Sherbrooke Park Advisers LLC lifted its holdings in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 94.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,273 shares of the semiconductor company's stock after buying an additional 7,405 shares during the quarter. Sherbrooke Park Advisers LLC's holdings in Qorvo were worth $1,068,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Rakuten Securities Inc. bought a new position in shares of Qorvo in the fourth quarter worth about $28,000. Huntington National Bank boosted its position in Qorvo by 47.1% in the 4th quarter. Huntington National Bank now owns 453 shares of the semiconductor company's stock valued at $32,000 after buying an additional 145 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Qorvo during the fourth quarter valued at $37,000. Venturi Wealth Management LLC boosted its holdings in 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 acquiring an additional 250 shares during the last quarter. Finally, CENTRAL TRUST Co raised its stake in shares of Qorvo by 2,621.4% during the fourth quarter. CENTRAL TRUST Co now owns 762 shares of the semiconductor company's stock worth $53,000 after buying an additional 734 shares during the last quarter. Institutional investors own 88.57% of the company's stock.
Qorvo Trading Down 2.3%
Shares of Qorvo stock traded down $1.81 during mid-day trading on Wednesday, hitting $77.12. The stock had a trading volume of 360,474 shares, compared to its average volume of 2,737,777. The firm has a market cap of $7.20 billion, a P/E ratio of 275.29, a price-to-earnings-growth ratio of 15.57 and a beta of 1.38. The company has a quick ratio of 1.78, a current ratio of 2.60 and a debt-to-equity ratio of 0.46. The firm has a 50-day moving average of $67.44 and a two-hundred day moving average of $71.41. Qorvo, Inc. has a 12-month low of $49.46 and a 12-month high of $130.99.
Qorvo (NASDAQ:QRVO - Get Free Report) last announced its earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.00 by $0.42. The company had revenue of $869.47 million for the quarter, compared to analyst estimates of $850.13 million. Qorvo had a return on equity of 12.41% and a net margin of 0.71%. The firm's quarterly revenue was down 7.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.39 earnings per share. Sell-side analysts forecast that Qorvo, Inc. will post 4.09 earnings per share for the current year.
Analysts Set New Price Targets
A number of analysts recently commented on the stock. Barclays upped their price objective on shares of Qorvo from $60.00 to $70.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 30th. Needham & Company LLC dropped their price target on Qorvo from $100.00 to $90.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. StockNews.com upgraded Qorvo from a "hold" rating to a "buy" rating in a report on Wednesday, January 29th. TD Cowen cut their target price on Qorvo from $90.00 to $80.00 and set a "hold" rating on the stock in a research note on Wednesday, April 30th. Finally, Stifel Nicolaus set a $75.00 price target on shares of Qorvo in a research note on Monday, April 28th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $91.21.
Read Our Latest Stock Analysis on QRVO
Insider Transactions at Qorvo
In other Qorvo 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 value of $101,630.50. Following the completion of the sale, the director now owns 7,597 shares of the company's stock, valued at $532,473.73. This trade represents a 16.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.46% of the company's stock.
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.
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