Ameritas Investment Partners Inc. continued to hold its position in shares of Qorvo, Inc. (NASDAQ:QRVO) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,057 shares of the semiconductor company’s stock at the end of the second quarter. Ameritas Investment Partners Inc.’s holdings in Qorvo were worth $194,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Sumitomo Mitsui Trust Holdings Inc. increased its position in Qorvo by 16.0% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 433,541 shares of the semiconductor company’s stock worth $27,452,000 after buying an additional 59,712 shares in the last quarter. American Century Companies Inc. purchased a new position in Qorvo during the second quarter worth $814,000. CHURCHILL MANAGEMENT Corp increased its position in Qorvo by 25.7% during the second quarter. CHURCHILL MANAGEMENT Corp now owns 37,420 shares of the semiconductor company’s stock worth $2,369,000 after buying an additional 7,661 shares in the last quarter. Oregon Public Employees Retirement Fund increased its position in Qorvo by 0.8% during the second quarter. Oregon Public Employees Retirement Fund now owns 38,123 shares of the semiconductor company’s stock worth $2,414,000 after buying an additional 300 shares in the last quarter. Finally, Manning & Napier Advisors LLC purchased a new position in Qorvo during the second quarter worth $101,456,000. 94.12% of the stock is owned by hedge funds and other institutional investors.
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Several research firms have weighed in on QRVO. Nomura began coverage on Qorvo in a research report on Tuesday, September 5th. They set a “neutral” rating and a $75.00 price target for the company. BidaskClub raised Qorvo from a “hold” rating to a “buy” rating in a research report on Friday, August 18th. KeyCorp reissued a “hold” rating on shares of Qorvo in a research report on Wednesday, October 11th. Zacks Investment Research downgraded Qorvo from a “hold” rating to a “sell” rating in a research report on Friday, September 1st. Finally, Drexel Hamilton reissued a “buy” rating and set a $95.00 price target on shares of Qorvo in a research report on Tuesday, August 1st. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and twelve have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $73.45.
Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Wednesday, November 1st. The semiconductor company reported $1.52 EPS for the quarter, meeting the consensus estimate of $1.52. Qorvo had a negative net margin of 1.40% and a positive return on equity of 10.10%. The business had revenue of $821.60 million for the quarter, compared to analysts’ expectations of $810.47 million. During the same period in the previous year, the company posted $1.29 EPS. Qorvo’s revenue was down 5.0% on a year-over-year basis.
In related news, insider Robert A. Bruggeworth sold 4,320 shares of the company’s stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $68.19, for a total value of $294,580.80. Following the completion of the sale, the insider now directly owns 206,925 shares in the company, valued at $14,110,215.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robert A. Bruggeworth sold 5,000 shares of the company’s stock in a transaction on Monday, October 16th. The stock was sold at an average price of $72.27, for a total transaction of $361,350.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 67,080 shares of company stock worth $4,788,693. 0.91% of the stock is currently owned by corporate insiders.
Qorvo Company Profile
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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