IFP Advisors Inc decreased its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 63.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,286 shares of the semiconductor company's stock after selling 5,652 shares during the period. IFP Advisors Inc's holdings in Qorvo were worth $239,000 at the end of the most recent reporting period.
Other hedge funds have also bought and sold shares of the company. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Qorvo in the first quarter valued at approximately $34,000. Victory Capital Management Inc. boosted its holdings in 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 during the last quarter. Larson Financial Group LLC grew its position in Qorvo by 222.6% during the first quarter. Larson Financial Group LLC now owns 429 shares of the semiconductor company's stock valued at $31,000 after buying an additional 296 shares during the period. Signaturefd LLC raised its position in shares of Qorvo by 34.6% during the 1st quarter. Signaturefd LLC now owns 662 shares of the semiconductor company's stock worth $48,000 after purchasing an additional 170 shares during the last quarter. Finally, Sage Rhino Capital LLC acquired a new position in Qorvo during the first quarter worth about $332,000. Institutional investors own 88.57% of the company's stock.
Qorvo Stock Down 2.9%
Shares of NASDAQ:QRVO traded down $2.49 during mid-day trading on Thursday, hitting $84.01. 366,616 shares of the company traded hands, compared to its average volume of 2,456,702. The stock has a market cap of $7.80 billion, a P/E ratio of 98.64, a P/E/G ratio of 2.26 and a beta of 1.39. The company has a current ratio of 2.77, a quick ratio of 1.95 and a debt-to-equity ratio of 0.46. Qorvo, Inc. has a 12-month low of $49.46 and a 12-month high of $121.94. The stock has a 50-day moving average price of $82.90 and a two-hundred day moving average price of $75.99.
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, 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 12.67% and a net margin of 2.21%. The firm's revenue was down 7.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.87 earnings per share. On average, equities research analysts forecast that Qorvo, Inc. will post 4.09 earnings per share for the current year.
Insider Buying and Selling
In related news, Director John R. Harding sold 1,450 shares of the firm's stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $70.09, for a total value of $101,630.50. Following the transaction, the director directly owned 7,597 shares of the company's stock, valued at approximately $532,473.73. This trade represents a 16.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.41% of the company's stock.
Analyst Upgrades and Downgrades
Several analysts have recently weighed in on the stock. Needham & Company LLC increased their price target on shares of Qorvo from $90.00 to $104.00 and gave the company a "buy" rating in a research note on Wednesday. Mizuho set a $84.00 target price on shares of Qorvo and gave the company a "neutral" rating in a report on Tuesday, July 1st. The Goldman Sachs Group initiated coverage on shares of Qorvo in a research report on Thursday, July 10th. They set a "neutral" rating and a $90.00 target price for the company. UBS Group boosted their price objective on shares of Qorvo from $95.00 to $100.00 and gave the company a "neutral" rating in a research report on Wednesday. Finally, Stifel Nicolaus set a $88.00 price objective on shares of Qorvo and gave the stock a "hold" rating in a research note on Wednesday. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Qorvo has a consensus rating of "Hold" and a consensus target price of $98.74.
Get Our Latest Stock Analysis on QRVO
About Qorvo
(
Free Report)
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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