Connor Clark & Lunn Investment Management Ltd. Boosts Holdings in Qorvo, Inc. (NASDAQ:QRVO)

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. boosted its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 125.4% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 478,742 shares of the semiconductor company's stock after purchasing an additional 266,332 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.51% of Qorvo worth $34,666,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Signaturefd LLC lifted its holdings in shares of Qorvo by 34.6% in the first quarter. Signaturefd LLC now owns 662 shares of the semiconductor company's stock valued at $48,000 after buying an additional 170 shares during the period. Larson Financial Group LLC raised its position 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 period. City Holding Co. acquired a new stake in shares of Qorvo during the first quarter worth $25,000. Curat Global LLC acquired a new stake in shares of Qorvo during the first quarter worth $34,000. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new position in Qorvo during the first quarter valued at $34,000. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on QRVO. The Goldman Sachs Group initiated coverage on Qorvo in a research report on Thursday, July 10th. They issued a "neutral" rating and a $90.00 target price on the stock. Benchmark increased their target price on Qorvo from $95.00 to $125.00 and gave the company a "buy" rating in a research note on Wednesday, July 30th. Craig Hallum reaffirmed a "buy" rating on shares of Qorvo in a report on Wednesday, July 30th. Needham & Company LLC upped their price target on Qorvo from $90.00 to $104.00 and gave the company a "buy" rating in a report on Wednesday, July 30th. Finally, Piper Sandler increased their target price on Qorvo from $110.00 to $125.00 and gave the stock an "overweight" rating in a report on Wednesday, July 30th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $95.35.

Qorvo Stock Up 3.2%

Shares of QRVO traded up $2.79 during mid-day trading on Tuesday, hitting $89.77. The company's stock had a trading volume of 1,500,852 shares, compared to its average volume of 1,958,826. The company's 50-day moving average is $84.68 and its 200-day moving average is $76.23. Qorvo, Inc. has a 52-week low of $49.46 and a 52-week high of $117.90. The firm has a market capitalization of $8.32 billion, a price-to-earnings ratio of 105.61, a PEG ratio of 1.70 and a beta of 1.35. The company has a current ratio of 2.81, a quick ratio of 2.01 and a debt-to-equity ratio of 0.45.

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

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.