CCM Investment Group LLC Acquires New Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Key Points

• CCM Investment Group LLC has acquired a new stake in Qorvo, Inc., purchasing 10,985 shares valued at approximately $785,000 in the first quarter.
• Several other institutional investors have also increased their holdings in Qorvo, bringing total institutional ownership to 88.57% of the company’s stock.
• Analysts have set a consensus target price of $95.35 for Qorvo shares, with ratings ranging from "sell" to "strong buy."

CCM Investment Group LLC acquired a new stake in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 10,985 shares of the semiconductor company's stock, valued at approximately $785,000.

A number of other institutional investors have also recently bought and sold shares of the company. City Holding Co. bought a new stake in shares of Qorvo in the first quarter worth $25,000. Larson Financial Group LLC lifted its position in shares of Qorvo by 222.6% in the first quarter. Larson Financial Group LLC now owns 429 shares of the semiconductor company's stock worth $31,000 after purchasing an additional 296 shares in the last quarter. Curat Global LLC bought a new stake in shares of Qorvo in the first quarter worth $34,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Qorvo in the first quarter worth $34,000. Finally, Signaturefd LLC lifted its position in shares of Qorvo by 34.6% in the first quarter. Signaturefd LLC now owns 662 shares of the semiconductor company's stock worth $48,000 after purchasing an additional 170 shares in the last quarter. Institutional investors and hedge funds own 88.57% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Needham & Company LLC boosted their price objective on shares of Qorvo from $90.00 to $104.00 and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Stifel Nicolaus set a $88.00 price objective on shares of Qorvo and gave the stock a "hold" rating in a research report on Wednesday, July 30th. Benchmark upped their price target on shares of Qorvo from $95.00 to $125.00 and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Craig Hallum reaffirmed a "buy" rating on shares of Qorvo in a research report on Wednesday, July 30th. Finally, Susquehanna reaffirmed a "neutral" rating and set a $95.00 price target (up from $90.00) on shares of Qorvo in a research report on Wednesday, July 30th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $95.35.

Qorvo Price Performance

QRVO traded up $0.37 on Wednesday, hitting $90.14. 1,656,233 shares of the stock were exchanged, compared to its average volume of 1,969,317. Qorvo, Inc. has a 12 month low of $49.46 and a 12 month high of $117.90. The business has a 50-day moving average of $84.90 and a two-hundred day moving average of $76.33. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.81 and a quick ratio of 2.01. The firm has a market capitalization of $8.35 billion, a price-to-earnings ratio of 106.05, a PEG ratio of 1.75 and a beta of 1.35.

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

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.