Neo Ivy Capital Management Purchases New Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Neo Ivy Capital Management bought a new position in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 20,523 shares of the semiconductor company's stock, valued at approximately $1,435,000.

Other large investors have also recently added to or reduced their stakes in the company. Rakuten Securities Inc. bought a new position in Qorvo during the 4th quarter worth about $28,000. Huntington National Bank grew its holdings in shares of Qorvo by 47.1% in the 4th quarter. Huntington National Bank now owns 453 shares of the semiconductor company's stock valued at $32,000 after acquiring an additional 145 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in shares of Qorvo in the 4th quarter valued at about $37,000. Venturi Wealth Management LLC grew its holdings in shares of Qorvo by 67.4% in the 4th quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company's stock valued at $43,000 after acquiring an additional 250 shares in the last quarter. Finally, CENTRAL TRUST Co grew its holdings in shares of Qorvo by 2,621.4% in the 4th quarter. CENTRAL TRUST Co now owns 762 shares of the semiconductor company's stock valued at $53,000 after acquiring an additional 734 shares in the last quarter. Institutional investors own 88.57% of the company's stock.

Qorvo Stock Performance

QRVO stock traded up $2.35 during mid-day trading on Tuesday, hitting $76.95. 2,212,120 shares of the company were exchanged, compared to its average volume of 2,200,624. The business has a 50 day simple moving average of $67.71 and a 200-day simple moving average of $71.51. The company has a current ratio of 2.60, a quick ratio of 1.78 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $7.16 billion, a PE ratio of 274.82, a price-to-earnings-growth ratio of 15.57 and a beta of 1.38. Qorvo, Inc. has a 1-year low of $49.46 and a 1-year high of $130.99.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.42. The firm had revenue of $869.47 million during the quarter, compared to the consensus estimate of $850.13 million. Qorvo had a net margin of 0.71% and a return on equity of 12.41%. The business's revenue for the quarter was down 7.6% compared to the same quarter last year. During the same period last year, the business posted $1.39 earnings per share. On average, equities analysts forecast that Qorvo, Inc. will post 4.09 earnings per share for the current year.

Insiders Place Their Bets

In other Qorvo 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 directly owns 7,597 shares in the company, valued at $532,473.73. This trade represents a 16.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.46% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Piper Sandler upgraded Qorvo from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $85.00 to $110.00 in a report on Monday, January 27th. Benchmark upgraded Qorvo from a "hold" rating to a "buy" rating and set a $95.00 price objective for the company in a report on Wednesday, April 30th. Citigroup decreased their price objective on Qorvo from $72.00 to $69.00 and set a "sell" rating for the company in a report on Wednesday, January 29th. Loop Capital decreased their price objective on Qorvo from $90.00 to $75.00 and set a "hold" rating for the company in a report on Wednesday, April 30th. Finally, Wall Street Zen upgraded Qorvo from a "hold" rating to a "buy" rating in a report on Saturday. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $91.21.

Qorvo Company Profile

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.