Valliance Asset Management Ltd Takes $2.17 Million Position in Qorvo, Inc. (NASDAQ:QRVO)

Key Points

• Valliance Asset Management Ltd has acquired 30,000 shares of Qorvo, Inc. worth approximately $2.17 million, making it the firm's fifth largest holding at 4.9% of their overall portfolio.
• Qorvo's stock recently opened at $84.32, with a significant rise from its one-year low of $49.46, while analysts forecast a consensus earnings per share of 4.09 for the current year.
• Various hedge funds have been actively trading Qorvo shares, with 88.57% of the stock owned by institutional investors, indicating strong interest in the semiconductor company.

Valliance Asset Management Ltd bought a new stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 30,000 shares of the semiconductor company's stock, valued at approximately $2,172,000. Qorvo makes up approximately 4.9% of Valliance Asset Management Ltd's investment portfolio, making the stock its 5th largest position.

A number of other hedge funds also recently modified their holdings of the business. City Holding Co. acquired a new position in shares of Qorvo in the first quarter worth $25,000. Larson Financial Group LLC increased its stake in shares of Qorvo by 222.6% in the first quarter. Larson Financial Group LLC now owns 429 shares of the semiconductor company's stock worth $31,000 after acquiring an additional 296 shares during the last quarter. Huntington National Bank increased its stake in shares of Qorvo by 47.1% in the fourth quarter. Huntington National Bank now owns 453 shares of the semiconductor company's stock worth $32,000 after acquiring an additional 145 shares during the last quarter. Curat Global LLC acquired a new position in shares of Qorvo in the first quarter worth $34,000. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Qorvo in the first quarter worth $34,000. Hedge funds and other institutional investors own 88.57% of the company's stock.

Insider Buying and Selling

In other Qorvo news, Director John R. Harding sold 1,450 shares of the firm's stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $70.09, for a total transaction of $101,630.50. Following the completion of the transaction, the director owned 7,597 shares in the company, valued at $532,473.73. This trade represents a 16.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.41% of the stock is currently owned by corporate insiders.

Qorvo Stock Performance

Shares of NASDAQ QRVO traded up $0.29 during mid-day trading on Friday, hitting $83.89. The company had a trading volume of 1,426,987 shares, compared to its average volume of 2,463,599. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.81 and a quick ratio of 1.95. The business's 50-day simple moving average is $83.05 and its 200-day simple moving average is $76.07. Qorvo, Inc. has a 12 month low of $49.46 and a 12 month high of $117.90. The firm has a market cap of $7.79 billion, a P/E ratio of 98.92, a PEG ratio of 2.31 and a beta of 1.39.

Qorvo (NASDAQ:QRVO - Get Free Report) last released its earnings results on Tuesday, July 29th. The semiconductor company reported $0.92 earnings per share for the quarter, beating 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 business had revenue of $818.80 million during the quarter, compared to analysts' expectations of $775.61 million. During the same quarter last year, the company earned $0.87 earnings per share. The firm's revenue was down 7.7% on a year-over-year basis. As a group, analysts predict that Qorvo, Inc. will post 4.09 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Citigroup reissued a "sell" rating on shares of Qorvo in a research report on Tuesday, June 10th. Stifel Nicolaus set a $88.00 target price on shares of Qorvo and gave the stock a "hold" rating in a research report on Wednesday. Mizuho set a $84.00 target price on shares of Qorvo and gave the stock a "neutral" rating in a research report on Tuesday, July 1st. Needham & Company LLC increased their target price on shares of Qorvo from $90.00 to $104.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, Susquehanna reissued a "neutral" rating and set a $95.00 target price (up from $90.00) on shares of Qorvo in a research report on Wednesday. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Qorvo has a consensus rating of "Hold" and an average target price 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.