Foresters Investment Management Company Inc. lifted its holdings in shares of Qorvo Inc (NASDAQ:QRVO) by 3.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 156,200 shares of the semiconductor company’s stock after acquiring an additional 5,800 shares during the quarter. Foresters Investment Management Company Inc. owned 0.13% of Qorvo worth $10,404,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Dimensional Fund Advisors LP increased its position in Qorvo by 13.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,441,062 shares of the semiconductor company’s stock worth $87,523,000 after buying an additional 175,203 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Qorvo by 7.5% in the fourth quarter. Geode Capital Management LLC now owns 1,764,706 shares of the semiconductor company’s stock valued at $106,998,000 after purchasing an additional 122,684 shares in the last quarter. Mercer Global Advisors Inc. ADV purchased a new position in shares of Qorvo in the first quarter valued at $251,000. Steward Partners Investment Advisory LLC purchased a new position in shares of Qorvo in the first quarter valued at $232,000. Finally, Janus Henderson Group PLC grew its position in shares of Qorvo by 70.8% in the first quarter. Janus Henderson Group PLC now owns 73,246 shares of the semiconductor company’s stock valued at $5,254,000 after purchasing an additional 30,355 shares in the last quarter. 91.52% of the stock is owned by institutional investors.
Shares of QRVO traded up $0.06 during midday trading on Friday, hitting $77.86. 99,435 shares of the company traded hands, compared to its average volume of 1,126,815. The stock has a market cap of $9.05 billion, a price-to-earnings ratio of 14.83, a PEG ratio of 1.89 and a beta of 1.09. The firm has a 50 day moving average of $72.38 and a 200-day moving average of $70.32. Qorvo Inc has a 52 week low of $54.74 and a 52 week high of $79.29. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.30 and a current ratio of 3.44.
Qorvo (NASDAQ:QRVO) last issued its earnings results on Thursday, August 1st. The semiconductor company reported $1.18 EPS for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.23. The business had revenue of $775.60 million for the quarter, compared to analyst estimates of $738.98 million. Qorvo had a net margin of 6.39% and a return on equity of 15.77%. The company’s quarterly revenue was up 12.0% compared to the same quarter last year. During the same period last year, the company posted $0.96 earnings per share. Sell-side analysts predict that Qorvo Inc will post 4.3 earnings per share for the current fiscal year.
In related news, Director Roderick Nelson sold 500 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $69.85, for a total transaction of $34,925.00. Following the completion of the transaction, the director now directly owns 4,782 shares in the company, valued at $334,022.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP James L. Klein sold 1,914 shares of Qorvo stock in a transaction on Monday, June 17th. The shares were sold at an average price of $61.71, for a total transaction of $118,112.94. Following the completion of the transaction, the vice president now directly owns 51,945 shares of the company’s stock, valued at approximately $3,205,525.95. The disclosure for this sale can be found here. Over the last three months, insiders have sold 32,633 shares of company stock worth $2,312,438. 0.71% of the stock is currently owned by corporate insiders.
Several equities analysts have recently weighed in on QRVO shares. Zacks Investment Research cut Qorvo from a “buy” rating to a “hold” rating in a research report on Thursday, May 23rd. Cowen reaffirmed a “market perform” rating and set a $75.00 price target (up previously from $65.00) on shares of Qorvo in a research note on Friday, August 2nd. Barclays lowered Qorvo from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $70.00 to $60.00 in a research note on Thursday, June 6th. Canaccord Genuity reiterated a “buy” rating and issued a $76.00 price objective (down previously from $87.00) on shares of Qorvo in a report on Tuesday, May 21st. Finally, Benchmark started coverage on Qorvo in a report on Thursday. They issued a “buy” rating and a $90.00 price objective on the stock. Thirteen equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Qorvo has an average rating of “Hold” and an average price target of $77.45.
Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.
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