Voloridge Investment Management LLC Makes New Investment in Qorvo, Inc. (NASDAQ:QRVO)

Voloridge Investment Management LLC acquired a new stake in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 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 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in QRVO. Mediolanum International Funds Ltd bought a new stake in Qorvo during the fourth quarter worth approximately $1,177,000. Janney Montgomery Scott LLC lifted its holdings in shares of Qorvo by 245.6% in the 4th quarter. Janney Montgomery Scott LLC now owns 14,641 shares of the semiconductor company's stock worth $1,024,000 after acquiring an additional 10,405 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Qorvo by 16.3% in the 4th quarter. JPMorgan Chase & Co. now owns 649,631 shares of the semiconductor company's stock worth $45,429,000 after acquiring an additional 91,120 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Qorvo during the 4th quarter worth about $1,327,000. Finally, F&V Capital Management LLC grew its holdings in Qorvo by 3.7% during the 4th quarter. F&V Capital Management LLC now owns 93,538 shares of the semiconductor company's stock valued at $6,541,000 after purchasing an additional 3,335 shares during the last quarter. 88.57% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director John R. Harding sold 1,450 shares of the firm'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 completion of the sale, the director now owns 7,597 shares of the company's stock, valued at $532,473.73. This trade represents a 16.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.46% of the company's stock.

Qorvo Stock Up 3.7%

Qorvo stock traded up $2.79 during mid-day trading on Tuesday, reaching $77.39. 464,065 shares of the company were exchanged, compared to its average volume of 2,193,599. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.78 and a current ratio of 2.60. The firm has a market cap of $7.20 billion, a P/E ratio of 277.12, a PEG ratio of 15.57 and a beta of 1.38. The business has a fifty day moving average of $67.71 and a 200 day moving average of $71.51. Qorvo, Inc. has a 12-month low of $49.46 and a 12-month high of $130.99.

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 for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $850.13 million. During the same period in the prior year, the business posted $1.39 EPS. The firm's quarterly revenue was down 7.6% on a year-over-year basis. Research analysts anticipate that Qorvo, Inc. will post 4.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

QRVO has been the subject of several analyst reports. TD Cowen decreased their price objective on shares of Qorvo from $90.00 to $80.00 and set a "hold" rating for the company in a research note on Wednesday, April 30th. Stifel Nicolaus set a $75.00 price target on Qorvo in a research note on Monday, April 28th. Wall Street Zen upgraded Qorvo from a "hold" rating to a "buy" rating in a report on Saturday. Barclays increased their target price on Qorvo from $60.00 to $70.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 30th. Finally, Needham & Company LLC decreased their target price 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 investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $91.21.

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.