Narwhal Capital Management Acquires 160 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Narwhal Capital Management lifted its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 7.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,240 shares of the semiconductor company’s stock after buying an additional 160 shares during the quarter. Narwhal Capital Management’s holdings in Qorvo were worth $231,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of QRVO. Pacer Advisors Inc. lifted its position in shares of Qorvo by 17,255.9% during the second quarter. Pacer Advisors Inc. now owns 1,427,006 shares of the semiconductor company’s stock worth $165,590,000 after acquiring an additional 1,418,784 shares in the last quarter. Vulcan Value Partners LLC lifted its holdings in Qorvo by 35.0% during the 2nd quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock worth $246,665,000 after purchasing an additional 550,111 shares in the last quarter. Thrivent Financial for Lutherans lifted its holdings in Qorvo by 1,507.7% during the 2nd quarter. Thrivent Financial for Lutherans now owns 347,715 shares of the semiconductor company’s stock worth $40,349,000 after purchasing an additional 326,087 shares in the last quarter. Caxton Associates LP bought a new position in Qorvo in the 2nd quarter worth about $34,812,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in Qorvo by 177.4% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 426,678 shares of the semiconductor company’s stock valued at $48,995,000 after buying an additional 272,872 shares in the last quarter. 88.57% of the stock is owned by institutional investors.

Qorvo Price Performance

Shares of Qorvo stock opened at $100.80 on Wednesday. The firm has a market capitalization of $9.56 billion, a PE ratio of -347.59, a price-to-earnings-growth ratio of 1.26 and a beta of 1.45. The company has a current ratio of 1.95, a quick ratio of 1.36 and a debt-to-equity ratio of 0.44. Qorvo, Inc. has a 12 month low of $80.62 and a 12 month high of $130.99. The business’s 50-day moving average price is $105.98 and its 200-day moving average price is $108.49.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.16. The business had revenue of $886.70 million for the quarter, compared to analysts’ expectations of $851.95 million. Qorvo had a negative net margin of 0.66% and a positive return on equity of 14.92%. The business’s quarterly revenue was up 36.2% on a year-over-year basis. During the same period last year, the business earned $0.03 earnings per share. Sell-side analysts forecast that Qorvo, Inc. will post 4.84 EPS for the current fiscal year.

Insider Activity

In other news, VP Gina Harrison sold 689 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $107.67, for a total value of $74,184.63. Following the completion of the sale, the vice president now owns 21,601 shares of the company’s stock, valued at approximately $2,325,779.67. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.46% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on QRVO. The Goldman Sachs Group increased their price target on shares of Qorvo from $105.00 to $118.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Needham & Company LLC raised their price target on shares of Qorvo from $110.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Susquehanna reduced their price target on shares of Qorvo from $135.00 to $115.00 and set a “neutral” rating for the company in a research report on Monday. Barclays lowered their price objective on Qorvo from $125.00 to $120.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 10th. Finally, JPMorgan Chase & Co. boosted their target price on Qorvo from $100.00 to $115.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Qorvo has a consensus rating of “Hold” and a consensus target price of $121.29.

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.