Victory Capital Management Inc. Boosts Stock Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Victory Capital Management Inc. raised its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 484.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 336,846 shares of the semiconductor company's stock after buying an additional 279,211 shares during the period. Victory Capital Management Inc. owned about 0.36% of Qorvo worth $24,391,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. City Holding Co. bought a new position in shares of Qorvo during the first quarter valued at approximately $25,000. Larson Financial Group LLC increased its stake in shares of Qorvo by 222.6% during the first quarter. Larson Financial Group LLC now owns 429 shares of the semiconductor company's stock valued at $31,000 after purchasing an additional 296 shares in the last quarter. Huntington National Bank increased its stake in shares of Qorvo by 47.1% during the fourth quarter. Huntington National Bank now owns 453 shares of the semiconductor company's stock valued at $32,000 after purchasing an additional 145 shares in the last quarter. Curat Global LLC purchased a new stake in shares of Qorvo during the first quarter valued at approximately $34,000. Finally, Signaturefd LLC grew its holdings in shares of Qorvo by 34.6% during the first quarter. Signaturefd LLC now owns 662 shares of the semiconductor company's stock valued at $48,000 after buying an additional 170 shares during the last quarter. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

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

Qorvo Stock Performance

QRVO opened at $87.93 on Tuesday. The firm has a market cap of $8.16 billion, a P/E ratio of 151.61, a price-to-earnings-growth ratio of 2.36 and a beta of 1.39. Qorvo, Inc. has a 52-week low of $49.46 and a 52-week high of $125.88. 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 business's fifty day moving average is $81.65 and its 200-day moving average is $75.25.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its quarterly earnings data 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 return on equity of 12.48% and a net margin of 1.50%. The company had revenue of $869.47 million during the quarter, compared to the consensus estimate of $850.13 million. During the same period last year, the company earned $1.39 earnings per share. The firm's revenue was down 7.6% compared to the same quarter last year. Sell-side analysts expect that Qorvo, Inc. will post 4.09 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on QRVO. Mizuho set a $84.00 price target on shares of Qorvo and gave the stock a "neutral" rating in a research note on Tuesday, July 1st. Benchmark upgraded shares of 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. Barclays lifted their target price on shares of Qorvo from $60.00 to $70.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 30th. Citigroup restated a "sell" rating on shares of Qorvo in a research note on Tuesday, June 10th. Finally, Stifel Nicolaus set a $75.00 target price on shares of Qorvo in a research note on Monday, April 28th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $91.79.

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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