Horizon Financial Services LLC Increases Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Horizon Financial Services LLC raised its position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 7,140.8% during the first quarter, according to its most recent filing with the SEC. The firm owned 5,503 shares of the semiconductor company's stock after purchasing an additional 5,427 shares during the period. Horizon Financial Services LLC's holdings in Qorvo were worth $398,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Huntington National Bank lifted its position in shares of 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. Truvestments Capital LLC lifted its position in shares of Qorvo by 7.2% in the 4th quarter. Truvestments Capital LLC now owns 2,768 shares of the semiconductor company's stock worth $194,000 after purchasing an additional 185 shares during the period. Arizona State Retirement System lifted its position in shares of Qorvo by 1.2% in the 4th quarter. Arizona State Retirement System now owns 27,541 shares of the semiconductor company's stock worth $1,926,000 after purchasing an additional 315 shares during the period. Hillsdale Investment Management Inc. lifted its position in shares of Qorvo by 5.0% in the 4th quarter. Hillsdale Investment Management Inc. now owns 7,360 shares of the semiconductor company's stock worth $515,000 after purchasing an additional 350 shares during the period. Finally, City Holding Co. acquired a new position in shares of Qorvo during the 1st quarter valued at $25,000. Institutional investors and hedge funds own 88.57% of the company's stock.

Qorvo Stock Performance

Shares of QRVO stock traded down $3.93 during trading hours on Friday, reaching $84.35. 1,361,276 shares of the company traded hands, compared to its average volume of 2,241,836. Qorvo, Inc. has a 12-month low of $49.46 and a 12-month high of $130.99. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.77 and a quick ratio of 1.95. The company has a market cap of $7.83 billion, a P/E ratio of 145.43, a P/E/G ratio of 2.37 and a beta of 1.39. The firm has a 50-day moving average price of $77.92 and a 200 day moving average price of $73.95.

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

Wall Street Analyst Weigh In

QRVO has been the topic of a number of research reports. Mizuho set a $84.00 target price on shares of Qorvo and gave the company a "neutral" rating in a research report on Tuesday. Stifel Nicolaus set a $75.00 target price on shares of Qorvo in a research report on Monday, April 28th. Needham & Company LLC dropped their target price on shares of Qorvo from $100.00 to $90.00 and set a "buy" rating on the stock in a research report on Wednesday, April 30th. Loop Capital dropped their target price on shares of Qorvo from $90.00 to $75.00 and set a "hold" rating on the stock in a research report on Wednesday, April 30th. Finally, 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. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $90.89.

Insiders Place Their Bets

In other Qorvo news, Director John R. Harding sold 1,450 shares of the company's stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $70.09, for a total value of $101,630.50. Following the transaction, the director owned 7,597 shares of the company's stock, valued at $532,473.73. This represents a 16.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.41% of the company's stock.

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.