Heartland Advisors Inc. Takes $5.87 Million Position in Qorvo, Inc. (NASDAQ:QRVO)

Key Points

• Heartland Advisors Inc. acquired a new position in Qorvo, Inc. worth approximately $5.87 million, purchasing 81,023 shares in the first quarter.
• Qorvo reported earnings of $1.42 per share for the last quarter, exceeding analyst expectations and revealing a 7.6% revenue decline year-over-year.
• Brokerage analysts have mixed ratings for Qorvo, with the consensus rating being "Hold" and an average price target of $91.79.

Heartland Advisors Inc. purchased a new stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 81,023 shares of the semiconductor company's stock, valued at approximately $5,867,000. Heartland Advisors Inc. owned 0.09% of Qorvo as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of QRVO. Ameriprise Financial Inc. increased its position in shares of Qorvo by 102.0% in the fourth quarter. Ameriprise Financial Inc. now owns 3,597,546 shares of the semiconductor company's stock worth $251,577,000 after acquiring an additional 1,816,811 shares in the last quarter. Norges Bank acquired a new position in Qorvo in the 4th quarter worth approximately $71,825,000. Vulcan Value Partners LLC grew its position in Qorvo by 53.7% during the 4th quarter. Vulcan Value Partners LLC now owns 2,581,296 shares of the semiconductor company's stock worth $180,487,000 after purchasing an additional 902,353 shares in the last quarter. Voloridge Investment Management LLC acquired a new stake in Qorvo during the 4th quarter valued at $29,650,000. Finally, Victory Capital Management Inc. lifted its holdings in shares of Qorvo by 484.4% in the first quarter. Victory Capital Management Inc. now owns 336,846 shares of the semiconductor company's stock valued at $24,391,000 after purchasing an additional 279,211 shares in the last quarter. Hedge funds and other institutional investors own 88.57% of the company's stock.

Qorvo Trading Down 1.1%

Qorvo stock opened at $85.28 on Friday. Qorvo, Inc. has a 52 week low of $49.46 and a 52 week high of $124.87. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.95 and a current ratio of 2.77. The firm has a market capitalization of $7.92 billion, a PE ratio of 147.04, a PEG ratio of 2.30 and a beta of 1.39. The business's 50-day simple moving average is $82.48 and its 200-day simple moving average is $75.73.

Qorvo (NASDAQ:QRVO - Get Free Report) last released its earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.00 by $0.42. Qorvo had a return on equity of 12.48% and a net margin of 1.50%. The firm had revenue of $869.47 million for the quarter, compared to analyst estimates of $850.13 million. During the same quarter last year, the firm posted $1.39 EPS. The company's revenue was down 7.6% on a year-over-year basis. Equities research analysts forecast that Qorvo, Inc. will post 4.09 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have recently commented on QRVO. Wall Street Zen cut Qorvo from a "buy" rating to a "hold" rating in a research report on Saturday, June 7th. TD Cowen decreased their price objective on Qorvo from $90.00 to $80.00 and set a "hold" rating for the company in a research report on Wednesday, April 30th. Susquehanna lifted their target price on Qorvo from $75.00 to $90.00 and gave the company a "neutral" rating in a research note on Tuesday. Loop Capital reduced their price target on shares of Qorvo from $90.00 to $75.00 and set a "hold" rating for the company in a research report on Wednesday, April 30th. Finally, Piper Sandler restated an "overweight" rating and set a $110.00 price target on shares of Qorvo in a report on Friday, June 27th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $91.79.

Insider Activity

In related news, Director John R. Harding sold 1,450 shares of the company's stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $70.09, for a total transaction of $101,630.50. Following the completion of the transaction, the director directly owned 7,597 shares in the company, valued at $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 is available through this link. Insiders own 0.41% of the company's stock.

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.

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