Comerica Bank Buys 9,427 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Comerica Bank lifted its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 37.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 34,412 shares of the semiconductor company's stock after purchasing an additional 9,427 shares during the quarter. Comerica Bank's holdings in Qorvo were worth $2,406,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Alexander Randolph Advisory Inc. lifted its stake 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 buying an additional 140 shares during the last quarter. Huntington National Bank boosted its holdings in Qorvo by 47.1% during the fourth quarter. Huntington National Bank now owns 453 shares of the semiconductor company's stock valued at $32,000 after acquiring an additional 145 shares during the period. Truvestments Capital LLC boosted its holdings in Qorvo by 7.2% during the fourth quarter. Truvestments Capital LLC now owns 2,768 shares of the semiconductor company's stock valued at $194,000 after acquiring an additional 185 shares during the period. Venturi Wealth Management LLC grew its position in shares of Qorvo by 67.4% in the fourth quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company's stock valued at $43,000 after purchasing an additional 250 shares during the last quarter. Finally, Arizona State Retirement System increased its stake in shares of Qorvo by 1.2% in the fourth quarter. Arizona State Retirement System now owns 27,541 shares of the semiconductor company's stock worth $1,926,000 after purchasing an additional 315 shares during the period. Institutional investors own 88.57% of the company's stock.

Qorvo Price Performance

QRVO stock traded up $0.82 during midday trading on Friday, reaching $73.19. 1,374,897 shares of the company's stock traded hands, compared to its average volume of 2,173,079. The company has a 50-day simple moving average of $66.45 and a two-hundred day simple moving average of $71.65. 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 1-year low of $49.46 and a 1-year high of $130.99. The company has a market cap of $6.84 billion, a price-to-earnings ratio of 261.39, a PEG ratio of 15.57 and a beta of 1.38.

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

Insider Buying and Selling

In other news, Director John R. Harding sold 1,450 shares of the company's stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $70.09, for a total transaction of $101,630.50. Following the transaction, the director now owns 7,597 shares of the company's stock, valued at $532,473.73. This represents a 16.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.46% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Benchmark raised Qorvo from a "hold" rating to a "buy" rating and set a $95.00 target price on the stock in a report on Wednesday, April 30th. Piper Sandler upgraded shares of Qorvo from a "neutral" rating to an "overweight" rating and upped their target price for the company from $85.00 to $110.00 in a research note on Monday, January 27th. TD Cowen decreased their price target 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. Mizuho upped their price objective on shares of Qorvo from $80.00 to $90.00 and gave the company a "neutral" rating in a research report on Friday, January 24th. Finally, StockNews.com upgraded Qorvo from a "hold" rating to a "buy" rating in a research note on Wednesday, January 29th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Qorvo currently has a consensus rating of "Hold" and a consensus 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.