Sciencast Management LP Invests $227,000 in Qorvo, Inc. (QRVO)
Sciencast Management LP purchased a new position in Qorvo, Inc. (NASDAQ:QRVO) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,578 shares of the semiconductor company’s stock, valued at approximately $227,000.
Other hedge funds have also bought and sold shares of the company. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Qorvo by 16.0% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 433,541 shares of the semiconductor company’s stock worth $27,452,000 after purchasing an additional 59,712 shares during the last quarter. Baupost Group LLC MA purchased a new stake in Qorvo during the first quarter valued at $492,639,000. American Century Companies Inc. purchased a new stake in Qorvo during the second quarter valued at $814,000. CHURCHILL MANAGEMENT Corp increased its position in Qorvo by 25.7% during the second quarter. CHURCHILL MANAGEMENT Corp now owns 37,420 shares of the semiconductor company’s stock valued at $2,369,000 after acquiring an additional 7,661 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. increased its position in Qorvo by 24.1% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 7,415 shares of the semiconductor company’s stock valued at $508,000 after acquiring an additional 1,438 shares during the last quarter. Hedge funds and other institutional investors own 94.34% of the company’s stock.
In other news, VP Steven E. Creviston sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $66.94, for a total transaction of $401,640.00. Following the completion of the transaction, the vice president now directly owns 114,733 shares of the company’s stock, valued at approximately $7,680,227.02. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP James L. Klein sold 2,600 shares of the firm’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $70.84, for a total transaction of $184,184.00. Following the transaction, the vice president now directly owns 42,993 shares of the company’s stock, valued at $3,045,624.12. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 62,080 shares of company stock valued at $4,395,363. 0.91% of the stock is currently owned by corporate insiders.
Qorvo, Inc. (NASDAQ QRVO) opened at 71.95 on Wednesday. The company’s 50-day moving average price is $71.86 and its 200-day moving average price is $70.62. Qorvo, Inc. has a 52 week low of $48.28 and a 52 week high of $79.34. The company’s market capitalization is $9.16 billion.
Qorvo (NASDAQ:QRVO) last issued its earnings results on Wednesday, August 2nd. The semiconductor company reported $0.87 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.07. Qorvo had a negative net margin of 1.40% and a positive return on equity of 10.10%. The company had revenue of $640.80 million during the quarter, compared to analysts’ expectations of $632.18 million. During the same period last year, the company posted $1.08 earnings per share. The firm’s quarterly revenue was down 8.3% compared to the same quarter last year. Equities analysts forecast that Qorvo, Inc. will post $5.53 earnings per share for the current fiscal year.
A number of analysts recently commented on QRVO shares. Nomura started coverage on Qorvo in a research report on Tuesday, September 5th. They set a “neutral” rating and a $75.00 price objective for the company. BidaskClub cut Qorvo from a “buy” rating to a “hold” rating in a research report on Tuesday, June 27th. Instinet started coverage on Qorvo in a research report on Wednesday, September 6th. They set a “neutral” rating and a $75.00 price objective for the company. Needham & Company LLC reiterated a “buy” rating and set a $86.00 price objective on shares of Qorvo in a research report on Sunday, September 17th. Finally, Zacks Investment Research cut Qorvo from a “hold” rating to a “sell” rating in a research report on Friday, September 1st. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and twelve have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $73.45.
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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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