State Board of Administration of Florida Retirement System increased its holdings in Qorvo, Inc. (NASDAQ:QRVO) by 1.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 199,072 shares of the semiconductor company’s stock after buying an additional 2,000 shares during the period. State Board of Administration of Florida Retirement System owned 0.16% of Qorvo worth $14,070,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in QRVO. Morgan Stanley boosted its holdings in Qorvo by 54.0% in the 1st quarter. Morgan Stanley now owns 271,344 shares of the semiconductor company’s stock worth $18,604,000 after buying an additional 95,111 shares during the period. Paloma Partners Management Co purchased a new stake in Qorvo in the 1st quarter worth approximately $775,000. Public Employees Retirement System of Ohio lifted its stake in Qorvo by 2.5% in the 1st quarter. Public Employees Retirement System of Ohio now owns 43,892 shares of the semiconductor company’s stock worth $3,009,000 after purchasing an additional 1,073 shares in the last quarter. Fox Run Management L.L.C. purchased a new stake in Qorvo in the 2nd quarter worth approximately $462,000. Finally, CHURCHILL MANAGEMENT Corp lifted its stake in Qorvo by 25.7% in the 2nd quarter. CHURCHILL MANAGEMENT Corp now owns 37,420 shares of the semiconductor company’s stock worth $2,369,000 after purchasing an additional 7,661 shares in the last quarter. 93.99% of the stock is owned by institutional investors.
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QRVO has been the topic of several recent analyst reports. Instinet initiated coverage on shares of Qorvo in a research note on Wednesday, September 6th. They issued a “neutral” rating and a $75.00 target price on the stock. Craig Hallum reiterated a “buy” rating on shares of Qorvo in a research note on Wednesday, September 13th. Mizuho reiterated a “hold” rating and issued a $70.00 target price on shares of Qorvo in a research note on Monday, October 9th. TheStreet cut shares of Qorvo from a “b” rating to a “c” rating in a research note on Wednesday, August 2nd. Finally, KeyCorp reiterated a “sector perform” rating on shares of Qorvo in a research note on Thursday, September 14th. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the company. Qorvo presently has a consensus rating of “Hold” and an average target price of $76.11.
In other Qorvo news, VP James L. Klein sold 2,600 shares of the firm’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $70.84, for a total value of $184,184.00. Following the sale, the vice president now owns 42,993 shares of the company’s stock, valued at approximately $3,045,624.12. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Gina Harrison sold 5,000 shares of the firm’s stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $73.41, for a total transaction of $367,050.00. Following the completion of the sale, the vice president now directly owns 17,230 shares in the company, valued at approximately $1,264,854.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 55,469 shares of company stock worth $4,023,277. 0.91% of the stock is owned by corporate insiders.
Qorvo, Inc. (QRVO) opened at $79.47 on Friday. The company has a market cap of $10,276.11, a price-to-earnings ratio of 20.20, a P/E/G ratio of 1.36 and a beta of 1.03. Qorvo, Inc. has a 52-week low of $49.53 and a 52-week high of $80.96. The company has a debt-to-equity ratio of 0.20, a current ratio of 3.80 and a quick ratio of 2.71.
Qorvo (NASDAQ:QRVO) last issued its earnings results on Wednesday, November 1st. The semiconductor company reported $1.52 EPS for the quarter, hitting analysts’ consensus estimates of $1.52. The company had revenue of $821.60 million for the quarter, compared to analysts’ expectations of $810.47 million. Qorvo had a negative net margin of 0.59% and a positive return on equity of 10.77%. The firm’s revenue was down 5.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.29 EPS. analysts forecast that Qorvo, Inc. will post 4.74 earnings per share for the current year.
Qorvo, Inc is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs).
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