Roanoke Asset Management Corp NY Trims Holdings in Qorvo Inc (QRVO)

Roanoke Asset Management Corp NY decreased its position in shares of Qorvo Inc (NASDAQ:QRVO) by 24.6% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 20,249 shares of the semiconductor company’s stock after selling 6,595 shares during the quarter. Roanoke Asset Management Corp NY’s holdings in Qorvo were worth $1,557,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. BlackRock Inc. lifted its holdings in Qorvo by 3.2% during the 2nd quarter. BlackRock Inc. now owns 9,015,930 shares of the semiconductor company’s stock worth $722,806,000 after buying an additional 275,764 shares in the last quarter. Vulcan Value Partners LLC lifted its holdings in Qorvo by 16.2% during the 2nd quarter. Vulcan Value Partners LLC now owns 7,798,102 shares of the semiconductor company’s stock worth $625,174,000 after buying an additional 1,087,335 shares in the last quarter. Manning & Napier Group LLC lifted its holdings in Qorvo by 1.8% during the 3rd quarter. Manning & Napier Group LLC now owns 2,954,792 shares of the semiconductor company’s stock worth $227,192,000 after buying an additional 53,355 shares in the last quarter. Boston Partners lifted its holdings in Qorvo by 1.6% during the 2nd quarter. Boston Partners now owns 2,939,292 shares of the semiconductor company’s stock worth $235,643,000 after buying an additional 45,069 shares in the last quarter. Finally, Iridian Asset Management LLC CT lifted its holdings in Qorvo by 108.0% during the 2nd quarter. Iridian Asset Management LLC CT now owns 2,569,085 shares of the semiconductor company’s stock worth $205,964,000 after buying an additional 1,334,035 shares in the last quarter. 94.06% of the stock is currently owned by hedge funds and other institutional investors.

Shares of QRVO stock traded up $0.72 during trading hours on Tuesday, reaching $70.04. The company had a trading volume of 86,709 shares, compared to its average volume of 1,090,237. The company has a quick ratio of 2.15, a current ratio of 3.39 and a debt-to-equity ratio of 0.12. The company has a market cap of $8.76 billion, a P/E ratio of 14.64, a price-to-earnings-growth ratio of 1.07 and a beta of 0.96. Qorvo Inc has a 1-year low of $64.53 and a 1-year high of $86.84.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Wednesday, August 1st. The semiconductor company reported $0.96 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.76 by $0.20. The company had revenue of $692.70 million for the quarter, compared to the consensus estimate of $656.97 million. Qorvo had a positive return on equity of 12.85% and a negative net margin of 1.31%. The firm’s quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.87 EPS. Research analysts anticipate that Qorvo Inc will post 5.46 earnings per share for the current fiscal year.

In related news, VP James L. Klein sold 4,916 shares of the company’s stock in a transaction on Thursday, August 9th. The shares were sold at an average price of $85.50, for a total value of $420,318.00. Following the completion of the sale, the vice president now owns 54,952 shares in the company, valued at approximately $4,698,396. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Robert A. Bruggeworth sold 5,000 shares of the company’s stock in a transaction on Monday, October 15th. The shares were sold at an average price of $72.65, for a total transaction of $363,250.00. Following the completion of the sale, the insider now owns 180,572 shares of the company’s stock, valued at approximately $13,118,555.80. The disclosure for this sale can be found here. In the last three months, insiders sold 45,608 shares of company stock worth $3,635,256. 0.85% of the stock is currently owned by company insiders.

Several research analysts have issued reports on QRVO shares. Zacks Investment Research raised Qorvo from a “hold” rating to a “buy” rating and set a $94.00 price objective on the stock in a report on Monday, August 6th. BidaskClub raised Qorvo from a “sell” rating to a “hold” rating in a report on Saturday, August 4th. ValuEngine downgraded Qorvo from a “buy” rating to a “hold” rating in a report on Saturday, August 18th. Needham & Company LLC increased their price target on Qorvo from $85.00 to $92.00 and gave the company a “buy” rating in a research note on Thursday, August 2nd. Finally, Morgan Stanley increased their price target on Qorvo from $72.00 to $75.00 and gave the company an “equal weight” rating in a research note on Thursday, August 2nd. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and twelve have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $83.43.

About Qorvo

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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Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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