Public Sector Pension Investment Board Raises Stock Position in Qorvo, Inc. (NASDAQ:QRVO)

Key Points

• The Public Sector Pension Investment Board increased its stake in Qorvo, Inc. by 31.9%, acquiring an additional 71,554 shares to bring its total holdings to 296,210 shares, valued at approximately $21.4 million.
• Qorvo reported earnings of $0.92 per share for the quarter, exceeding expectations of $0.62, despite a 7.7% year-over-year decline in revenue, totaling $818.8 million.
• Analysts have varied opinions on Qorvo's stock, with ratings ranging from strong-buy to sell, resulting in an average price target of $95.35.

Public Sector Pension Investment Board boosted its holdings in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 31.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 296,210 shares of the semiconductor company's stock after purchasing an additional 71,554 shares during the quarter. Public Sector Pension Investment Board owned 0.32% of Qorvo worth $21,449,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wealth Enhancement Advisory Services LLC raised its position in shares of Qorvo by 10.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,561 shares of the semiconductor company's stock valued at $547,000 after buying an additional 717 shares in the last quarter. Teacher Retirement System of Texas acquired a new position in Qorvo in the 1st quarter valued at approximately $963,000. Allspring Global Investments Holdings LLC increased its position in Qorvo by 36.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 38,576 shares of the semiconductor company's stock valued at $2,786,000 after acquiring an additional 10,209 shares during the period. Cetera Investment Advisers increased its position in Qorvo by 22.3% in the 4th quarter. Cetera Investment Advisers now owns 10,364 shares of the semiconductor company's stock valued at $725,000 after acquiring an additional 1,892 shares during the period. Finally, GAMMA Investing LLC increased its position in Qorvo by 99.1% in the 1st quarter. GAMMA Investing LLC now owns 3,665 shares of the semiconductor company's stock valued at $265,000 after acquiring an additional 1,824 shares during the period. Institutional investors and hedge funds own 88.57% of the company's stock.

Qorvo Stock Performance

NASDAQ:QRVO traded up $0.37 on Wednesday, reaching $90.14. 1,656,233 shares of the company's stock were exchanged, compared to its average volume of 1,969,317. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.81 and a quick ratio of 2.01. The firm has a market cap of $8.35 billion, a price-to-earnings ratio of 106.05, a P/E/G ratio of 1.75 and a beta of 1.35. Qorvo, Inc. has a 52 week low of $49.46 and a 52 week high of $117.90. The stock has a fifty day simple moving average of $84.90 and a 200-day simple moving average of $76.33.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its earnings results on Tuesday, July 29th. The semiconductor company reported $0.92 earnings per share for the quarter, topping 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 company's quarterly revenue was down 7.7% on a year-over-year basis. During the same quarter last year, the business earned $0.87 earnings per share. As a group, sell-side analysts predict that Qorvo, Inc. will post 4.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on QRVO. Citigroup reaffirmed a "sell" rating on shares of Qorvo in a research note on Tuesday, June 10th. Wall Street Zen upgraded shares of Qorvo from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 2nd. Benchmark upped their price objective on shares of Qorvo from $95.00 to $125.00 and gave the stock a "buy" rating in a report on Wednesday, July 30th. Needham & Company LLC increased their target price on shares of Qorvo from $90.00 to $104.00 and gave the company a "buy" rating in a report on Wednesday, July 30th. Finally, UBS Group set a $100.00 target price on shares of Qorvo and gave the company a "neutral" rating in a report on Wednesday, July 30th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $95.35.

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.