Teacher Retirement System of Texas Buys Shares of 13,295 Qorvo, Inc. (NASDAQ:QRVO)

Teacher Retirement System of Texas purchased a new position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 13,295 shares of the semiconductor company's stock, valued at approximately $963,000.

A number of other institutional investors also recently made changes to their positions in QRVO. Ameriprise Financial Inc. increased its holdings in shares of Qorvo by 102.0% during 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 grew its stake in shares of Qorvo by 5.3% in the 4th quarter. FIL Ltd now owns 3,324,241 shares of the semiconductor company's stock valued at $232,464,000 after buying an additional 166,461 shares in the last quarter. Vulcan Value Partners LLC lifted its holdings in shares of Qorvo by 53.7% during the fourth quarter. Vulcan Value Partners LLC now owns 2,581,296 shares of the semiconductor company's stock worth $180,487,000 after buying an additional 902,353 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Qorvo by 22.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,419,698 shares of the semiconductor company's stock valued at $99,280,000 after purchasing an additional 264,167 shares in the last quarter. Finally, Thrivent Financial for Lutherans grew its holdings in shares of Qorvo by 27.7% during the fourth quarter. Thrivent Financial for Lutherans now owns 1,067,065 shares of the semiconductor company's stock worth $74,620,000 after purchasing an additional 231,729 shares during the last quarter. 88.57% of the stock is owned by institutional investors and hedge funds.

Qorvo Stock Down 0.5%

QRVO traded down $0.45 during midday trading on Tuesday, reaching $87.03. 1,291,459 shares of the company were exchanged, compared to its average volume of 2,256,889. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.95 and a current ratio of 2.77. The company's fifty day moving average price is $80.02 and its 200 day moving average price is $74.63. The company has a market cap of $8.08 billion, a price-to-earnings ratio of 150.05, a price-to-earnings-growth ratio of 2.35 and a beta of 1.39. Qorvo, Inc. has a one year low of $49.46 and a one year high of $130.99.

Qorvo (NASDAQ:QRVO - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.42. The business had revenue of $869.47 million during the quarter, compared to analyst estimates of $850.13 million. Qorvo had a return on equity of 12.48% and a net margin of 1.50%. Qorvo's revenue was down 7.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.39 earnings per share. As a group, analysts expect that Qorvo, Inc. will post 4.09 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Needham & Company LLC cut their target price on Qorvo from $100.00 to $90.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. Stifel Nicolaus set a $75.00 target price on Qorvo in a research note on Monday, April 28th. Barclays increased their target price on Qorvo from $60.00 to $70.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 30th. Benchmark raised Qorvo from a "hold" rating to a "buy" rating and set a $95.00 target price on the stock in a research note on Wednesday, April 30th. Finally, TD Cowen cut their target price on Qorvo from $90.00 to $80.00 and set a "hold" rating on the stock in a research note on Wednesday, April 30th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $91.53.

Insider Activity

In other Qorvo news, Director John R. Harding sold 1,450 shares of Qorvo stock in a transaction dated 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 sale, the director owned 7,597 shares of the company's stock, valued at $532,473.73. The trade was a 16.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.41% of the company's stock.

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.