Woodline Partners LP Has $67.70 Million Stake in Qorvo, Inc. (NASDAQ:QRVO)

Woodline Partners LP raised its stake in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 31.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 968,103 shares of the semiconductor company's stock after purchasing an additional 230,710 shares during the period. Woodline Partners LP owned approximately 1.04% of Qorvo worth $67,699,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in QRVO. Ameriprise Financial Inc. boosted its stake in Qorvo by 102.0% during the 4th quarter. Ameriprise Financial Inc. now owns 3,597,546 shares of the semiconductor company's stock valued at $251,577,000 after purchasing an additional 1,816,811 shares during the last quarter. Norges Bank purchased a new position in shares of Qorvo in the 4th quarter worth approximately $71,825,000. Amundi boosted its stake in shares of Qorvo by 84.4% in the 4th quarter. Amundi now owns 2,143,858 shares of the semiconductor company's stock worth $156,673,000 after buying an additional 981,519 shares during the last quarter. Wealthfront Advisers LLC boosted its stake in shares of Qorvo by 8,535.6% in the 4th quarter. Wealthfront Advisers LLC now owns 931,690 shares of the semiconductor company's stock worth $65,153,000 after buying an additional 920,901 shares during the last quarter. Finally, Vulcan Value Partners LLC boosted its stake in shares of Qorvo by 53.7% in the 4th quarter. Vulcan Value Partners LLC now owns 2,581,296 shares of the semiconductor company's stock worth $180,487,000 after buying an additional 902,353 shares during the last quarter. Institutional investors and hedge funds own 88.57% of the company's stock.

Qorvo Stock Down 1.0%

QRVO opened at $78.82 on Tuesday. The stock has a market cap of $7.36 billion, a PE ratio of 281.50, a P/E/G ratio of 15.57 and a beta of 1.38. The company has a quick ratio of 1.78, a current ratio of 2.60 and a debt-to-equity ratio of 0.46. Qorvo, Inc. has a 52 week low of $49.46 and a 52 week high of $130.99. The business's fifty day simple moving average is $67.25 and its 200 day simple moving average is $71.35.

Qorvo (NASDAQ:QRVO - Get Free Report) last released its earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 EPS for the quarter, beating analysts' consensus estimates of $1.00 by $0.42. The business had revenue of $869.47 million for the quarter, compared to analysts' expectations of $850.13 million. Qorvo had a return on equity of 12.41% and a net margin of 0.71%. The firm's revenue was down 7.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.39 earnings per share. As a group, research analysts expect that Qorvo, Inc. will post 4.09 earnings per share for the current fiscal year.

Insider Activity at Qorvo

In other Qorvo news, Director John R. Harding sold 1,450 shares of the company'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 sale, the director now directly owns 7,597 shares in the company, valued at $532,473.73. This represents a 16.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.46% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Mizuho upped their price objective on Qorvo from $80.00 to $90.00 and gave the company a "neutral" rating in a research note on Friday, January 24th. Stifel Nicolaus set a $75.00 target price on shares of Qorvo in a report on Monday, April 28th. Needham & Company LLC lowered their target price on shares of Qorvo from $100.00 to $90.00 and set a "buy" rating on the stock in a report on Wednesday, April 30th. Loop Capital lowered their target price on shares of Qorvo from $90.00 to $75.00 and set a "hold" rating on the stock in a report on Wednesday, April 30th. Finally, TD Cowen lowered their target price on shares of Qorvo from $90.00 to $80.00 and set a "hold" rating on the stock in a report on Wednesday, April 30th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $91.21.

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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