo from $79.00 to $81.00 and gave the stock a “buy” rating in a research report on Thursday, August 3rd. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and twelve have issued a buy rating to the company. Qorvo presently has an average rating of “Hold” and an average price target of $73.45.
In other Qorvo news, VP Gina Harrison sold 5,000 shares of the business’s stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $73.41, for a total value of $367,050.00. Following the transaction, the vice president now directly owns 17,230 shares in the company, valued at $1,264,854.30. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP James L. Klein sold 2,600 shares of the business’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $70.84, for a total transaction of $184,184.00. Following the completion of the transaction, the vice president now owns 42,993 shares in the company, valued at $3,045,624.12. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 62,080 shares of company stock worth $4,395,363. Company insiders own 0.91% of the company’s stock.
Shares of Qorvo, Inc. (NASDAQ:QRVO) opened at 72.65 on Monday. The firm’s market cap is $9.25 billion. The firm has a 50 day moving average of $71.70 and a 200 day moving average of $70.48. Qorvo, Inc. has a 52 week low of $48.28 and a 52 week high of $79.34.
Qorvo (NASDAQ:QRVO) last released its quarterly 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 firm had revenue of $640.80 million for the quarter, compared to analyst estimates of $632.18 million. Qorvo had a negative net margin of 1.40% and a positive return on equity of 10.10%. The company’s revenue for the quarter was down 8.3% compared to the same quarter last year. During the same period in the previous year, the business earned $1.08 earnings per share. Equities analysts predict that Qorvo, Inc. will post $5.53 earnings per share for the current fiscal year.
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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