US Bancorp DE grew its position in Qorvo, Inc. (NASDAQ:QRVO – Get Rating) by 17.0% in the third quarter, Holdings Channel reports. The fund owned 5,985 shares of the semiconductor company’s stock after acquiring an additional 868 shares during the quarter. US Bancorp DE’s holdings in Qorvo were worth $476,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Baupost Group LLC MA increased its holdings in Qorvo by 11.8% in the first quarter. Baupost Group LLC MA now owns 6,645,712 shares of the semiconductor company’s stock valued at $824,733,000 after purchasing an additional 699,968 shares during the period. Wellington Management Group LLP increased its holdings in Qorvo by 52.6% in the first quarter. Wellington Management Group LLP now owns 1,990,306 shares of the semiconductor company’s stock valued at $246,997,000 after purchasing an additional 686,046 shares during the period. Goldman Sachs Group Inc. increased its holdings in Qorvo by 183.8% in the first quarter. Goldman Sachs Group Inc. now owns 690,361 shares of the semiconductor company’s stock valued at $85,674,000 after purchasing an additional 447,129 shares during the period. Border to Coast Pensions Partnership Ltd acquired a new stake in Qorvo in the second quarter valued at $15,888,629,000. Finally, BNP Paribas Arbitrage SA grew its holdings in Qorvo by 243.2% during the 1st quarter. BNP Paribas Arbitrage SA now owns 281,304 shares of the semiconductor company’s stock worth $34,910,000 after acquiring an additional 199,331 shares during the period. 86.47% of the stock is currently owned by institutional investors.
Qorvo Price Performance
Qorvo stock opened at $102.39 on Monday. Qorvo, Inc. has a 52 week low of $75.38 and a 52 week high of $144.31. The company’s 50 day moving average price is $95.65 and its two-hundred day moving average price is $93.79. The company has a quick ratio of 2.20, a current ratio of 3.30 and a debt-to-equity ratio of 0.47. The stock has a market cap of $10.38 billion, a P/E ratio of 16.07, a P/E/G ratio of 3.06 and a beta of 1.39.
Qorvo announced that its board has approved a share repurchase program 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 programs are often a sign that the company’s management believes its stock is undervalued.
Analyst Upgrades and Downgrades
A number of brokerages have weighed in on QRVO. JPMorgan Chase & Co. downgraded Qorvo from an “overweight” rating to an “underweight” rating and decreased their price target for the stock from $125.00 to $90.00 in a report on Thursday, November 3rd. Cowen decreased their price target on Qorvo from $100.00 to $80.00 and set a “market perform” rating for the company in a report on Tuesday, October 18th. StockNews.com began coverage on Qorvo in a report on Wednesday, October 12th. They set a “hold” rating for the company. Morgan Stanley decreased their price target on Qorvo from $109.00 to $87.00 and set an “equal weight” rating for the company in a report on Thursday, November 3rd. Finally, Needham & Company LLC increased their price target on Qorvo from $100.00 to $105.00 and gave the stock a “buy” rating in a report on Thursday, November 3rd. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Qorvo has a consensus rating of “Hold” and an average price target of $107.00.
Insider Buying and Selling
In related news, VP Gina Harrison sold 3,559 shares of Qorvo stock in a transaction that occurred on Tuesday, December 13th. The shares were sold at an average price of $104.00, for a total value of $370,136.00. Following the sale, the vice president now owns 16,257 shares of the company’s stock, valued at approximately $1,690,728. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.45% of the stock is currently owned by insiders.
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.
- Get a free copy of the StockNews.com research report on Qorvo (QRVO)
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