Y Intercept Hong Kong Ltd reduced its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 69.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,916 shares of the semiconductor company's stock after selling 13,571 shares during the quarter. Y Intercept Hong Kong Ltd's holdings in Qorvo were worth $428,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of QRVO. Raymond James Financial Inc. purchased a new stake in Qorvo during the fourth quarter worth approximately $1,327,000. Commonwealth Equity Services LLC lifted its position in shares of Qorvo by 10.6% during the fourth quarter. Commonwealth Equity Services LLC now owns 8,635 shares of the semiconductor company's stock worth $604,000 after purchasing an additional 827 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Qorvo by 5.0% during the fourth quarter. American Century Companies Inc. now owns 30,467 shares of the semiconductor company's stock worth $2,131,000 after purchasing an additional 1,443 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its position in shares of Qorvo by 68.0% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 75,298 shares of the semiconductor company's stock worth $5,266,000 after purchasing an additional 30,486 shares in the last quarter. Finally, Korea Investment CORP raised its holdings in Qorvo by 26.0% in the fourth quarter. Korea Investment CORP now owns 89,737 shares of the semiconductor company's stock valued at $6,275,000 after acquiring an additional 18,489 shares in the last quarter. 88.57% of the stock is currently owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In other Qorvo news, Director John R. Harding sold 1,450 shares of the firm's stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $70.09, for a total value of $101,630.50. Following the completion of the transaction, the director directly owned 7,597 shares in the company, valued at $532,473.73. This trade represents a 16.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.41% of the company's stock.
Analysts Set New Price Targets
Several analysts recently issued reports on the stock. Citigroup reaffirmed a "sell" rating on shares of Qorvo in a report on Tuesday, June 10th. Loop Capital upped their price target on shares of Qorvo from $75.00 to $90.00 and gave the company a "hold" rating in a report on Wednesday. UBS Group set a $100.00 target price on shares of Qorvo and gave the stock a "neutral" rating in a report on Wednesday. Stifel Nicolaus set a $88.00 target price on shares of Qorvo and gave the stock a "hold" rating in a report on Wednesday. Finally, Benchmark increased their target price on shares of Qorvo from $95.00 to $125.00 and gave the stock a "buy" rating in a report on Wednesday. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Qorvo has a consensus rating of "Hold" and a consensus target price of $95.35.
Check Out Our Latest Report on Qorvo
Qorvo Price Performance
QRVO traded up $0.63 on Friday, reaching $84.23. The company had a trading volume of 845,686 shares, compared to its average volume of 2,460,277. The company has a fifty day moving average of $83.05 and a 200-day moving average of $76.07. The company has a market capitalization of $7.82 billion, a P/E ratio of 99.19, a PEG ratio of 2.31 and a beta of 1.39. The company has a current ratio of 2.81, a quick ratio of 1.95 and a debt-to-equity ratio of 0.45. Qorvo, Inc. has a one year low of $49.46 and a one year high of $117.90.
Qorvo (NASDAQ:QRVO - Get Free Report) last released its earnings results on Tuesday, July 29th. The semiconductor company reported $0.92 EPS for the quarter, topping analysts' consensus estimates of $0.62 by $0.30. The business had revenue of $818.80 million for the quarter, compared to the consensus estimate of $775.61 million. Qorvo had a net margin of 2.21% and a return on equity of 12.63%. The business's revenue for the quarter was down 7.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.87 EPS. As a group, equities research analysts anticipate that Qorvo, Inc. will post 4.09 earnings per share for the current year.
About Qorvo
(
Free Report)
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.
Read More
Before you consider Qorvo, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Qorvo wasn't on the list.
While Qorvo currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
