Woodline Partners LP Grows Stock Position in Qorvo, Inc. (NASDAQ:QRVO)

Woodline Partners LP boosted its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 31.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 968,103 shares of the semiconductor company's stock after buying 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 filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Rakuten Securities Inc. acquired a new position in Qorvo during the 4th quarter valued at about $28,000. Huntington National Bank increased its position in Qorvo by 47.1% during the 4th quarter. Huntington National Bank now owns 453 shares of the semiconductor company's stock valued at $32,000 after buying an additional 145 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in Qorvo during the 4th quarter valued at about $37,000. Venturi Wealth Management LLC increased its position in Qorvo by 67.4% during the 4th quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company's stock valued at $43,000 after buying an additional 250 shares in the last quarter. Finally, CENTRAL TRUST Co increased its position in Qorvo by 2,621.4% during the 4th quarter. CENTRAL TRUST Co now owns 762 shares of the semiconductor company's stock valued at $53,000 after buying an additional 734 shares in the last quarter. 88.57% of the stock is owned by institutional investors and hedge funds.

Qorvo Stock Performance

Shares of QRVO traded down $1.50 during mid-day trading on Friday, reaching $74.60. The company had a trading volume of 2,134,256 shares, compared to its average volume of 2,200,165. Qorvo, Inc. has a 52-week low of $49.46 and a 52-week high of $130.99. The company has a quick ratio of 1.78, a current ratio of 2.60 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $6.94 billion, a P/E ratio of 266.43, a PEG ratio of 15.57 and a beta of 1.38. The stock has a 50 day moving average of $67.66 and a two-hundred day moving average of $71.48.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 EPS 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 for the quarter, compared to the consensus estimate of $850.13 million. During the same quarter in the prior year, the business earned $1.39 earnings per share. The company's revenue was down 7.6% compared to the same quarter last year. On average, analysts expect that Qorvo, Inc. will post 4.09 earnings per share for the current year.

Insider Buying and Selling at Qorvo

In other Qorvo news, Director John R. Harding sold 1,450 shares of the firm's stock in a transaction that occurred 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 sale, the director now directly owns 7,597 shares of the company's stock, valued at approximately $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 accessible through this hyperlink. 0.46% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on QRVO shares. Citigroup reduced their target price on Qorvo from $72.00 to $69.00 and set a "sell" rating on the stock in a research report on Wednesday, January 29th. Loop Capital reduced their target price 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 upgraded Qorvo from a "hold" rating to a "buy" rating and set a $95.00 price target on the stock 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. Finally, Wall Street Zen upgraded Qorvo from a "hold" rating to a "buy" rating in a research note on Saturday. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, Qorvo presently has an average rating of "Hold" and an average target price of $91.21.

Qorvo Company 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.