4,466 Shares in Qorvo, Inc. (NASDAQ:QRVO) Bought by Chicago Partners Investment Group LLC

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 purchased a new stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm purchased 4,466 shares of the semiconductor company's stock, valued at approximately $318,000.

Other hedge funds have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC raised its position in shares of Qorvo by 10.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,561 shares of the semiconductor company's stock valued at $547,000 after acquiring an additional 717 shares during the period. Teacher Retirement System of Texas acquired a new stake in shares of Qorvo in the 1st quarter valued at approximately $963,000. Allspring Global Investments Holdings LLC raised its position in shares of Qorvo by 36.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 38,576 shares of the semiconductor company's stock valued at $2,786,000 after acquiring an additional 10,209 shares during the period. Cetera Investment Advisers raised its position in shares of Qorvo by 22.3% in the 4th quarter. Cetera Investment Advisers now owns 10,364 shares of the semiconductor company's stock valued at $725,000 after acquiring an additional 1,892 shares during the period. Finally, GAMMA Investing LLC raised its position in shares of Qorvo by 99.1% in the 1st quarter. GAMMA Investing LLC now owns 3,665 shares of the semiconductor company's stock valued at $265,000 after acquiring an additional 1,824 shares during the period. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Piper Sandler increased their price target on shares of Qorvo from $110.00 to $125.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. TD Cowen increased their price target on shares of Qorvo from $80.00 to $95.00 and gave the company a "hold" rating in a research report on Wednesday, July 30th. Stifel Nicolaus set a $88.00 price target on shares of Qorvo and gave the company a "hold" rating in a research report on Wednesday, July 30th. UBS Group set a $100.00 target price on shares of Qorvo and gave the stock a "neutral" rating in a report on Wednesday, July 30th. Finally, Susquehanna restated a "neutral" rating and set a $95.00 target price (up from $90.00) on shares of Qorvo in a report on Wednesday, July 30th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $95.35.

Qorvo Stock Up 0.4%

Shares of QRVO traded up $0.37 during mid-day trading on Wednesday, hitting $90.14. 1,656,233 shares of the company's stock were exchanged, compared to its average volume of 1,969,317. The company has a market cap of $8.35 billion, a PE ratio of 106.05, a P/E/G ratio of 1.75 and a beta of 1.35. Qorvo, Inc. has a 52 week low of $49.46 and a 52 week high of $117.90. The company has a 50-day simple moving average of $84.90 and a 200 day simple 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.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its quarterly earnings results 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 company 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%. The business's quarterly revenue was down 7.7% on a year-over-year basis. During the same period last year, the business earned $0.87 EPS. On average, research analysts forecast that Qorvo, Inc. will post 4.09 earnings per share for the current fiscal year.

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.