Teachers Retirement System of The State of Kentucky lifted its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 52.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 34,489 shares of the semiconductor company's stock after buying an additional 11,939 shares during the period. Teachers Retirement System of The State of Kentucky's holdings in Qorvo were worth $2,497,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. City Holding Co. purchased a new position in Qorvo in the first quarter valued at about $25,000. Larson Financial Group LLC boosted its position in Qorvo by 222.6% during the first quarter. Larson Financial Group LLC now owns 429 shares of the semiconductor company's stock worth $31,000 after purchasing an additional 296 shares in the last quarter. Huntington National Bank increased its position in shares of Qorvo by 47.1% in the fourth quarter. Huntington National Bank now owns 453 shares of the semiconductor company's stock valued at $32,000 after buying an additional 145 shares in the last quarter. Curat Global LLC acquired a new position in shares of Qorvo during the 1st quarter worth $34,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Qorvo in the 1st quarter worth about $34,000. 88.57% of the stock is owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other news, Director John R. Harding sold 1,450 shares of the business's stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $70.09, for a total transaction of $101,630.50. Following the transaction, the director directly owned 7,597 shares in the company, valued at $532,473.73. The trade was a 16.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.41% of the company's stock.
Qorvo Trading Down 2.6%
QRVO stock traded down $2.34 during mid-day trading on Thursday, reaching $86.19. 1,346,898 shares of the stock traded hands, compared to its average volume of 1,553,377. Qorvo, Inc. has a 52-week low of $49.46 and a 52-week high of $124.87. The stock's fifty day moving average is $82.21 and its 200-day moving average is $75.55. The company has a market cap of $8.00 billion, a P/E ratio of 148.61, a P/E/G ratio of 2.36 and a beta of 1.39. The company has a current ratio of 2.77, a quick ratio of 1.95 and a debt-to-equity ratio of 0.46.
Qorvo (NASDAQ:QRVO - Get Free Report) last issued its earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 EPS for the quarter, topping the consensus estimate of $1.00 by $0.42. Qorvo had a return on equity of 12.48% and a net margin of 1.50%. The business had revenue of $869.47 million during the quarter, compared to analysts' expectations of $850.13 million. During the same quarter last year, the firm posted $1.39 earnings per share. Qorvo's revenue was down 7.6% compared to the same quarter last year. As a group, sell-side analysts expect that Qorvo, Inc. will post 4.09 earnings per share for the current year.
Analyst Ratings Changes
Several analysts have recently commented on QRVO shares. Loop Capital lowered their price target on shares of Qorvo from $90.00 to $75.00 and set a "hold" rating on the stock in a research report on Wednesday, April 30th. UBS Group lifted their price objective on Qorvo from $75.00 to $95.00 and gave the stock a "neutral" rating in a research report on Monday. Piper Sandler reissued an "overweight" rating and issued a $110.00 price objective on shares of Qorvo in a research report on Friday, June 27th. Mizuho set a $84.00 price target on Qorvo and gave the stock a "neutral" rating in a research note on Tuesday, July 1st. Finally, Needham & Company LLC lowered their price objective on Qorvo from $100.00 to $90.00 and set a "buy" rating for the company in a research report on Wednesday, April 30th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $91.79.
Read Our Latest Stock Analysis on Qorvo
About Qorvo
(
Free Report)
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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