GAMMA Investing LLC Raises Position in Qorvo, Inc. (NASDAQ:QRVO)

GAMMA Investing LLC increased its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 14,315.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 265,383 shares of the semiconductor company's stock after acquiring an additional 263,542 shares during the quarter. GAMMA Investing LLC owned approximately 0.28% of Qorvo worth $19,216,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Alexander Randolph Advisory Inc. raised its stake in shares of Qorvo by 1.0% during the 4th quarter. Alexander Randolph Advisory Inc. now owns 13,592 shares of the semiconductor company's stock worth $950,000 after purchasing an additional 140 shares during the period. Huntington National Bank increased its holdings in Qorvo by 47.1% during the fourth quarter. Huntington National Bank now owns 453 shares of the semiconductor company's stock worth $32,000 after buying an additional 145 shares during the last quarter. Truvestments Capital LLC raised its position in Qorvo by 7.2% in the fourth quarter. Truvestments Capital LLC now owns 2,768 shares of the semiconductor company's stock worth $194,000 after acquiring an additional 185 shares during the period. Venturi Wealth Management LLC boosted its stake in Qorvo by 67.4% in the fourth quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company's stock valued at $43,000 after acquiring an additional 250 shares during the last quarter. Finally, Arizona State Retirement System boosted its stake in Qorvo by 1.2% in the fourth quarter. Arizona State Retirement System now owns 27,541 shares of the semiconductor company's stock valued at $1,926,000 after acquiring an additional 315 shares during the last quarter. 88.57% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director John R. Harding sold 1,450 shares of the company's stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $70.09, for a total value of $101,630.50. Following the completion of the transaction, the director now directly owns 7,597 shares in the company, valued at approximately $532,473.73. This represents a 16.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.46% of the company's stock.

Qorvo Price Performance

Shares of QRVO traded up $0.46 during mid-day trading on Friday, reaching $78.58. 1,015,282 shares of the stock traded hands, compared to its average volume of 2,229,516. The company has a market cap of $7.31 billion, a price-to-earnings ratio of 280.64, a price-to-earnings-growth ratio of 15.57 and a beta of 1.37. Qorvo, Inc. has a 1 year low of $49.46 and a 1 year high of $130.99. The firm has a fifty day moving average price of $68.48 and a 200 day moving average price of $72.11. The company has a current ratio of 2.60, a quick ratio of 1.78 and a debt-to-equity ratio of 0.46.

Qorvo (NASDAQ:QRVO - Get Free Report) last posted its earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 EPS for the quarter, topping the consensus estimate of $1.00 by $0.42. The business had revenue of $869.47 million during the quarter, compared to analysts' expectations of $850.13 million. Qorvo had a return on equity of 12.41% and a net margin of 0.71%. The firm's revenue was down 7.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.39 earnings per share. As a group, equities research analysts predict that Qorvo, Inc. will post 4.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on QRVO shares. Benchmark upgraded shares of Qorvo from a "hold" rating to a "buy" rating and set a $95.00 price target for the company in a research note on Wednesday, April 30th. Barclays raised their target price on Qorvo from $60.00 to $70.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 30th. Stifel Nicolaus set a $75.00 price target on Qorvo in a research note on Monday, April 28th. Loop Capital decreased their price objective on Qorvo from $90.00 to $75.00 and set a "hold" rating for the company in a report on Wednesday, April 30th. Finally, Needham & Company LLC dropped their price objective on shares of Qorvo from $100.00 to $90.00 and set a "buy" rating on the stock in a report on Wednesday, April 30th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $91.21.

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.