Neuberger Berman Group LLC Boosts Stock Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Neuberger Berman Group LLC raised its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 1,911.9% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,271,816 shares of the semiconductor company’s stock after purchasing an additional 1,208,600 shares during the period. Neuberger Berman Group LLC owned 1.27% of Qorvo worth $128,761,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in QRVO. Point72 Asset Management L.P. purchased a new stake in shares of Qorvo during the 4th quarter worth approximately $115,536,000. Norges Bank purchased a new stake in Qorvo during the fourth quarter valued at $101,478,000. Baupost Group LLC MA grew its stake in shares of Qorvo by 11.8% in the 1st quarter. Baupost Group LLC MA now owns 6,645,712 shares of the semiconductor company’s stock worth $824,733,000 after buying an additional 699,968 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Qorvo by 52.6% in the 1st quarter. Wellington Management Group LLP now owns 1,990,306 shares of the semiconductor company’s stock worth $246,997,000 after buying an additional 686,046 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its position in shares of Qorvo by 423.7% during the 1st quarter. Envestnet Asset Management Inc. now owns 743,648 shares of the semiconductor company’s stock valued at $14,506,000 after buying an additional 601,645 shares in the last quarter. Hedge funds and other institutional investors own 85.60% of the company’s stock.

Qorvo Stock Down 6.8 %

NASDAQ QRVO traded down $7.18 during trading on Thursday, reaching $99.06. 605,049 shares of the company’s stock traded hands, compared to its average volume of 1,241,176. The company’s 50 day simple moving average is $104.37 and its two-hundred day simple moving average is $99.67. Qorvo, Inc. has a 12-month low of $75.38 and a 12-month high of $114.59. The firm has a market cap of $9.70 billion, a price-to-earnings ratio of -582.06, a price-to-earnings-growth ratio of 2.66 and a beta of 1.44. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.27 and a quick ratio of 1.83.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.07. The company had revenue of $651.16 million during the quarter, compared to the consensus estimate of $639.84 million. Qorvo had a negative net margin of 0.29% and a positive return on equity of 7.89%. As a group, sell-side analysts forecast that Qorvo, Inc. will post 4.03 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently commented on QRVO shares. Needham & Company LLC reiterated a “buy” rating and issued a $125.00 price target on shares of Qorvo in a research report on Thursday, August 3rd. Mizuho boosted their target price on Qorvo from $102.00 to $107.00 in a research report on Thursday, August 3rd. Raymond James raised their price target on Qorvo from $120.00 to $125.00 and gave the stock an “outperform” rating in a research report on Thursday, August 3rd. StockNews.com initiated coverage on shares of Qorvo in a research report on Thursday, August 17th. They set a “hold” rating on the stock. Finally, Rosenblatt Securities restated a “neutral” rating and issued a $95.00 target price on shares of Qorvo in a report on Thursday, August 3rd. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $112.67.

Insider Buying and Selling

In other Qorvo news, Director Roderick Nelson sold 2,067 shares of Qorvo stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $106.60, for a total value of $220,342.20. Following the transaction, the director now owns 7,727 shares in the company, valued at $823,698.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Robert A. Bruggeworth sold 10,757 shares of the stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $102.02, for a total transaction of $1,097,429.14. Following the completion of the sale, the chief executive officer now owns 156,283 shares in the company, valued at approximately $15,943,991.66. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Roderick Nelson sold 2,067 shares of the business’s stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $106.60, for a total value of $220,342.20. Following the transaction, the director now owns 7,727 shares in the company, valued at $823,698.20. The disclosure for this sale can be found here. Insiders sold 40,250 shares of company stock worth $4,110,124 in the last three months. 0.43% of the stock is owned by insiders.

Qorvo Company Profile

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.