Illinois Municipal Retirement Fund Has $10.11 Million Stock Position in Qorvo, Inc. (NASDAQ:QRVO)

Illinois Municipal Retirement Fund grew its stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 463.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 139,638 shares of the semiconductor company's stock after purchasing an additional 114,857 shares during the quarter. Illinois Municipal Retirement Fund owned approximately 0.15% of Qorvo worth $10,111,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Golden State Wealth Management LLC lifted its position in Qorvo by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 1,988 shares of the semiconductor company's stock worth $144,000 after acquiring an additional 994 shares during the last quarter. Lecap Asset Management Ltd. acquired a new stake in Qorvo during the 1st quarter worth approximately $1,218,000. Steph & Co. bought a new stake in Qorvo in the 1st quarter valued at $111,000. United Advisor Group LLC bought a new stake in Qorvo in the 1st quarter valued at $351,000. Finally, Clarius Group LLC acquired a new position in Qorvo in the 1st quarter valued at $240,000. Institutional investors and hedge funds own 88.57% of the company's stock.

Insider Transactions at Qorvo

In related news, Director John R. Harding sold 1,450 shares of the business's stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $70.09, for a total transaction of $101,630.50. Following the sale, the director now owns 7,597 shares in the company, valued at $532,473.73. The trade was a 16.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.46% of the company's stock.

Wall Street Analyst Weigh In

QRVO has been the subject of a number of recent research reports. Needham & Company LLC reduced their target price on shares of Qorvo from $100.00 to $90.00 and set a "buy" rating for the company in a research report on Wednesday, April 30th. Barclays boosted their price objective on shares of Qorvo from $60.00 to $70.00 and gave the company an "equal weight" rating in a report on Wednesday, April 30th. TD Cowen lowered their target price on shares of Qorvo from $90.00 to $80.00 and set a "hold" rating on the stock in a report on Wednesday, April 30th. 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 report on Wednesday, April 30th. Finally, Loop Capital reduced their price target on Qorvo from $90.00 to $75.00 and set a "hold" rating on the stock in a research report on Wednesday, April 30th. 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. According to MarketBeat, Qorvo currently has an average rating of "Hold" and a consensus target price of $91.21.

Qorvo Price Performance

Qorvo stock traded up $0.86 during midday trading on Friday, reaching $83.85. The company's stock had a trading volume of 2,836,284 shares, compared to its average volume of 2,238,176. The stock has a market cap of $7.80 billion, a PE ratio of 144.57, a price-to-earnings-growth ratio of 2.23 and a beta of 1.37. 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 52 week low of $49.46 and a 52 week high of $130.99. The business has a 50-day moving average price of $75.45 and a 200-day moving average price of $73.44.

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

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.