Ground Swell Capital LLC Acquires Shares of 3,032 Qorvo, Inc. (NASDAQ: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 stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 3,032 shares of the semiconductor company's stock, valued at approximately $220,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Boston Partners lifted its position in shares of Qorvo by 3.3% in the first quarter. Boston Partners now owns 114,375 shares of the semiconductor company's stock valued at $8,272,000 after acquiring an additional 3,666 shares in the last quarter. Russell Investments Group Ltd. lifted its position in shares of Qorvo by 28.4% in the first quarter. Russell Investments Group Ltd. now owns 220,510 shares of the semiconductor company's stock valued at $15,967,000 after acquiring an additional 48,785 shares in the last quarter. HighTower Advisors LLC lifted its position in shares of Qorvo by 1.5% in the first quarter. HighTower Advisors LLC now owns 37,743 shares of the semiconductor company's stock valued at $2,733,000 after acquiring an additional 559 shares in the last quarter. Public Sector Pension Investment Board lifted its position in Qorvo by 31.9% during the first quarter. Public Sector Pension Investment Board now owns 296,210 shares of the semiconductor company's stock worth $21,449,000 after buying an additional 71,554 shares in the last quarter. Finally, CCM Investment Group LLC purchased a new position in Qorvo during the first quarter worth approximately $785,000. Hedge funds and other institutional investors own 88.57% of the company's stock.

Qorvo Trading Up 0.4%

QRVO opened at $90.14 on Thursday. Qorvo, Inc. has a 12 month low of $49.46 and a 12 month high of $117.90. The stock has a market capitalization of $8.35 billion, a price-to-earnings ratio of 106.05, a PEG ratio of 1.75 and a beta of 1.35. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.81 and a quick ratio of 2.01. The business has a fifty day moving average price of $84.90 and a 200 day moving average price of $76.33.

Qorvo (NASDAQ:QRVO - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The semiconductor company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.30. The business had revenue of $818.80 million during the quarter, compared to analysts' expectations of $775.61 million. Qorvo had a return on equity of 12.63% and a net margin of 2.21%. The business's quarterly revenue was down 7.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.87 EPS. Sell-side analysts expect that Qorvo, Inc. will post 4.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently commented on QRVO. Craig Hallum reiterated a "buy" rating on shares of Qorvo in a research report on Wednesday, July 30th. Needham & Company LLC lifted their price objective on Qorvo from $90.00 to $104.00 and gave the stock a "buy" rating in a research report on Wednesday, July 30th. TD Cowen lifted their target price on Qorvo from $80.00 to $95.00 and gave the company a "hold" rating in a research report on Wednesday, July 30th. Susquehanna restated a "neutral" rating and issued a $95.00 target price (up previously from $90.00) on shares of Qorvo in a research report on Wednesday, July 30th. Finally, Barclays lifted their target price on Qorvo from $70.00 to $90.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 30th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $95.35.

Qorvo 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.

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