Simon Quick Advisors LLC Buys Shares of 3,606 Qorvo, Inc. (NASDAQ:QRVO)

Simon Quick Advisors LLC acquired a new stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 3,606 shares of the semiconductor company's stock, valued at approximately $261,000.

Other hedge funds also recently made changes to their positions in the company. Ameriprise Financial Inc. boosted its stake in shares of Qorvo by 102.0% in the fourth quarter. Ameriprise Financial Inc. now owns 3,597,546 shares of the semiconductor company's stock valued at $251,577,000 after purchasing an additional 1,816,811 shares during the period. FIL Ltd lifted its holdings in Qorvo by 5.3% in the 4th quarter. FIL Ltd now owns 3,324,241 shares of the semiconductor company's stock worth $232,464,000 after buying an additional 166,461 shares in the last quarter. Vulcan Value Partners LLC boosted its position in Qorvo by 53.7% in the 4th quarter. Vulcan Value Partners LLC now owns 2,581,296 shares of the semiconductor company's stock valued at $180,487,000 after buying an additional 902,353 shares during the last quarter. Amundi grew its stake in shares of Qorvo by 84.4% during the fourth quarter. Amundi now owns 2,143,858 shares of the semiconductor company's stock valued at $156,673,000 after acquiring an additional 981,519 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Qorvo by 22.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,419,698 shares of the semiconductor company's stock worth $99,280,000 after acquiring an additional 264,167 shares during the last quarter. Hedge funds and other institutional investors own 88.57% of the company's stock.

Insider Transactions at Qorvo

In related 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 transaction of $101,630.50. Following the completion of the transaction, the director now directly owns 7,597 shares in the company, valued at $532,473.73. This represents a 16.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.46% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently commented on QRVO. Needham & Company LLC reduced their price target on Qorvo from $100.00 to $90.00 and set a "buy" rating for the company in a report on Wednesday, April 30th. Loop Capital dropped their price objective on Qorvo from $90.00 to $75.00 and set a "hold" rating on the stock in a report on Wednesday, April 30th. Citigroup reaffirmed a "sell" rating on shares of Qorvo in a research report on Tuesday, June 10th. TD Cowen reduced their target price on Qorvo from $90.00 to $80.00 and set a "hold" rating for the company in a research note on Wednesday, April 30th. Finally, Barclays lifted their price target on shares of Qorvo from $60.00 to $70.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 30th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $91.21.

Qorvo Stock Performance

Shares of NASDAQ QRVO traded up $0.69 during midday trading on Tuesday, hitting $81.43. The company's stock had a trading volume of 79,120 shares, compared to its average volume of 2,590,647. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.78 and a current ratio of 2.60. Qorvo, Inc. has a 1-year low of $49.46 and a 1-year high of $130.99. The firm's fifty day moving average price is $71.29 and its 200-day moving average price is $72.71. The firm has a market cap of $7.58 billion, a P/E ratio of 290.82, a P/E/G ratio of 15.57 and a beta of 1.37.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.00 by $0.42. Qorvo had a net margin of 0.71% and a return on equity of 12.41%. 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 company posted $1.39 earnings per share. Qorvo's revenue was down 7.6% on a year-over-year basis. On average, sell-side analysts forecast that Qorvo, Inc. will post 4.09 EPS for the current fiscal year.

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.