Sovereign s Capital Management LLC Invests $1.45 Million in Qorvo, Inc. (NASDAQ:QRVO)

Sovereign s Capital Management LLC purchased a new stake in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 20,659 shares of the semiconductor company's stock, valued at approximately $1,445,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Rakuten Securities Inc. bought a new position in shares of Qorvo in the 4th quarter worth approximately $28,000. Huntington National Bank raised its position in shares of Qorvo by 47.1% in the 4th quarter. Huntington National Bank now owns 453 shares of the semiconductor company's stock worth $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 worth approximately $37,000. Venturi Wealth Management LLC raised its position 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 worth $43,000 after acquiring an additional 250 shares in the last quarter. Finally, CENTRAL TRUST Co raised its position 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 worth $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

Qorvo stock traded down $1.50 during trading on Friday, reaching $74.60. The company had a trading volume of 2,134,256 shares, compared to its average volume of 2,195,366. Qorvo, Inc. has a 52 week low of $49.46 and a 52 week high of $130.99. The firm's 50-day simple moving average is $67.66 and its 200 day simple moving average is $71.49. The firm has a market capitalization of $6.94 billion, a price-to-earnings ratio of 266.43, a price-to-earnings-growth ratio of 15.57 and a beta of 1.38. The company has a current ratio of 2.60, a quick ratio of 1.78 and a debt-to-equity ratio of 0.46.

Qorvo (NASDAQ:QRVO - Get Free Report) last announced 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 return on equity of 12.41% and a net margin of 0.71%. The company had revenue of $869.47 million for the quarter, compared to analysts' expectations of $850.13 million. During the same period last year, the firm earned $1.39 EPS. Qorvo's revenue for the quarter was down 7.6% compared to the same quarter last year. Sell-side analysts forecast that Qorvo, Inc. will post 4.09 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Piper Sandler raised Qorvo from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $85.00 to $110.00 in a research report on Monday, January 27th. TD Cowen cut their price target on Qorvo from $90.00 to $80.00 and set a "hold" rating on the stock in a research note on Wednesday, April 30th. Wall Street Zen upgraded Qorvo from a "hold" rating to a "buy" rating in a research note on Saturday. Needham & Company LLC cut their price target on Qorvo from $100.00 to $90.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. Finally, Stifel Nicolaus set a $75.00 target price on Qorvo in a research note on Monday, April 28th. Three research 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. Based on data from MarketBeat.com, Qorvo presently has a consensus rating of "Hold" and a consensus target price of $91.21.

Insider Buying and Selling

In related news, Director John R. Harding sold 1,450 shares of the firm's stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $70.09, for a total value of $101,630.50. Following the transaction, the director now directly owns 7,597 shares of the company's stock, valued at approximately $532,473.73. This trade represents a 16.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.46% of the stock is owned by insiders.

Qorvo 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.