Louisiana State Employees Retirement System boosted its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 1.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,900 shares of the semiconductor company’s stock after buying an additional 100 shares during the period. Louisiana State Employees Retirement System’s holdings in Qorvo were worth $500,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. increased its position in shares of Qorvo by 3,264.5% in the first quarter. BlackRock Inc. now owns 8,737,400 shares of the semiconductor company’s stock valued at $599,038,000 after buying an additional 8,477,705 shares during the last quarter. Baupost Group LLC MA purchased a new position in shares of Qorvo during the first quarter valued at $492,639,000. Todd Asset Management LLC increased its position in shares of Qorvo by 182.7% in the first quarter. Todd Asset Management LLC now owns 699,334 shares of the semiconductor company’s stock valued at $47,947,000 after buying an additional 451,987 shares during the last quarter. Strs Ohio increased its position in shares of Qorvo by 105.3% in the first quarter. Strs Ohio now owns 876,710 shares of the semiconductor company’s stock valued at $60,107,000 after buying an additional 449,775 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Qorvo by 240.7% in the first quarter. JPMorgan Chase & Co. now owns 466,766 shares of the semiconductor company’s stock valued at $32,000,000 after buying an additional 329,770 shares during the last quarter. 97.39% of the stock is owned by hedge funds and other institutional investors.
Shares of Qorvo, Inc. (NASDAQ:QRVO) traded up 1.83% during mid-day trading on Friday, hitting $69.01. The stock had a trading volume of 498,425 shares. The firm’s market cap is $8.78 billion. Qorvo, Inc. has a one year low of $48.28 and a one year high of $79.34. The company has a 50-day moving average of $67.24 and a 200 day moving average of $68.88.
Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.87 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.07. Qorvo had a positive return on equity of 10.10% and a negative net margin of 1.40%. The company had revenue of $640.80 million during the quarter, compared to the consensus estimate of $632.18 million. During the same period last year, the business earned $1.08 EPS. The business’s quarterly revenue was down 8.3% on a year-over-year basis. On average, equities research analysts forecast that Qorvo, Inc. will post $5.54 earnings per share for the current year.
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QRVO has been the subject of several analyst reports. Benchmark Co. initiated coverage on shares of Qorvo in a research note on Tuesday, April 25th. They issued a “buy” rating for the company. DA Davidson downgraded shares of Qorvo from a “buy” rating to a “neutral” rating and set a $70.00 target price for the company. in a research note on Thursday, May 4th. Zacks Investment Research downgraded shares of Qorvo from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 21st. Needham & Company LLC boosted their target price on shares of Qorvo from $70.00 to $86.00 and gave the company a “buy” rating in a research note on Friday, May 26th. Finally, TheStreet raised shares of Qorvo from a “c+” rating to a “b” rating in a research note on Wednesday, May 3rd. Three analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $73.28.
In other news, VP Steven E. Creviston sold 26,911 shares of the firm’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $77.00, for a total transaction of $2,072,147.00. Following the completion of the sale, the vice president now directly owns 153,644 shares of the company’s stock, valued at approximately $11,830,588. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert A. Bruggeworth sold 27,840 shares of the firm’s stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $77.87, for a total value of $2,167,900.80. Following the sale, the insider now directly owns 238,682 shares of the company’s stock, valued at $18,586,167.34. The disclosure for this sale can be found here. Insiders have sold a total of 145,426 shares of company stock valued at $10,440,193 over the last ninety days. Company insiders own 0.91% of the company’s stock.
Qorvo, Inc is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs).
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