Cibc World Market Inc. Raises Stake in Qorvo, Inc. (NASDAQ:QRVO)

Cibc World Market Inc. boosted its position in Qorvo, Inc. (NASDAQ:QRVOGet Rating) by 10.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,932 shares of the semiconductor company’s stock after buying an additional 953 shares during the period. Cibc World Market Inc.’s holdings in Qorvo were worth $937,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the company. Bellevue Asset Management LLC purchased a new stake in Qorvo in the 1st quarter worth approximately $25,000. J.W. Cole Advisors Inc. purchased a new stake in Qorvo in the 1st quarter worth approximately $26,000. Loomis Sayles & Co. L P boosted its position in Qorvo by 208.8% in the 2nd quarter. Loomis Sayles & Co. L P now owns 281 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 190 shares in the last quarter. Parkside Financial Bank & Trust boosted its position in Qorvo by 106.4% in the 1st quarter. Parkside Financial Bank & Trust now owns 225 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 116 shares in the last quarter. Finally, IndexIQ Advisors LLC purchased a new stake in Qorvo in the 1st quarter worth approximately $32,000. Hedge funds and other institutional investors own 88.31% of the company’s stock.

Qorvo Stock Performance

NASDAQ QRVO opened at $98.92 on Monday. The stock has a market cap of $10.03 billion, a PE ratio of 15.53, a P/E/G ratio of 2.99 and a beta of 1.36. The company has a current ratio of 3.30, a quick ratio of 2.20 and a debt-to-equity ratio of 0.47. Qorvo, Inc. has a twelve month low of $75.38 and a twelve month high of $163.95. The stock has a fifty day simple moving average of $85.88 and a 200-day simple moving average of $95.98.

Qorvo (NASDAQ:QRVOGet Rating) last released its quarterly earnings results on Wednesday, November 2nd. The semiconductor company reported $2.66 earnings per share for the quarter, topping analysts’ consensus estimates of $2.28 by $0.38. Qorvo had a return on equity of 24.47% and a net margin of 15.34%. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same period in the prior year, the business posted $3.22 EPS. The company’s revenue was down 7.7% compared to the same quarter last year. Equities analysts anticipate that Qorvo, Inc. will post 5.11 earnings per share for the current year.

Qorvo announced that its board has initiated a share repurchase plan on Wednesday, November 2nd that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to buy up to 22.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

QRVO has been the topic of several recent research reports. BMO Capital Markets lowered their price objective on Qorvo from $100.00 to $90.00 and set a “market perform” rating on the stock in a research report on Thursday, November 3rd. Mizuho lowered their price objective on Qorvo from $110.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, August 4th. Piper Sandler reduced their target price on Qorvo from $115.00 to $100.00 and set an “overweight” rating for the company in a research note on Thursday, November 3rd. Needham & Company LLC upped their target price on Qorvo from $100.00 to $105.00 and gave the stock a “buy” rating in a research note on Thursday, November 3rd. Finally, Morgan Stanley reduced their target price on Qorvo from $109.00 to $87.00 and set an “equal weight” rating for the company in a research note on Thursday, November 3rd. Two analysts have rated the stock with a sell rating, sixteen have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Qorvo presently has an average rating of “Hold” and a consensus price target of $106.78.

Insider Activity at Qorvo

In related news, VP Paul J. Fego sold 2,413 shares of the firm’s stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $85.42, for a total transaction of $206,118.46. Following the completion of the transaction, the vice president now directly owns 31,666 shares in the company, valued at approximately $2,704,909.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.45% of the stock is currently owned by company insiders.

Qorvo Profile

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Qorvo, Inc develops and commercializes technologies and products for wireless, wired, and power markets worldwide. The company operates through two segments, Mobile Products, and Infrastructure and Defense Products. It offers mobile devices, such as smartphones, wearables, laptops, tablets and other devices; radio frequency power management integrated circuits, ultra-wideband (UWB) system-on-a-chip (SoC) and system-in-package (SiP) solutions, MEMS-based sensors, antenna tuners, and antennaplexers, as well as discrete multiplexers, duplexers, filters, and switches; and cellular base stations include switch-low noise amplifier (LNA) modules, variable gain amplifiers, integrated power amplifier (PA) Doherty modules, discrete LNAs, and high power GaN amplifiers.

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Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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