Point72 Asset Management L.P. lifted its holdings in shares of Qorvo Inc (NASDAQ:QRVO) by 101.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 137,202 shares of the semiconductor company’s stock after buying an additional 69,202 shares during the period. Point72 Asset Management L.P. owned approximately 0.12% of Qorvo worth $15,947,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of QRVO. AQR Capital Management LLC grew its position in Qorvo by 93.4% in the 4th quarter. AQR Capital Management LLC now owns 2,342,296 shares of the semiconductor company’s stock valued at $272,245,000 after buying an additional 1,131,336 shares in the last quarter. Man Group plc lifted its position in Qorvo by 5,205.1% in the third quarter. Man Group plc now owns 1,023,884 shares of the semiconductor company’s stock worth $75,911,000 after purchasing an additional 1,004,584 shares during the period. Renaissance Technologies LLC lifted its position in Qorvo by 96.2% in the fourth quarter. Renaissance Technologies LLC now owns 1,951,754 shares of the semiconductor company’s stock worth $226,852,000 after purchasing an additional 956,848 shares during the period. ANTIPODES PARTNERS Ltd acquired a new stake in Qorvo in the fourth quarter worth approximately $48,453,000. Finally, Los Angeles Capital Management & Equity Research Inc. boosted its stake in Qorvo by 240.8% during the 4th quarter. Los Angeles Capital Management & Equity Research Inc. now owns 220,518 shares of the semiconductor company’s stock valued at $25,631,000 after purchasing an additional 155,819 shares in the last quarter. Institutional investors and hedge funds own 89.96% of the company’s stock.
In related news, VP Gina Harrison sold 1,328 shares of the company’s stock in a transaction on Monday, March 9th. The stock was sold at an average price of $87.69, for a total transaction of $116,452.32. Following the transaction, the vice president now directly owns 15,730 shares of the company’s stock, valued at $1,379,363.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.71% of the company’s stock.
A number of research firms have recently commented on QRVO. Summit Insights raised Qorvo from a “hold” rating to a “buy” rating in a research note on Thursday, January 30th. Raymond James upped their price objective on Qorvo from $98.00 to $135.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. They noted that the move was a valuation call. Bank of America reaffirmed a “buy” rating and set a $120.00 target price on shares of Qorvo in a research note on Wednesday, March 11th. Wells Fargo & Co reaffirmed a “buy” rating on shares of Qorvo in a report on Monday, March 9th. Finally, Needham & Company LLC boosted their price target on shares of Qorvo from $105.00 to $150.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have assigned a buy rating to the stock. Qorvo has an average rating of “Buy” and an average price target of $109.44.
Shares of QRVO stock traded up $5.75 during trading hours on Thursday, reaching $83.49. 1,408,078 shares of the stock traded hands, compared to its average volume of 2,195,762. Qorvo Inc has a 1-year low of $58.52 and a 1-year high of $122.37. The business has a fifty day moving average price of $94.11 and a 200 day moving average price of $96.66. The company has a quick ratio of 3.23, a current ratio of 4.21 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $9.11 billion, a PE ratio of 28.89, a PEG ratio of 1.75 and a beta of 1.26.
Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Wednesday, January 29th. The semiconductor company reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.46 by $0.40. Qorvo had a net margin of 11.03% and a return on equity of 14.97%. The firm had revenue of $869.10 million for the quarter, compared to analysts’ expectations of $852.62 million. During the same period in the previous year, the company posted $1.85 EPS. The company’s quarterly revenue was up 4.4% compared to the same quarter last year. Research analysts expect that Qorvo Inc will post 5.39 earnings per share for the current fiscal year.
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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