Mirae Asset Global Investments Co. Ltd. Acquires 9,375 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Mirae Asset Global Investments Co. Ltd. boosted its holdings in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 7.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 134,169 shares of the semiconductor company's stock after acquiring an additional 9,375 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned 0.14% of Qorvo worth $9,593,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. City Holding Co. purchased a new position in shares of Qorvo during the first quarter valued at approximately $25,000. Rakuten Securities Inc. purchased a new stake in Qorvo in the fourth quarter worth approximately $28,000. Huntington National Bank grew its position in Qorvo by 47.1% in the 4th quarter. Huntington National Bank now owns 453 shares of the semiconductor company's stock worth $32,000 after purchasing an additional 145 shares during the period. Curat Global LLC purchased a new stake in Qorvo during the 1st quarter valued at $34,000. Finally, SBI Securities Co. Ltd. purchased a new stake in Qorvo during the 4th quarter valued at $37,000. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Qorvo Price Performance

QRVO traded down $3.93 on Friday, hitting $84.35. 1,361,276 shares of the company's stock traded hands, compared to its average volume of 2,241,836. The company's 50 day simple moving average is $77.92 and its 200-day simple moving average is $73.95. 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 one year low of $49.46 and a one year high of $130.99. The firm has a market cap of $7.83 billion, a price-to-earnings ratio of 145.43, a P/E/G ratio of 2.37 and a beta of 1.39.

Qorvo (NASDAQ:QRVO - Get Free Report) last released its quarterly earnings data 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. Qorvo had a net margin of 1.50% and a return on equity of 12.48%. The firm had revenue of $869.47 million for the quarter, compared to analysts' expectations of $850.13 million. During the same quarter last year, the business posted $1.39 earnings per share. The company's revenue for the quarter was down 7.6% compared to the same quarter last year. As a group, research analysts anticipate that Qorvo, Inc. will post 4.09 EPS for the current year.

Insider Activity at Qorvo

In other news, Director John R. Harding sold 1,450 shares of Qorvo 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 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 SEC, which can be accessed through this hyperlink. 0.41% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

QRVO has been the subject of several research analyst reports. Piper Sandler reaffirmed an "overweight" rating and issued a $110.00 price objective on shares of Qorvo in a report on Friday, June 27th. TD Cowen reduced their price target on shares of Qorvo from $90.00 to $80.00 and set a "hold" rating for the company in a research report on Wednesday, April 30th. Wall Street Zen cut shares of Qorvo from a "buy" rating to a "hold" rating in a research note on Saturday, June 7th. Stifel Nicolaus set a $75.00 target price on shares of Qorvo in a research report on Monday, April 28th. Finally, Citigroup reiterated a "sell" rating on shares of Qorvo in a research note on Tuesday, June 10th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $90.89.

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.