Qorvo, Inc. (NASDAQ:QRVO) Shares Purchased by US Bancorp DE

Key Points

• US Bancorp DE increased its position in Qorvo, Inc. by 184.0% in Q1, acquiring an additional 3,551 shares for a total of 5,481 shares valued at $397,000.
• Brokerages have recently revised their price targets for Qorvo, with Piper Sandler setting a new target of $125.00, while Barclays increased theirs to $90.00.
• In its latest quarterly earnings, Qorvo reported $0.92 EPS, exceeding expectations of $0.62 and recording $818.80 million in revenue, down 7.7% year-over-year.

US Bancorp DE raised its position in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 184.0% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,481 shares of the semiconductor company's stock after buying an additional 3,551 shares during the quarter. US Bancorp DE's holdings in Qorvo were worth $397,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of QRVO. Ameriprise Financial Inc. raised its position in shares of Qorvo by 102.0% during the 4th quarter. Ameriprise Financial Inc. now owns 3,597,546 shares of the semiconductor company's stock worth $251,577,000 after purchasing an additional 1,816,811 shares during the period. Vulcan Value Partners LLC raised its position in shares of Qorvo by 53.7% during the 4th quarter. Vulcan Value Partners LLC now owns 2,581,296 shares of the semiconductor company's stock worth $180,487,000 after purchasing an additional 902,353 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Qorvo by 22.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,419,698 shares of the semiconductor company's stock worth $99,280,000 after purchasing an additional 264,167 shares during the period. Woodline Partners LP raised its position in shares of Qorvo by 31.3% during the 4th quarter. Woodline Partners LP now owns 968,103 shares of the semiconductor company's stock worth $67,699,000 after purchasing an additional 230,710 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of 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 purchasing an additional 117,053 shares during the period. Institutional investors and hedge funds own 88.57% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on QRVO. Piper Sandler increased their price target on Qorvo from $110.00 to $125.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Barclays increased their price target on Qorvo from $70.00 to $90.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. UBS Group set a $100.00 price target on Qorvo and gave the stock a "neutral" rating in a research report on Wednesday, July 30th. Citigroup reiterated a "sell" rating on shares of Qorvo in a research report on Tuesday, June 10th. Finally, Loop Capital increased their price objective on Qorvo from $75.00 to $90.00 and gave the stock a "hold" rating in a report on Wednesday, July 30th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $95.35.

Qorvo Stock Performance

Shares of NASDAQ QRVO opened at $90.14 on Thursday. The stock has a fifty day moving average price of $84.90 and a two-hundred day moving average price of $76.33. 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 firm has a market cap of $8.35 billion, a P/E ratio of 106.05, a PEG ratio of 1.75 and a beta of 1.35. Qorvo, Inc. has a 1 year low of $49.46 and a 1 year high of $117.90.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its quarterly 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. Qorvo had a return on equity of 12.63% and a net margin of 2.21%. The firm had revenue of $818.80 million during the quarter, compared to analyst estimates of $775.61 million. During the same period last year, the company posted $0.87 EPS. The firm's quarterly revenue was down 7.7% on a year-over-year basis. Research analysts forecast that Qorvo, Inc. will post 4.09 EPS for the current fiscal year.

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.

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