Lecap Asset Management Ltd. Invests $1.22 Million in Qorvo, Inc. (NASDAQ:QRVO)

Lecap Asset Management Ltd. purchased a new position in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 16,821 shares of the semiconductor company's stock, valued at approximately $1,218,000.

A number of other institutional investors have also modified their holdings of QRVO. JPMorgan Chase & Co. grew its holdings in shares of Qorvo by 16.3% during the fourth quarter. JPMorgan Chase & Co. now owns 649,631 shares of the semiconductor company's stock worth $45,429,000 after buying an additional 91,120 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Qorvo in the 4th quarter valued at approximately $1,327,000. SBI Securities Co. Ltd. purchased a new position in shares of Qorvo in the 4th quarter valued at approximately $37,000. American Century Companies Inc. raised its stake in shares of Qorvo by 5.0% during the fourth quarter. American Century Companies Inc. now owns 30,467 shares of the semiconductor company's stock worth $2,131,000 after purchasing an additional 1,443 shares during the last quarter. Finally, Mutual of America Capital Management LLC grew its position in Qorvo by 22.6% in the 4th quarter. Mutual of America Capital Management LLC now owns 14,318 shares of the semiconductor company's stock valued at $1,001,000 after buying an additional 2,638 shares during the last quarter. 88.57% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director John R. Harding sold 1,450 shares of the stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $70.09, for a total value of $101,630.50. Following the completion of the transaction, the director now owns 7,597 shares of the company's stock, valued at approximately $532,473.73. This represents a 16.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.46% of the company's stock.

Qorvo Stock Up 0.8%

Shares of NASDAQ:QRVO traded up $0.65 during mid-day trading on Friday, hitting $83.64. 668,673 shares of the company traded hands, compared to its average volume of 2,224,109. The firm has a market cap of $7.78 billion, a P/E ratio of 144.09, a PEG ratio of 2.20 and a beta of 1.37. Qorvo, Inc. has a 52-week low of $49.46 and a 52-week high of $130.99. The firm's 50 day simple moving average is $74.93 and its 200 day simple moving average is $73.31. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.95 and a current ratio of 2.77.

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

Analysts Set New Price Targets

QRVO has been the topic of a number of analyst reports. Needham & Company LLC decreased their price target on Qorvo from $100.00 to $90.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. Barclays raised their price target on Qorvo from $60.00 to $70.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 30th. Wall Street Zen cut Qorvo from a "buy" rating to a "hold" rating in a report on Saturday, June 7th. TD Cowen decreased their price objective on Qorvo from $90.00 to $80.00 and set a "hold" rating on the stock in a report on Wednesday, April 30th. Finally, Stifel Nicolaus set a $75.00 target price on Qorvo in a research note on Monday, April 28th. Three equities research 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's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $91.21.

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.