Neo Ivy Capital Management Invests $1.44 Million in Qorvo, Inc. (NASDAQ:QRVO)

Neo Ivy Capital Management acquired a new stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 20,523 shares of the semiconductor company's stock, valued at approximately $1,435,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Mediolanum International Funds Ltd acquired a new stake in shares of Qorvo in the fourth quarter valued at approximately $1,177,000. Janney Montgomery Scott LLC raised its holdings in shares of Qorvo by 245.6% in the fourth quarter. Janney Montgomery Scott LLC now owns 14,641 shares of the semiconductor company's stock valued at $1,024,000 after purchasing an additional 10,405 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Qorvo by 16.3% in the fourth quarter. JPMorgan Chase & Co. now owns 649,631 shares of the semiconductor company's stock valued at $45,429,000 after purchasing an additional 91,120 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Qorvo in the fourth quarter valued at approximately $1,327,000. Finally, F&V Capital Management LLC raised its holdings in shares of Qorvo by 3.7% in the fourth quarter. F&V Capital Management LLC now owns 93,538 shares of the semiconductor company's stock valued at $6,541,000 after purchasing an additional 3,335 shares during the last quarter. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Qorvo Price Performance

Shares of Qorvo stock traded up $0.34 on Thursday, reaching $76.25. 590,649 shares of the stock were exchanged, compared to its average volume of 2,689,550. The firm's 50 day moving average is $67.88 and its 200-day moving average is $71.58. Qorvo, Inc. has a one year low of $49.46 and a one year high of $130.99. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.78 and a current ratio of 2.60. The firm has a market cap of $7.09 billion, a PE ratio of 272.30, a P/E/G ratio of 15.57 and a beta of 1.38.

Qorvo (NASDAQ:QRVO - Get Free Report) last posted its earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 EPS for the quarter, topping analysts' consensus estimates of $1.00 by $0.42. Qorvo had a net margin of 0.71% and a return on equity of 12.41%. The firm had revenue of $869.47 million during the quarter, compared to analysts' expectations of $850.13 million. During the same quarter in the prior year, the business earned $1.39 earnings per share. The business's revenue for the quarter was down 7.6% compared to the same quarter last year. As a group, analysts anticipate that Qorvo, Inc. will post 4.09 EPS for the current fiscal year.

Insider Transactions at Qorvo

In other news, Director John R. Harding sold 1,450 shares of the firm's stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $70.09, for a total transaction of $101,630.50. Following the completion of the sale, the director now owns 7,597 shares of the company's stock, valued at $532,473.73. This trade represents a 16.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.46% of the company's stock.

Analysts Set New Price Targets

Several research firms recently weighed in on QRVO. Wall Street Zen raised shares of Qorvo from a "hold" rating to a "buy" rating in a research note on Saturday, May 24th. Stifel Nicolaus set a $75.00 target price on shares of Qorvo in a research note on Monday, April 28th. Barclays lifted their price objective on shares of Qorvo from $60.00 to $70.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 30th. Benchmark raised shares of Qorvo from a "hold" rating to a "buy" rating and set a $95.00 price objective for the company in a research report on Wednesday, April 30th. Finally, Loop Capital reduced their price objective on shares of Qorvo from $90.00 to $75.00 and set a "hold" rating for the company in a research report on Wednesday, April 30th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Qorvo has a consensus rating of "Hold" and an average price target of $91.21.

About Qorvo

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.