Chicago Partners Investment Group LLC Takes $318,000 Position in Qorvo, Inc. (NASDAQ:QRVO)

Key Points

• Chicago Partners Investment Group LLC has acquired 4,466 shares of Qorvo, Inc., with an approximate value of $318,000, marking a new investment position in the semiconductor company during Q1.
• Qorvo reported earnings of $0.92 per share for the last quarter, exceeding analysts' expectations of $0.62, although its quarterly revenue declined by 7.7% year-over-year.
• Current analyst ratings reflect a mixed sentiment, with ten hold ratings, five buy ratings, and one strong buy, resulting in an average rating of "Hold" and a consensus price target of $95.35.

Chicago Partners Investment Group LLC bought a new stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 4,466 shares of the semiconductor company's stock, valued at approximately $318,000.

Several other large investors have also recently bought and sold shares of QRVO. Signaturefd LLC grew its holdings in shares of Qorvo by 34.6% during the first quarter. Signaturefd LLC now owns 662 shares of the semiconductor company's stock worth $48,000 after purchasing an additional 170 shares during the last quarter. Larson Financial Group LLC grew its holdings in shares of Qorvo by 222.6% during 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 during the last quarter. City Holding Co. purchased a new position in shares of Qorvo during the first quarter worth about $25,000. Curat Global LLC purchased a new position in shares of Qorvo during the first quarter worth about $34,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Qorvo during the first quarter worth about $34,000. Hedge funds and other institutional investors own 88.57% of the company's stock.

Qorvo Stock Performance

QRVO traded down $1.31 during trading on Friday, reaching $89.35. The company's stock had a trading volume of 1,268,208 shares, compared to its average volume of 1,979,171. Qorvo, Inc. has a 52-week low of $49.46 and a 52-week high of $117.90. The company's fifty day moving average price is $85.37 and its 200-day moving average price is $76.37. The company has a market capitalization of $8.28 billion, a price-to-earnings ratio of 105.12, a price-to-earnings-growth ratio of 1.77 and a beta of 1.35. 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 announced its quarterly earnings data 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 company had revenue of $818.80 million for the quarter, compared to analyst estimates of $775.61 million. During the same quarter in the previous year, the company earned $0.87 EPS. The firm's revenue for the quarter was down 7.7% compared to the same quarter last year. On average, equities analysts forecast that Qorvo, Inc. will post 4.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

QRVO has been the topic of several research reports. Loop Capital raised their price objective on Qorvo from $75.00 to $90.00 and gave the stock a "hold" rating in a report on Wednesday, July 30th. Stifel Nicolaus set a $88.00 price objective on Qorvo and gave the stock a "hold" rating in a report on Wednesday, July 30th. UBS Group set a $100.00 price target on Qorvo and gave the stock a "neutral" rating in a report on Wednesday, July 30th. Needham & Company LLC raised their price target on Qorvo from $90.00 to $104.00 and gave the stock a "buy" rating in a report on Wednesday, July 30th. Finally, Citigroup reissued a "sell" rating on shares of Qorvo in a report on Tuesday, June 10th. Three analysts have rated the stock with a sell rating, ten have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target 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.