Qorvo, Inc. $QRVO Shares Acquired by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. increased its holdings in Qorvo, Inc. by 7.0% in the first quarter, now owning approximately 0.95% of the company, valued at $64.36 million.
• Multiple analysts have raised their target prices for Qorvo, with Benchmark increasing it from $95.00 to $125.00 and Needham & Company upped theirs to $104.00, reflecting strong market interest.
• Qorvo reported earnings of $0.92 per share for the last quarter, exceeding expectations, but faced a 7.7% year-over-year revenue decline.

Charles Schwab Investment Management Inc. grew its position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 7.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 888,814 shares of the semiconductor company's stock after acquiring an additional 57,838 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.95% of Qorvo worth $64,359,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. City Holding Co. bought a new stake in Qorvo in the first quarter worth about $25,000. Larson Financial Group LLC raised its holdings 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 buying an additional 296 shares during the period. Curat Global LLC bought a new stake in shares of Qorvo during the 1st quarter worth approximately $34,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Qorvo during the 1st quarter worth approximately $34,000. Finally, Signaturefd LLC boosted its holdings in Qorvo by 34.6% during the 1st quarter. Signaturefd LLC now owns 662 shares of the semiconductor company's stock valued at $48,000 after acquiring an additional 170 shares during the period. Institutional investors own 88.57% of the company's stock.

Qorvo Stock Up 0.1%

Qorvo stock traded up $0.11 during trading hours on Tuesday, reaching $89.36. The stock had a trading volume of 92,380 shares, compared to its average volume of 2,387,920. The company has a market cap of $8.28 billion, a price-to-earnings ratio of 105.22, a PEG ratio of 1.74 and a beta of 1.35. The business's 50 day moving average price is $85.53 and its 200-day moving average price is $76.30. Qorvo, Inc. has a 52 week low of $49.46 and a 52 week high of $117.90. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.81 and a quick ratio of 2.01.

Qorvo (NASDAQ:QRVO - Get Free Report) last posted 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 firm had revenue of $818.80 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.87 EPS. Sell-side analysts anticipate that Qorvo, Inc. will post 4.09 EPS for the current year.

Analyst Upgrades and Downgrades

QRVO has been the topic of a number of recent analyst reports. UBS Group set a $100.00 target price on Qorvo and gave the stock a "neutral" rating in a research note on Wednesday, July 30th. The Goldman Sachs Group assumed coverage on shares of Qorvo in a research note on Thursday, July 10th. They issued a "neutral" rating and a $90.00 price target on the stock. Benchmark boosted their price objective on shares of Qorvo from $95.00 to $125.00 and gave the company a "buy" rating in a research report on Wednesday, July 30th. Wall Street Zen raised shares of Qorvo from a "hold" rating to a "strong-buy" rating in a research report on Saturday, August 2nd. Finally, TD Cowen lifted their price target on shares of Qorvo from $80.00 to $95.00 and gave the company a "hold" rating in a research note on Wednesday, July 30th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $95.35.

About Qorvo

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.