California Public Employees Retirement System raised its position in shares of Qorvo Inc (NASDAQ:QRVO) by 29.7% in the third quarter, Holdings Channel.com reports. The fund owned 259,718 shares of the semiconductor company’s stock after acquiring an additional 59,516 shares during the quarter. California Public Employees Retirement System’s holdings in Qorvo were worth $19,255,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Breakline Capital LLC acquired a new stake in shares of Qorvo in the second quarter valued at approximately $2,553,000. Pearl River Capital LLC acquired a new stake in shares of Qorvo in the second quarter valued at approximately $42,000. Korea Investment CORP increased its holdings in shares of Qorvo by 111.9% in the second quarter. Korea Investment CORP now owns 197,853 shares of the semiconductor company’s stock valued at $13,179,000 after purchasing an additional 104,500 shares during the last quarter. DekaBank Deutsche Girozentrale increased its holdings in shares of Qorvo by 108.8% in the second quarter. DekaBank Deutsche Girozentrale now owns 21,662 shares of the semiconductor company’s stock valued at $1,478,000 after purchasing an additional 11,286 shares during the last quarter. Finally, World Asset Management Inc increased its holdings in shares of Qorvo by 2.1% in the third quarter. World Asset Management Inc now owns 8,349 shares of the semiconductor company’s stock valued at $619,000 after purchasing an additional 170 shares during the last quarter. 91.79% of the stock is owned by institutional investors and hedge funds.

In other news, Director Roderick Nelson sold 500 shares of the firm’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $69.03, for a total transaction of $34,515.00. Following the completion of the transaction, the director now directly owns 4,782 shares in the company, valued at $330,101.46. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Walter H. Wilkinson sold 2,762 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.71, for a total value of $280,923.02. Following the transaction, the director now owns 36,565 shares of the company’s stock, valued at $3,719,026.15. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 34,895 shares of company stock valued at $2,600,774. Company insiders own 0.71% of the company’s stock.

Several equities research analysts recently commented on the company. Raymond James increased their price target on Qorvo from $90.00 to $98.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Benchmark increased their price target on Qorvo from $90.00 to $100.00 and gave the company a “buy” rating in a report on Friday, November 1st. Needham & Company LLC increased their price target on Qorvo from $90.00 to $105.00 and gave the company a “buy” rating in a report on Friday, November 1st. BidaskClub raised Qorvo from a “hold” rating to a “buy” rating in a report on Wednesday. Finally, Cfra raised Qorvo from a “sell” rating to a “hold” rating in a report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and fourteen have issued a buy rating to the company. Qorvo currently has an average rating of “Buy” and an average price target of $86.78.

QRVO stock opened at $104.04 on Friday. The business has a fifty day moving average of $80.44 and a two-hundred day moving average of $72.60. The company has a quick ratio of 2.37, a current ratio of 3.45 and a debt-to-equity ratio of 0.24. The stock has a market cap of $11.77 billion, a price-to-earnings ratio of 19.82, a price-to-earnings-growth ratio of 2.11 and a beta of 1.11. Qorvo Inc has a 52-week low of $54.74 and a 52-week high of $104.22.

Qorvo (NASDAQ:QRVO) last posted its earnings results on Thursday, October 31st. The semiconductor company reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.30 by $0.22. The company had revenue of $806.70 million during the quarter, compared to analysts’ expectations of $754.67 million. Qorvo had a return on equity of 15.10% and a net margin of 8.19%. The firm’s quarterly revenue was down 8.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.75 earnings per share. As a group, sell-side analysts anticipate that Qorvo Inc will post 4.76 EPS for the current year.

Qorvo Company Profile

Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.

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Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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