Cerity Partners LLC acquired a new position in shares of Qorvo, Inc. (NASDAQ:QRVO – Get Rating) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 2,129 shares of the semiconductor company’s stock, valued at approximately $201,000.
Other institutional investors also recently bought and sold shares of the company. Bellevue Asset Management LLC purchased a new stake in Qorvo during the first quarter worth approximately $25,000. J.W. Cole Advisors Inc. acquired a new stake in Qorvo during the 1st quarter valued at $26,000. Loomis Sayles & Co. L P grew its stake in shares of Qorvo by 208.8% during the second quarter. Loomis Sayles & Co. L P now owns 281 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 190 shares in the last quarter. Parkside Financial Bank & Trust grew its stake in shares of Qorvo by 106.4% during the first quarter. Parkside Financial Bank & Trust now owns 225 shares of the semiconductor company’s stock valued at $28,000 after acquiring an additional 116 shares in the last quarter. Finally, IndexIQ Advisors LLC acquired a new stake in shares of Qorvo during the first quarter valued at about $32,000. 88.31% of the stock is currently owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In other Qorvo news, VP Paul J. Fego sold 2,413 shares of Qorvo stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $85.42, for a total value of $206,118.46. Following the transaction, the vice president now owns 31,666 shares in the company, valued at $2,704,909.72. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.45% of the stock is currently owned by company insiders.
Qorvo Trading Up 2.2 %
Qorvo (NASDAQ:QRVO – Get Rating) last posted its quarterly earnings results on Wednesday, November 2nd. The semiconductor company reported $2.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.28 by $0.38. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.13 billion. Qorvo had a net margin of 15.34% and a return on equity of 24.47%. The firm’s quarterly revenue was down 7.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.22 earnings per share. On average, research analysts predict that Qorvo, Inc. will post 5.11 EPS for the current fiscal year.
Qorvo declared that its board has approved a share repurchase program on Wednesday, November 2nd that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the semiconductor company to reacquire up to 22.9% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.
Analyst Ratings Changes
QRVO has been the subject of several recent analyst reports. Benchmark lowered their target price on Qorvo from $152.00 to $120.00 in a research note on Thursday, November 3rd. Credit Suisse Group initiated coverage on Qorvo in a research note on Tuesday, November 15th. They set an “outperform” rating and a $120.00 target price for the company. Exane BNP Paribas initiated coverage on shares of Qorvo in a research report on Tuesday, September 13th. They set a “neutral” rating on the stock. Barclays cut shares of Qorvo from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $120.00 to $90.00 in a research report on Monday, October 24th. Finally, Cowen reduced their price target on shares of Qorvo from $100.00 to $80.00 and set a “market perform” rating on the stock in a research report on Tuesday, October 18th. Two research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $106.78.
Qorvo Company Profile
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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