Occudo Quantitative Strategies LP Makes New Investment in Qorvo, Inc. (NASDAQ:QRVO)

Occudo Quantitative Strategies LP purchased a new position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 7,460 shares of the semiconductor company's stock, valued at approximately $522,000.

Several other hedge funds have also bought and sold shares of the stock. Ameriprise Financial Inc. grew its stake in shares of Qorvo by 102.0% in the 4th quarter. Ameriprise Financial Inc. now owns 3,597,546 shares of the semiconductor company's stock worth $251,577,000 after buying an additional 1,816,811 shares in the last quarter. Norges Bank bought a new position in shares of Qorvo in the 4th quarter valued at about $71,825,000. Amundi grew its position in Qorvo by 84.4% in the fourth quarter. Amundi now owns 2,143,858 shares of the semiconductor company's stock worth $156,673,000 after acquiring an additional 981,519 shares in the last quarter. Wealthfront Advisers LLC grew its position in Qorvo by 8,535.6% in the fourth quarter. Wealthfront Advisers LLC now owns 931,690 shares of the semiconductor company's stock worth $65,153,000 after acquiring an additional 920,901 shares in the last quarter. Finally, Vulcan Value Partners LLC increased its stake in Qorvo by 53.7% during the fourth quarter. Vulcan Value Partners LLC now owns 2,581,296 shares of the semiconductor company's stock worth $180,487,000 after acquiring an additional 902,353 shares during the last quarter. Hedge funds and other institutional investors own 88.57% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. TD Cowen lowered their price objective on Qorvo from $90.00 to $80.00 and set a "hold" rating for the company in a research note on Wednesday, April 30th. Barclays raised their price target on Qorvo from $60.00 to $70.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 30th. Citigroup cut their price objective on shares of Qorvo from $72.00 to $69.00 and set a "sell" rating on the stock in a research report on Wednesday, January 29th. Piper Sandler upgraded shares of Qorvo from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $85.00 to $110.00 in a report on Monday, January 27th. Finally, Needham & Company LLC dropped their price target on shares of Qorvo from $100.00 to $90.00 and set a "buy" rating for the company in a research note on Wednesday, April 30th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $91.21.

Insider Buying and Selling at Qorvo

In other news, Director John R. Harding sold 1,450 shares of the stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $70.09, for a total transaction of $101,630.50. Following the transaction, the director now directly owns 7,597 shares in the company, valued at approximately $532,473.73. This trade represents a 16.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.46% of the company's stock.

Qorvo Trading Up 1.6%

QRVO traded up $1.22 during trading on Friday, hitting $79.64. 1,290,073 shares of the stock were exchanged, compared to its average volume of 2,192,517. 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 50 day simple moving average of $67.06 and a 200 day simple moving average of $71.30. The firm has a market cap 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. Qorvo, Inc. has a 1 year low of $49.46 and a 1 year high of $130.99.

Qorvo (NASDAQ:QRVO - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 EPS for the quarter, beating the consensus estimate 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 analyst estimates of $850.13 million. During the same quarter last year, the firm posted $1.39 earnings per share. The business's revenue for the quarter was down 7.6% on a year-over-year basis. As a group, equities analysts expect that Qorvo, Inc. will post 4.09 EPS for the current year.

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.