Ground Swell Capital LLC Makes New Investment in Qorvo, Inc. $QRVO

Key Points

• Ground Swell Capital LLC recently acquired 3,032 shares of Qorvo, Inc., valued at approximately $220,000, marking a new stake for the firm.
• Analysts have set new price targets for Qorvo, with Needham & Company raising their target from $90.00 to $104.00 while maintaining a "buy" rating.
• Qorvo reported earnings of $0.92 per share for the last quarter, exceeding expectations, although revenue fell 7.7% compared to the same quarter last year.

Ground Swell Capital LLC acquired a new position in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 3,032 shares of the semiconductor company's stock, valued at approximately $220,000.

A number of other institutional investors and hedge funds have also made changes to their positions in QRVO. Ameriprise Financial Inc. grew its position in shares of Qorvo by 102.0% during the fourth quarter. Ameriprise Financial Inc. now owns 3,597,546 shares of the semiconductor company's stock worth $251,577,000 after buying an additional 1,816,811 shares in the last quarter. Vulcan Value Partners LLC grew its position in shares of Qorvo by 53.7% during the fourth quarter. Vulcan Value Partners LLC now owns 2,581,296 shares of the semiconductor company's stock worth $180,487,000 after buying an additional 902,353 shares in the last quarter. Voloridge Investment Management LLC acquired a new position in shares of Qorvo during the fourth quarter worth about $29,650,000. LSV Asset Management grew its position in shares of Qorvo by 114.4% during the first quarter. LSV Asset Management now owns 634,381 shares of the semiconductor company's stock worth $45,936,000 after buying an additional 338,521 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in shares of Qorvo by 484.4% during the first quarter. Victory Capital Management Inc. now owns 336,846 shares of the semiconductor company's stock worth $24,391,000 after buying an additional 279,211 shares in the last quarter. 88.57% of the stock is owned by institutional investors and hedge funds.

Qorvo Stock Performance

Shares of Qorvo stock traded down $0.10 during trading hours on Monday, hitting $89.25. 1,149,012 shares of the company were exchanged, compared to its average volume of 2,402,847. Qorvo, Inc. has a 1 year low of $49.46 and a 1 year 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 business has a 50-day moving average of $85.37 and a 200-day moving average of $76.25. The stock has a market capitalization of $8.27 billion, a price-to-earnings ratio of 105.00, a P/E/G ratio of 1.74 and a beta of 1.35.

Qorvo (NASDAQ:QRVO - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The semiconductor company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.62 by $0.30. Qorvo had a return on equity of 12.63% and a net margin of 2.21%. The business 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 business earned $0.87 earnings per share. The company's quarterly revenue was down 7.7% compared to the same quarter last year. As a group, analysts expect that Qorvo, Inc. will post 4.09 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on QRVO shares. Citigroup reissued a "sell" rating on shares of Qorvo in a research report on Tuesday, June 10th. Needham & Company LLC boosted their target price on Qorvo from $90.00 to $104.00 and gave the stock a "buy" rating in a research note on Wednesday, July 30th. The Goldman Sachs Group began coverage on Qorvo in a research note on Thursday, July 10th. They set a "neutral" rating and a $90.00 target price for the company. Loop Capital boosted their target price on Qorvo from $75.00 to $90.00 and gave the stock a "hold" rating in a research note on Wednesday, July 30th. Finally, Stifel Nicolaus set a $88.00 target price on Qorvo and gave the stock a "hold" rating in a research note on Wednesday, July 30th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average 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.