Seven Eight Capital LP Acquires 9,283 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Seven Eight Capital LP grew its holdings in Qorvo, Inc. (NASDAQ:QRVO) by 431.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,436 shares of the semiconductor company’s stock after purchasing an additional 9,283 shares during the period. Seven Eight Capital LP’s holdings in Qorvo were worth $1,313,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Highland Capital Management LLC boosted its position in shares of Qorvo by 48.9% during the fourth quarter. Highland Capital Management LLC now owns 42,790 shares of the semiconductor company’s stock valued at $4,819,000 after buying an additional 14,060 shares during the last quarter. SG Americas Securities LLC lifted its stake in Qorvo by 298.9% during the 4th quarter. SG Americas Securities LLC now owns 17,803 shares of the semiconductor company’s stock valued at $2,005,000 after acquiring an additional 13,340 shares during the period. FIL Ltd boosted its holdings in shares of Qorvo by 4.5% during the 4th quarter. FIL Ltd now owns 2,778,629 shares of the semiconductor company’s stock valued at $312,901,000 after acquiring an additional 120,213 shares during the last quarter. Daiwa Securities Group Inc. grew its stake in shares of Qorvo by 44.4% in the first quarter. Daiwa Securities Group Inc. now owns 13,247 shares of the semiconductor company’s stock worth $1,521,000 after acquiring an additional 4,072 shares during the period. Finally, Leeward Investments LLC MA grew its stake in shares of Qorvo by 50.6% in the first quarter. Leeward Investments LLC MA now owns 154,346 shares of the semiconductor company’s stock worth $17,724,000 after acquiring an additional 51,850 shares during the period. Institutional investors own 88.57% of the company’s stock.

Qorvo Price Performance

Shares of QRVO traded down $5.10 during trading hours on Wednesday, reaching $120.04. 1,638,965 shares of the stock traded hands, compared to its average volume of 1,337,263. The company has a current ratio of 1.99, a quick ratio of 1.41 and a debt-to-equity ratio of 0.44. Qorvo, Inc. has a 52-week low of $80.62 and a 52-week high of $130.99. The company’s 50-day moving average price is $110.62 and its two-hundred day moving average price is $110.03. The company has a market cap of $11.41 billion, a P/E ratio of -171.42, a price-to-earnings-growth ratio of 1.21 and a beta of 1.46.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Wednesday, May 1st. The semiconductor company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.18. Qorvo had a positive return on equity of 13.43% and a negative net margin of 1.86%. The business had revenue of $941.00 million for the quarter, compared to analysts’ expectations of $927.24 million. During the same period last year, the firm earned $0.11 earnings per share. The business’s quarterly revenue was up 48.7% on a year-over-year basis. On average, analysts anticipate that Qorvo, Inc. will post 5.16 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on QRVO shares. Needham & Company LLC restated a “buy” rating and issued a $110.00 target price on shares of Qorvo in a report on Wednesday, June 12th. StockNews.com upgraded Qorvo from a “hold” rating to a “buy” rating in a research note on Wednesday. Barclays reduced their price objective on Qorvo from $110.00 to $100.00 and set an “equal weight” rating for the company in a research report on Thursday, May 2nd. Benchmark dropped their target price on Qorvo from $136.00 to $128.00 and set a “buy” rating on the stock in a research report on Thursday, May 2nd. Finally, The Goldman Sachs Group reduced their price target on shares of Qorvo from $117.00 to $105.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $112.94.

Insider Activity at Qorvo

In other Qorvo news, Director John R. Harding sold 941 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $97.36, for a total value of $91,615.76. Following the completion of the transaction, the director now directly owns 6,950 shares in the company, valued at approximately $676,652. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Qorvo news, Director John R. Harding sold 941 shares of Qorvo stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $97.36, for a total value of $91,615.76. Following the sale, the director now directly owns 6,950 shares in the company, valued at approximately $676,652. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert A. Bruggeworth sold 22,299 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $99.31, for a total transaction of $2,214,513.69. Following the transaction, the chief executive officer now directly owns 154,714 shares of the company’s stock, valued at approximately $15,364,647.34. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 45,372 shares of company stock valued at $4,517,858. 0.46% of the stock is owned by company insiders.

About Qorvo

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.