Qorvo, Inc. (NASDAQ:QRVO) Stake Lessened by Voloridge Investment Management LLC
Voloridge Investment Management LLC trimmed its position in shares of Qorvo, Inc. (NASDAQ:QRVO) by 74.6% in the 4th quarter, Holdings Channel.com reports. The fund owned 9,972 shares of the semiconductor company’s stock after selling 29,238 shares during the quarter. Voloridge Investment Management LLC’s holdings in Qorvo were worth $1,658,000 as of its most recent SEC filing.
Several other large investors have also recently made changes to their positions in QRVO. Amundi Pioneer Asset Management Inc. raised its holdings in shares of Qorvo by 46.6% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 87,061 shares of the semiconductor company’s stock worth $6,244,000 after acquiring an additional 27,692 shares in the last quarter. First Allied Advisory Services Inc. acquired a new stake in shares of Qorvo in the third quarter valued at about $212,000. Morgan Stanley grew its position in shares of Qorvo by 25.4% in the third quarter. Morgan Stanley now owns 313,043 shares of the semiconductor company’s stock valued at $40,386,000 after purchasing an additional 63,486 shares during the last quarter. Advisors Asset Management Inc. grew its position in Qorvo by 7.9% during the third quarter. Advisors Asset Management Inc. now owns 12,154 shares of the semiconductor company’s stock worth $1,568,000 after buying an additional 885 shares in the last quarter. Finally, ExodusPoint Capital Management LP acquired a new stake in Qorvo during the third quarter worth about $2,555,000. Institutional investors and hedge funds own 84.57% of the company’s stock.
A number of research firms recently weighed in on QRVO. Craig Hallum lifted their target price on Qorvo from $160.00 to $195.00 and gave the stock a “buy” rating in a research report on Thursday, February 4th. The Goldman Sachs Group raised their price target on shares of Qorvo from $180.00 to $190.00 and gave the stock a “buy” rating in a research note on Monday, December 14th. Citigroup cut their price target on shares of Qorvo from $188.00 to $170.00 and set a “neutral” rating for the company in a research note on Thursday, February 11th. BMO Capital Markets raised their price target on shares of Qorvo from $135.00 to $190.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 3rd. Finally, Morgan Stanley lifted their target price on shares of Qorvo from $196.00 to $210.00 and gave the company an “overweight” rating in a research note on Thursday, February 4th. Six research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $178.09.
Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Wednesday, February 3rd. The semiconductor company reported $3.08 earnings per share for the quarter, topping the consensus estimate of $2.48 by $0.60. The company had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.07 billion. Qorvo had a return on equity of 18.08% and a net margin of 12.71%. The firm’s revenue for the quarter was up 26.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.86 EPS. As a group, equities analysts predict that Qorvo, Inc. will post 7.79 EPS for the current fiscal year.
Qorvo, Inc develops and commercializes technologies and products for wireless and wired connectivity worldwide. The company operates in two segments, Mobile Products, and Infrastructure and Defense Products. The company offers integrated modules incorporating switches, power amplifiers, filters and duplexers, antenna tuners, RF power management integrated circuits, multimode/multi-band PAs and transmit modules, antenna-plexers, discrete filters and duplexers, discrete switches, and UWB system solutions, as well as envelope tracking power management solutions, antenna control solutions, and UWB system solutions supporting secure, low power, location, and communication services.
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