Qorvo, Inc. (NASDAQ:QRVO) Holdings Lifted by Alberta Investment Management Corp

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 lifted its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 135.2% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 85,600 shares of the semiconductor company's stock after acquiring an additional 49,201 shares during the period. Alberta Investment Management Corp owned approximately 0.09% of Qorvo worth $6,198,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Ameriprise Financial Inc. grew its stake in shares of Qorvo by 102.0% during the 4th quarter. Ameriprise Financial Inc. now owns 3,597,546 shares of the semiconductor company's stock worth $251,577,000 after purchasing an additional 1,816,811 shares during the period. Vulcan Value Partners LLC boosted its stake in shares of Qorvo by 53.7% during the 4th quarter. Vulcan Value Partners LLC now owns 2,581,296 shares of the semiconductor company's stock worth $180,487,000 after acquiring an additional 902,353 shares in the last quarter. Voloridge Investment Management LLC purchased a new position in shares of Qorvo in the 4th quarter valued at about $29,650,000. Victory Capital Management Inc. raised its holdings in Qorvo by 484.4% in the 1st quarter. Victory Capital Management Inc. now owns 336,846 shares of the semiconductor company's stock worth $24,391,000 after purchasing an additional 279,211 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in Qorvo by 22.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,419,698 shares of the semiconductor company's stock worth $99,280,000 after purchasing an additional 264,167 shares during the period. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Qorvo Stock Performance

Shares of NASDAQ QRVO traded down $0.76 during midday trading on Wednesday, reaching $84.19. 1,243,734 shares of the company were exchanged, compared to its average volume of 2,453,351. The stock has a fifty day simple moving average of $83.61 and a 200 day simple moving average of $76.24. The company has a current ratio of 2.81, a quick ratio of 2.01 and a debt-to-equity ratio of 0.45. The stock has a market cap of $7.80 billion, a P/E ratio of 99.05, a PEG ratio of 1.66 and a beta of 1.35. Qorvo, Inc. has a 1 year low of $49.46 and a 1 year high of $117.90.

Qorvo (NASDAQ:QRVO - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The semiconductor company reported $0.92 earnings per share for the quarter, beating analysts' consensus estimates of $0.62 by $0.30. Qorvo had a return on equity of 12.63% and a net margin of 2.21%. The business had revenue of $818.80 million during the quarter, compared to analysts' expectations of $775.61 million. During the same quarter last year, the business posted $0.87 earnings per share. The business's revenue for the quarter was down 7.7% on a year-over-year basis. On average, research analysts forecast that Qorvo, Inc. will post 4.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

QRVO has been the subject of a number of recent analyst reports. Susquehanna restated a "neutral" rating and issued a $95.00 price objective (up from $90.00) on shares of Qorvo in a research report on Wednesday, July 30th. Mizuho set a $84.00 target price on shares of Qorvo and gave the company a "neutral" rating in a research report on Tuesday, July 1st. Needham & Company LLC lifted their target price on Qorvo from $90.00 to $104.00 and gave the company a "buy" rating in a report on Wednesday, July 30th. Benchmark lifted their price objective on Qorvo from $95.00 to $125.00 and gave the company a "buy" rating in a research note on Wednesday, July 30th. Finally, The Goldman Sachs Group started coverage on shares of Qorvo in a research note on Thursday, July 10th. They set a "neutral" rating and a $90.00 target price on the stock. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $95.35.

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.