Mackenzie Financial Corp Purchases 22,398 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Mackenzie Financial Corp raised its position in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 94.5% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 46,101 shares of the semiconductor company's stock after purchasing an additional 22,398 shares during the quarter. Mackenzie Financial Corp's holdings in Qorvo were worth $3,224,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in QRVO. Neo Ivy Capital Management acquired a new stake in shares of Qorvo during the fourth quarter worth $1,435,000. GTS Securities LLC boosted its position in Qorvo by 7.5% during the fourth quarter. GTS Securities LLC now owns 11,016 shares of the semiconductor company's stock valued at $770,000 after acquiring an additional 772 shares during the last quarter. CSS LLC IL grew its holdings in Qorvo by 11.9% during the 4th quarter. CSS LLC IL now owns 4,714 shares of the semiconductor company's stock worth $330,000 after acquiring an additional 500 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Qorvo by 20.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 682,076 shares of the semiconductor company's stock worth $47,698,000 after acquiring an additional 117,053 shares during the period. Finally, Voloridge Investment Management LLC bought a new position in shares of Qorvo in the 4th quarter worth about $29,650,000. Institutional investors own 88.57% of the company's stock.

Qorvo Stock Up 3.8%

NASDAQ QRVO traded up $2.89 on Tuesday, reaching $79.26. The company had a trading volume of 3,270,735 shares, compared to its average volume of 2,220,670. The company has a quick ratio of 1.78, a current ratio of 2.60 and a debt-to-equity ratio of 0.46. The company's fifty day moving average is $68.08 and its 200 day moving average is $71.89. Qorvo, Inc. has a 52-week low of $49.46 and a 52-week high of $130.99. The stock has a market capitalization of $7.37 billion, a P/E ratio of 283.07, a P/E/G ratio of 15.57 and a beta of 1.38.

Qorvo (NASDAQ:QRVO - Get Free Report) last posted its earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.42. Qorvo had a net margin of 0.71% and a return on equity of 12.41%. The firm had revenue of $869.47 million during the quarter, compared to analyst estimates of $850.13 million. During the same quarter in the prior year, the business posted $1.39 EPS. The business's revenue was down 7.6% compared to the same quarter last year. Sell-side analysts anticipate that Qorvo, Inc. will post 4.09 earnings per share for the current fiscal year.

Insider Activity

In other Qorvo news, Director John R. Harding sold 1,450 shares of the business's stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $70.09, for a total value of $101,630.50. Following the transaction, the director now directly owns 7,597 shares in the company, valued at $532,473.73. The trade was a 16.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.46% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on QRVO. Loop Capital cut their target price on Qorvo from $90.00 to $75.00 and set a "hold" rating on the stock in a research report on Wednesday, April 30th. Benchmark upgraded Qorvo from a "hold" rating to a "buy" rating and set a $95.00 price target on the stock in a report on Wednesday, April 30th. TD Cowen lowered their price objective on shares of Qorvo from $90.00 to $80.00 and set a "hold" rating for the company in a research note on Wednesday, April 30th. Barclays boosted their target price on shares of Qorvo from $60.00 to $70.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 30th. Finally, Wall Street Zen raised shares of Qorvo from a "hold" rating to a "buy" rating in a research note on Saturday, May 24th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $91.21.

Qorvo 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.