Qorvo, Inc. (NASDAQ:QRVO) Shares Acquired by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Qorvo, Inc. by 125.4%, acquiring an additional 266,332 shares, bringing its total ownership to 478,742 shares valued at approximately $34.67 million.
• Several institutional investors have recently changed their positions in Qorvo, with 88.57% of the company's stock now owned by such investors.
• Qorvo reported an EPS of $0.92 for the last quarter, exceeding analyst expectations, though revenue decreased by 7.7% compared to the same quarter last year.

Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 125.4% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 478,742 shares of the semiconductor company's stock after buying an additional 266,332 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.51% of Qorvo worth $34,666,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. City Holding Co. purchased a new position in Qorvo during the 1st quarter valued at about $25,000. Larson Financial Group LLC increased its position in Qorvo by 222.6% during the 1st quarter. Larson Financial Group LLC now owns 429 shares of the semiconductor company's stock valued at $31,000 after buying an additional 296 shares in the last quarter. Curat Global LLC purchased a new stake in Qorvo in the first quarter valued at about $34,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Qorvo in the first quarter worth about $34,000. Finally, Signaturefd LLC increased 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 valued at $48,000 after acquiring an additional 170 shares in the last quarter. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Qorvo Price Performance

NASDAQ:QRVO traded down $0.78 during trading hours on Thursday, hitting $89.37. 256,686 shares of the stock were exchanged, compared to its average volume of 2,412,111. The firm's fifty day moving average price is $84.90 and its 200 day moving average price is $76.33. Qorvo, Inc. has a 52-week low of $49.46 and a 52-week high of $117.90. 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 company has a market cap of $8.28 billion, a P/E ratio of 104.91, a P/E/G ratio of 1.75 and a beta of 1.35.

Qorvo (NASDAQ:QRVO - Get Free Report) last posted 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. Qorvo had a net margin of 2.21% and a return on equity of 12.63%. The firm had revenue of $818.80 million for the quarter, compared to the consensus estimate of $775.61 million. During the same period last year, the firm posted $0.87 earnings per share. The company's revenue for the quarter was down 7.7% on a year-over-year basis. As a group, equities research analysts anticipate that Qorvo, Inc. will post 4.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on QRVO. Mizuho set a $84.00 target price on shares of Qorvo and gave the stock a "neutral" rating in a research report on Tuesday, July 1st. Loop Capital increased their price objective on Qorvo from $75.00 to $90.00 and gave the company a "hold" rating in a report on Wednesday, July 30th. Needham & Company LLC raised their target price on shares of Qorvo from $90.00 to $104.00 and gave the stock a "buy" rating in a report on Wednesday, July 30th. The Goldman Sachs Group began coverage on shares of Qorvo in a research report on Thursday, July 10th. They set a "neutral" rating and a $90.00 target price for the company. Finally, Wall Street Zen raised Qorvo from a "hold" rating to a "strong-buy" rating in a research report on Saturday, August 2nd. Three investment 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. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target 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.