Alberta Investment Management Corp Increases Stock Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Key Points

• Alberta Investment Management Corp increased its holdings in Qorvo, Inc. by 135.2%, acquiring an additional 49,201 shares during the first quarter, bringing its total ownership to 85,600 shares valued at approximately $6.2 million.
• Qorvo, Inc. reported a quarterly earnings per share (EPS) of $0.92, exceeding analysts' expectations of $0.62, despite a 7.7% decline in revenue year-over-year.
• Analysts have set a consensus target price of $95.35 for Qorvo, with a mix of ratings: three sell, ten hold, five buy, and one strong buy.

Alberta Investment Management Corp grew its stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 135.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 85,600 shares of the semiconductor company's stock after buying an additional 49,201 shares during the quarter. Alberta Investment Management Corp owned approximately 0.09% of Qorvo worth $6,198,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Ameriprise Financial Inc. boosted its stake in Qorvo by 102.0% during the fourth quarter. Ameriprise Financial Inc. now owns 3,597,546 shares of the semiconductor company's stock valued at $251,577,000 after buying an additional 1,816,811 shares during the last quarter. FIL Ltd boosted its stake in Qorvo by 5.3% during the fourth quarter. FIL Ltd now owns 3,324,241 shares of the semiconductor company's stock valued at $232,464,000 after buying an additional 166,461 shares during the last quarter. Vulcan Value Partners LLC boosted its stake in Qorvo by 53.7% during the fourth quarter. Vulcan Value Partners LLC now owns 2,581,296 shares of the semiconductor company's stock valued at $180,487,000 after buying an additional 902,353 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Qorvo by 22.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,419,698 shares of the semiconductor company's stock valued at $99,280,000 after buying an additional 264,167 shares during the last quarter. Finally, Woodline Partners LP boosted its stake in Qorvo by 31.3% during the fourth quarter. Woodline Partners LP now owns 968,103 shares of the semiconductor company's stock valued at $67,699,000 after buying an additional 230,710 shares during the last quarter. Institutional investors own 88.57% of the company's stock.

Insider Transactions at Qorvo

In other news, Director John R. Harding sold 1,450 shares of Qorvo 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 directly owned 7,597 shares in the company, valued at approximately $532,473.73. This trade represents a 16.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.41% of the company's stock.

Analysts Set New Price Targets

QRVO has been the subject of a number of research reports. Benchmark increased their price target on Qorvo from $95.00 to $125.00 and gave the company a "buy" rating in a research note on Wednesday. Needham & Company LLC raised their price objective on Qorvo from $90.00 to $104.00 and gave the company a "buy" rating in a research note on Wednesday. Piper Sandler set a $125.00 price objective on Qorvo and gave the company an "overweight" rating in a research note on Wednesday. Wall Street Zen raised Qorvo from a "hold" rating to a "strong-buy" rating in a research note on Saturday. Finally, The Goldman Sachs Group started coverage on Qorvo in a research note on Thursday, July 10th. They issued a "neutral" rating and a $90.00 price objective for the company. Three analysts have rated the stock with a sell rating, ten have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $95.35.

Qorvo Trading Up 0.6%

QRVO traded up $0.51 during trading on Friday, hitting $84.11. 2,343,204 shares of the stock were exchanged, compared to its average volume of 2,016,999. The firm has a 50 day simple moving average of $83.24 and a 200 day simple moving average of $76.18. The firm has a market cap of $7.79 billion, a price-to-earnings ratio of 98.95, a P/E/G ratio of 1.64 and a beta of 1.35. Qorvo, Inc. has a 1 year low of $49.46 and a 1 year high of $117.90. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.01 and a current ratio of 2.81.

Qorvo (NASDAQ:QRVO - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The semiconductor company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.62 by $0.30. The company had revenue of $818.80 million for the quarter, compared to the consensus estimate of $775.61 million. Qorvo had a return on equity of 12.63% and a net margin of 2.21%. Qorvo's quarterly revenue was down 7.7% on a year-over-year basis. During the same period last year, the business posted $0.87 EPS. As a group, equities analysts expect that Qorvo, Inc. will post 4.09 EPS for the current year.

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.