Scientech Research LLC Makes New $1.09 Million Investment in Qorvo, Inc. (NASDAQ:QRVO)

Scientech Research LLC acquired a new stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 15,548 shares of the semiconductor company's stock, valued at approximately $1,087,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in QRVO. Alexander Randolph Advisory Inc. boosted its holdings in Qorvo by 1.0% during the fourth quarter. Alexander Randolph Advisory Inc. now owns 13,592 shares of the semiconductor company's stock valued at $950,000 after purchasing an additional 140 shares in the last quarter. Huntington National Bank lifted its holdings 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 purchasing an additional 145 shares during the last quarter. Truvestments Capital LLC boosted its position in Qorvo by 7.2% in the fourth 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 grew its stake in Qorvo by 67.4% during the fourth quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company's stock worth $43,000 after buying an additional 250 shares during the last quarter. Finally, Arizona State Retirement System increased its holdings 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 worth $1,926,000 after buying an additional 315 shares in the last quarter. 88.57% of the stock is owned by institutional investors.

Analyst Ratings Changes

QRVO has been the subject of a number of recent analyst reports. TD Cowen dropped their price target on Qorvo from $90.00 to $80.00 and set a "hold" rating for the company in a report on Wednesday, April 30th. Benchmark upgraded Qorvo from a "hold" rating to a "buy" rating and set a $95.00 target price for the company in a research note on Wednesday, April 30th. Piper Sandler raised Qorvo from a "neutral" rating to an "overweight" rating and lifted their price target for the company from $85.00 to $110.00 in a report on Monday, January 27th. Loop Capital decreased their price objective on shares of Qorvo from $90.00 to $75.00 and set a "hold" rating on the stock in a report on Wednesday, April 30th. Finally, Needham & Company LLC dropped their target price 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 investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, Qorvo has an average rating of "Hold" and a consensus price target of $91.21.

Qorvo Stock Up 0.6%

Shares of QRVO traded up $0.48 during mid-day trading on Thursday, hitting $76.99. 368,267 shares of the company's stock were exchanged, compared to its average volume of 2,186,749. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.60 and a quick ratio of 1.78. Qorvo, Inc. has a 52 week low of $49.46 and a 52 week high of $130.99. The company has a market cap of $7.19 billion, a PE ratio of 275.01, a P/E/G ratio of 15.57 and a beta of 1.38. The company has a 50-day simple moving average of $67.55 and a 200 day simple moving average of $71.44.

Qorvo (NASDAQ:QRVO - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share (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 company 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 posted $1.39 EPS. The business's revenue was down 7.6% compared to the same quarter last year. On average, research analysts forecast that Qorvo, Inc. will post 4.09 earnings per share for the current fiscal year.

Insider Activity

In other Qorvo news, Director John R. Harding sold 1,450 shares of Qorvo stock in a transaction 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 completion of the transaction, the director now directly owns 7,597 shares of the company's stock, valued at $532,473.73. The trade was a 16.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.46% of the stock is owned by insiders.

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.