Russell Investments Group Ltd. Raises Stake in Qorvo, Inc. (NASDAQ:QRVO)

Key Points

• Russell Investments Group Ltd. increased its stake in Qorvo, Inc. by 28.4%, owning a total of 220,510 shares valued at approximately $15.97 million.
• About 88.57% of Qorvo's stock is currently held by institutional investors and hedge funds, indicating significant institutional interest in the company.
• Qorvo reported a net margin of 2.21% and a revenue of $818.80 million for the last quarter, exceeding analyst estimates of $775.61 million.

Russell Investments Group Ltd. raised its position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 28.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 220,510 shares of the semiconductor company's stock after purchasing an additional 48,785 shares during the period. Russell Investments Group Ltd. owned 0.24% of Qorvo worth $15,967,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC increased its stake in Qorvo by 10.5% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,561 shares of the semiconductor company's stock valued at $547,000 after purchasing an additional 717 shares during the last quarter. Teacher Retirement System of Texas acquired a new stake in Qorvo during the 1st quarter worth $963,000. Allspring Global Investments Holdings LLC lifted its position in Qorvo by 36.0% in the first 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 last quarter. Cetera Investment Advisers boosted its stake in Qorvo by 22.3% in the fourth 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 in the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of Qorvo by 99.1% during the first quarter. GAMMA Investing LLC now owns 3,665 shares of the semiconductor company's stock worth $265,000 after purchasing an additional 1,824 shares during the last quarter. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Qorvo Stock Down 1.4%

Qorvo stock opened at $89.35 on Friday. The stock's 50 day moving average price is $85.37 and its 200 day moving average price is $76.31. Qorvo, Inc. has a 1-year low of $49.46 and a 1-year high of $117.90. The company has a market cap of $8.28 billion, a PE ratio of 105.12, a price-to-earnings-growth ratio of 1.74 and a beta of 1.35. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.81 and a quick ratio of 2.01.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its earnings results on Tuesday, July 29th. The semiconductor company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.62 by $0.30. Qorvo had a net margin of 2.21% and a return on equity of 12.63%. The company had revenue of $818.80 million for the quarter, compared to analyst estimates of $775.61 million. During the same period in the previous year, the firm earned $0.87 EPS. The business's revenue was down 7.7% on a year-over-year basis. On average, sell-side analysts predict that Qorvo, Inc. will post 4.09 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently weighed in on QRVO shares. Mizuho set a $84.00 target price on Qorvo and gave the company a "neutral" rating in a report on Tuesday, July 1st. Citigroup reiterated a "sell" rating on shares of Qorvo in a research note on Tuesday, June 10th. Barclays raised their target price on shares of Qorvo from $70.00 to $90.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. Stifel Nicolaus set a $88.00 target price on shares of Qorvo and gave the company a "hold" rating in a report on Wednesday, July 30th. Finally, TD Cowen increased their price target on shares of Qorvo from $80.00 to $95.00 and gave the stock a "hold" rating in a research note on Wednesday, July 30th. Three 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $95.35.

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.

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