Panagora Asset Management Inc. boosted its position in shares of Qorvo Inc (NASDAQ:QRVO) by 722.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 129,084 shares of the semiconductor company’s stock after purchasing an additional 113,389 shares during the period. Panagora Asset Management Inc. owned approximately 0.10% of Qorvo worth $9,925,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in QRVO. Vulcan Value Partners LLC grew its holdings in Qorvo by 16.2% during the 2nd quarter. Vulcan Value Partners LLC now owns 7,798,102 shares of the semiconductor company’s stock valued at $625,174,000 after purchasing an additional 1,087,335 shares in the last quarter. Millennium Management LLC grew its holdings in Qorvo by 207.7% during the 2nd quarter. Millennium Management LLC now owns 1,310,508 shares of the semiconductor company’s stock worth $105,063,000 after acquiring an additional 884,601 shares in the last quarter. Iridian Asset Management LLC CT grew its holdings in Qorvo by 32.7% during the 3rd quarter. Iridian Asset Management LLC CT now owns 3,408,079 shares of the semiconductor company’s stock worth $262,047,000 after acquiring an additional 838,994 shares in the last quarter. Advisors Asset Management Inc. grew its holdings in Qorvo by 4,338.5% during the 2nd quarter. Advisors Asset Management Inc. now owns 682,949 shares of the semiconductor company’s stock worth $1,282,000 after acquiring an additional 667,562 shares in the last quarter. Finally, Prudential Financial Inc. grew its holdings in Qorvo by 366.5% during the 3rd quarter. Prudential Financial Inc. now owns 646,625 shares of the semiconductor company’s stock worth $49,719,000 after acquiring an additional 508,000 shares in the last quarter. 94.46% of the stock is owned by institutional investors and hedge funds.
Several brokerages have weighed in on QRVO. Canaccord Genuity decreased their price objective on shares of Qorvo from $90.00 to $83.00 and set a “buy” rating for the company in a report on Wednesday, November 14th. Loop Capital decreased their price objective on shares of Qorvo to $85.00 and set a “buy” rating for the company in a report on Wednesday, November 14th. Zacks Investment Research lowered shares of Qorvo from a “buy” rating to a “sell” rating in a report on Thursday, November 15th. Cowen reissued a “market perform” rating and set a $71.00 price objective (down from $75.00) on shares of Qorvo in a report on Thursday, November 29th. Finally, Morgan Stanley decreased their price objective on shares of Qorvo from $75.00 to $72.00 and set an “equal weight” rating for the company in a report on Wednesday, October 3rd. Four investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twelve have issued a buy rating to the stock. Qorvo has a consensus rating of “Hold” and a consensus price target of $80.83.
NASDAQ QRVO opened at $67.75 on Tuesday. Qorvo Inc has a one year low of $61.00 and a one year high of $86.84. The company has a quick ratio of 2.48, a current ratio of 3.50 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $8.22 billion, a PE ratio of 14.17, a price-to-earnings-growth ratio of 1.12 and a beta of 0.89.
Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Wednesday, October 31st. The semiconductor company reported $1.75 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.62 by $0.13. Qorvo had a negative net margin of 1.41% and a positive return on equity of 13.65%. The business had revenue of $884.40 million during the quarter, compared to analyst estimates of $855.57 million. During the same period in the previous year, the business posted $1.52 EPS. The company’s quarterly revenue was up 7.8% on a year-over-year basis. Equities analysts forecast that Qorvo Inc will post 5.32 EPS for the current 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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