Voloridge Investment Management LLC Purchases Shares of 424,001 Qorvo, Inc. (NASDAQ:QRVO)

Voloridge Investment Management LLC bought a new position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 424,001 shares of the semiconductor company's stock, valued at approximately $29,650,000. Voloridge Investment Management LLC owned about 0.45% of Qorvo at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Alexander Randolph Advisory Inc. lifted its position in Qorvo by 1.0% in the fourth quarter. Alexander Randolph Advisory Inc. now owns 13,592 shares of the semiconductor company's stock valued at $950,000 after purchasing an additional 140 shares during the last quarter. Huntington National Bank grew 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. Truvestments Capital LLC grew its stake in shares of Qorvo by 7.2% in the fourth quarter. Truvestments Capital LLC now owns 2,768 shares of the semiconductor company's stock worth $194,000 after acquiring an additional 185 shares during the last quarter. Venturi Wealth Management LLC grew its stake in shares of Qorvo by 67.4% in the fourth quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company's stock worth $43,000 after acquiring an additional 250 shares during the last quarter. Finally, Arizona State Retirement System grew its stake in shares of Qorvo by 1.2% in the fourth quarter. Arizona State Retirement System now owns 27,541 shares of the semiconductor company's stock worth $1,926,000 after acquiring an additional 315 shares during the last quarter. Institutional investors own 88.57% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Loop Capital dropped their price objective on Qorvo from $90.00 to $75.00 and set a "hold" rating on the stock in a research report on Wednesday, April 30th. Benchmark raised Qorvo from a "hold" rating to a "buy" rating and set a $95.00 price objective on the stock in a research report on Wednesday, April 30th. Piper Sandler raised Qorvo from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $85.00 to $110.00 in a research report on Monday, January 27th. Wall Street Zen raised Qorvo from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, TD Cowen dropped their price objective on Qorvo from $90.00 to $80.00 and set a "hold" rating on the stock in a research report on Wednesday, April 30th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, Qorvo currently has a consensus rating of "Hold" and an average target price of $91.21.

Insider Activity at Qorvo

In related news, Director John R. Harding sold 1,450 shares of Qorvo stock in a transaction that occurred 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 sale, the director now owns 7,597 shares of the company's stock, valued at approximately $532,473.73. This trade represents a 16.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.46% of the stock is owned by corporate insiders.

Qorvo Stock Performance

Shares of NASDAQ QRVO traded down $1.50 during trading on Friday, hitting $74.60. The company had a trading volume of 2,134,256 shares, compared to its average volume of 2,200,165. The stock has a 50 day simple moving average of $67.66 and a 200 day simple moving average of $71.48. 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 12 month low of $49.46 and a 12 month high of $130.99. The firm has a market capitalization of $6.94 billion, a P/E ratio of 266.43, a price-to-earnings-growth ratio of 15.57 and a beta of 1.38.

Qorvo (NASDAQ:QRVO - Get Free Report) last posted its quarterly earnings data 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 12.41% and a net margin of 0.71%. The firm had revenue of $869.47 million for the quarter, compared to the consensus estimate of $850.13 million. During the same quarter last year, the company earned $1.39 earnings per share. The business's revenue for the quarter was down 7.6% compared to the same quarter last year. As a group, analysts anticipate that Qorvo, Inc. will post 4.09 earnings per share for the current year.

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.