LSV Asset Management Purchases 338,521 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Key Points

• LSV Asset Management increased its stake in Qorvo, Inc. by 114.4%, bringing its total holdings to 634,381 shares worth approximately $45.94 million.
• Several other institutional investors also raised their positions in Qorvo, with 88.57% of the stock currently owned by institutional investors and hedge funds.
• Qorvo reported $0.92 earnings per share for the last quarter, exceeding the consensus estimate of $0.62, although revenue was down 7.7% year over year.

LSV Asset Management boosted its position in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 114.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 634,381 shares of the semiconductor company's stock after acquiring an additional 338,521 shares during the period. LSV Asset Management owned 0.68% of Qorvo worth $45,936,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. raised its position in shares of Qorvo by 102.0% during the fourth quarter. Ameriprise Financial Inc. now owns 3,597,546 shares of the semiconductor company's stock valued at $251,577,000 after buying an additional 1,816,811 shares during the last quarter. Vulcan Value Partners LLC raised its position in shares of Qorvo by 53.7% during the fourth quarter. Vulcan Value Partners LLC now owns 2,581,296 shares of the semiconductor company's stock valued at $180,487,000 after buying an additional 902,353 shares during the last quarter. Voloridge Investment Management LLC bought a new stake in shares of Qorvo during the fourth quarter valued at approximately $29,650,000. Victory Capital Management Inc. raised its position in shares of Qorvo by 484.4% during the first quarter. Victory Capital Management Inc. now owns 336,846 shares of the semiconductor company's stock valued at $24,391,000 after buying an additional 279,211 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Qorvo by 22.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,419,698 shares of the semiconductor company's stock valued at $99,280,000 after buying an additional 264,167 shares during the last quarter. Institutional investors own 88.57% of the company's stock.

Analysts Set New Price Targets

QRVO has been the topic of several recent analyst reports. Wall Street Zen upgraded shares of Qorvo from a "hold" rating to a "strong-buy" rating in a research report on Saturday. Benchmark lifted their price objective on shares of Qorvo from $95.00 to $125.00 and gave the company a "buy" rating in a research report on Wednesday, July 30th. Stifel Nicolaus set a $88.00 target price on shares of Qorvo and gave the company a "hold" rating in a report on Wednesday, July 30th. Craig Hallum reissued a "buy" rating on shares of Qorvo in a report on Wednesday, July 30th. Finally, Piper Sandler set a $125.00 target price on shares of Qorvo and gave the company an "overweight" rating in a report on Wednesday, July 30th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Qorvo currently has a consensus rating of "Hold" and a consensus target price of $95.35.

Insider Activity

In other news, Director John R. Harding sold 1,450 shares of the business'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 sale, the director directly owned 7,597 shares of the company's stock, valued at approximately $532,473.73. The trade was a 16.03% decrease in their ownership of the stock. 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.

Qorvo Trading Down 0.3%

NASDAQ QRVO traded down $0.22 on Tuesday, hitting $84.95. 2,145,361 shares of the stock were exchanged, compared to its average volume of 1,972,908. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.01 and a current ratio of 2.81. The stock has a fifty day moving average price of $83.61 and a two-hundred day moving average price of $76.24. The firm has a market capitalization of $7.87 billion, a P/E ratio of 99.94, a P/E/G ratio of 1.66 and a beta of 1.35. Qorvo, Inc. has a 52-week low of $49.46 and a 52-week high of $117.90.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its earnings results on Tuesday, July 29th. The semiconductor company reported $0.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.62 by $0.30. The firm had revenue of $818.80 million during the quarter, compared to analyst estimates of $775.61 million. Qorvo had a net margin of 2.21% and a return on equity of 12.63%. The business's revenue was down 7.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.87 earnings per share. Research analysts forecast that Qorvo, Inc. will post 4.09 EPS for the current fiscal year.

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.