Qorvo, Inc. (QRVO) Position Reduced by IFP Advisors Inc
IFP Advisors Inc decreased its stake in Qorvo, Inc. (NASDAQ:QRVO) by 61.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,541 shares of the semiconductor company’s stock after selling 4,115 shares during the quarter. IFP Advisors Inc’s holdings in Qorvo were worth $180,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in QRVO. Morgan Stanley boosted its stake in Qorvo by 54.0% in the first quarter. Morgan Stanley now owns 271,344 shares of the semiconductor company’s stock worth $18,604,000 after purchasing an additional 95,111 shares in the last quarter. Paloma Partners Management Co acquired a new position in Qorvo in the first quarter worth $775,000. Public Employees Retirement System of Ohio boosted its stake in Qorvo by 2.5% in the first quarter. Public Employees Retirement System of Ohio now owns 43,892 shares of the semiconductor company’s stock worth $3,009,000 after purchasing an additional 1,073 shares in the last quarter. Fox Run Management L.L.C. acquired a new position in Qorvo in the second quarter worth $462,000. Finally, F&V Capital Management LLC acquired a new position in Qorvo in the second quarter worth $3,233,000. 93.99% of the stock is currently owned by institutional investors and hedge funds.
Qorvo, Inc. (NASDAQ:QRVO) opened at $78.46 on Wednesday. The company has a current ratio of 3.80, a quick ratio of 2.71 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $9,979.85, a PE ratio of 19.62, a PEG ratio of 1.32 and a beta of 1.03. Qorvo, Inc. has a 52-week low of $49.53 and a 52-week high of $79.98.
Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Wednesday, November 1st. The semiconductor company reported $1.52 earnings per share for the quarter, hitting the consensus estimate of $1.52. The company had revenue of $821.60 million during the quarter, compared to analysts’ expectations of $810.47 million. Qorvo had a positive return on equity of 10.77% and a negative net margin of 0.59%. Qorvo’s revenue for the quarter was down 5.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.29 earnings per share. research analysts anticipate that Qorvo, Inc. will post 4.74 EPS for the current fiscal year.
QRVO has been the topic of several research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $86.00 price target on shares of Qorvo in a research note on Sunday, September 17th. Craig Hallum reaffirmed a “buy” rating on shares of Qorvo in a research note on Wednesday, September 13th. Canaccord Genuity upped their price target on Qorvo from $79.00 to $81.00 and gave the company a “buy” rating in a research note on Thursday, August 3rd. Drexel Hamilton reaffirmed a “buy” rating and set a $95.00 price target on shares of Qorvo in a research note on Tuesday, August 1st. Finally, BidaskClub raised Qorvo from a “hold” rating to a “buy” rating in a research note on Friday, August 18th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have assigned a buy rating to the stock. Qorvo currently has a consensus rating of “Hold” and an average price target of $76.11.
In related news, insider Robert A. Bruggeworth sold 4,271 shares of the stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $67.71, for a total transaction of $289,189.41. Following the completion of the transaction, the insider now directly owns 230,128 shares of the company’s stock, valued at $15,581,966.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP James L. Klein sold 1,500 shares of the stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $67.67, for a total value of $101,505.00. Following the transaction, the vice president now directly owns 41,893 shares of the company’s stock, valued at $2,834,899.31. The disclosure for this sale can be found here. Insiders have sold 58,640 shares of company stock valued at $4,212,263 over the last three months. Insiders own 0.91% 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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