Investment Management Corp of Ontario Boosts Stock Position in Qorvo, Inc. (NASDAQ:QRVO)

Investment Management Corp of Ontario raised its position in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 505.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 19,164 shares of the semiconductor company's stock after purchasing an additional 16,000 shares during the period. Investment Management Corp of Ontario's holdings in Qorvo were worth $1,340,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of the company. Alexander Randolph Advisory Inc. boosted its holdings in shares of Qorvo by 1.0% in the fourth quarter. Alexander Randolph Advisory Inc. now owns 13,592 shares of the semiconductor company's stock worth $950,000 after acquiring an additional 140 shares during the period. Huntington National Bank boosted its stake in Qorvo by 47.1% in the 4th quarter. Huntington National Bank now owns 453 shares of the semiconductor company's stock worth $32,000 after purchasing an additional 145 shares during the period. Truvestments Capital LLC grew its holdings in Qorvo by 7.2% during the 4th quarter. Truvestments Capital LLC now owns 2,768 shares of the semiconductor company's stock valued at $194,000 after buying an additional 185 shares in the last quarter. Venturi Wealth Management LLC increased its position in shares of Qorvo by 67.4% during the fourth 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 during the period. Finally, Arizona State Retirement System increased its position in shares of Qorvo by 1.2% during the fourth quarter. Arizona State Retirement System now owns 27,541 shares of the semiconductor company's stock valued at $1,926,000 after buying an additional 315 shares during the period. 88.57% of the stock is owned by hedge funds and other institutional investors.

Qorvo Stock Up 1.6%

Shares of QRVO traded up $1.22 during trading hours on Friday, hitting $79.64. The company had a trading volume of 1,290,073 shares, compared to its average volume of 2,183,996. The stock has a market capitalization of $7.44 billion, a price-to-earnings ratio of 284.43, a P/E/G ratio of 15.57 and a beta of 1.38. The firm has a fifty day moving average price of $66.89 and a 200-day moving average price of $71.46. Qorvo, Inc. has a 52-week low of $49.46 and a 52-week high of $130.99. 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 (NASDAQ:QRVO - Get Free Report) last posted its earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.42. Qorvo had a net margin of 0.71% and a return on equity of 12.41%. The business had revenue of $869.47 million for the quarter, compared to analysts' expectations of $850.13 million. During the same quarter in the prior year, the business earned $1.39 EPS. The business's revenue for the quarter was down 7.6% compared to the same quarter last year. On average, equities research analysts forecast that Qorvo, Inc. will post 4.09 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on QRVO. Benchmark upgraded 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. TD Cowen decreased their price objective on shares of Qorvo from $90.00 to $80.00 and set a "hold" rating on the stock in a research report on Wednesday, April 30th. Loop Capital dropped their target price on shares of Qorvo from $90.00 to $75.00 and set a "hold" rating for the company in a research report on Wednesday, April 30th. StockNews.com raised shares of Qorvo from a "hold" rating to a "buy" rating in a report on Wednesday, January 29th. Finally, Needham & Company LLC dropped their price objective on shares of Qorvo from $100.00 to $90.00 and set a "buy" rating for the company in a report on Wednesday, April 30th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $91.21.

Insider Buying and Selling at Qorvo

In other Qorvo news, Director John R. Harding sold 1,450 shares of the stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $70.09, for a total value of $101,630.50. Following the transaction, the director now owns 7,597 shares of the company's stock, valued at approximately $532,473.73. This represents a 16.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.46% of the company's stock.

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.