Renaissance Technologies LLC Acquires 467,406 Shares of Qorvo Inc (NASDAQ:QRVO)

Renaissance Technologies LLC grew its holdings in shares of Qorvo Inc (NASDAQ:QRVO) by 755.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 529,306 shares of the semiconductor company’s stock after buying an additional 467,406 shares during the period. Renaissance Technologies LLC owned 0.45% of Qorvo worth $35,257,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in QRVO. Dimensional Fund Advisors LP boosted its holdings in shares of Qorvo by 13.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,441,062 shares of the semiconductor company’s stock valued at $87,523,000 after buying an additional 175,203 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Qorvo by 7.5% during the 4th quarter. Geode Capital Management LLC now owns 1,764,706 shares of the semiconductor company’s stock valued at $106,998,000 after buying an additional 122,684 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Qorvo by 70.8% during the 1st quarter. Janus Henderson Group PLC now owns 73,246 shares of the semiconductor company’s stock valued at $5,254,000 after buying an additional 30,355 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Qorvo by 2,106.6% during the 1st quarter. Victory Capital Management Inc. now owns 40,889 shares of the semiconductor company’s stock valued at $2,933,000 after buying an additional 39,036 shares in the last quarter. Finally, Nissay Asset Management Corp Japan ADV boosted its holdings in shares of Qorvo by 4.3% during the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 12,351 shares of the semiconductor company’s stock valued at $886,000 after buying an additional 507 shares in the last quarter. Hedge funds and other institutional investors own 91.52% of the company’s stock.

Qorvo stock traded up $0.68 during midday trading on Friday, hitting $78.48. The stock had a trading volume of 24,280 shares, compared to its average volume of 1,126,815. The firm’s fifty day moving average is $72.38 and its two-hundred day moving average is $70.32. The company has a market capitalization of $9.23 billion, a PE ratio of 14.95, a P/E/G ratio of 1.89 and a beta of 1.09. Qorvo Inc has a 52-week low of $54.74 and a 52-week high of $79.29. The company has a current ratio of 3.44, a quick ratio of 2.30 and a debt-to-equity ratio of 0.23.

Qorvo (NASDAQ:QRVO) last released its earnings results on Thursday, August 1st. The semiconductor company reported $1.18 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.23. The company had revenue of $775.60 million during the quarter, compared to analyst estimates of $738.98 million. Qorvo had a net margin of 6.39% and a return on equity of 15.77%. The firm’s quarterly revenue was up 12.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.96 EPS. As a group, equities research analysts predict that Qorvo Inc will post 4.3 earnings per share for the current fiscal year.

In other Qorvo news, VP James L. Klein sold 1,914 shares of the stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $61.71, for a total transaction of $118,112.94. Following the completion of the sale, the vice president now directly owns 51,945 shares of the company’s stock, valued at approximately $3,205,525.95. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Gina Harrison sold 1,328 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $75.98, for a total transaction of $100,901.44. Following the sale, the vice president now directly owns 18,689 shares of the company’s stock, valued at $1,419,990.22. The disclosure for this sale can be found here. Insiders sold a total of 32,633 shares of company stock valued at $2,312,438 over the last three months. 0.71% of the stock is currently owned by insiders.

A number of equities analysts recently issued reports on QRVO shares. BidaskClub upgraded shares of Qorvo from a “hold” rating to a “buy” rating in a research note on Thursday. Zacks Investment Research cut shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Thursday, May 23rd. Cowen reiterated a “market perform” rating and issued a $75.00 price target (up previously from $65.00) on shares of Qorvo in a research note on Friday, August 2nd. DA Davidson upgraded shares of Qorvo from a “sell” rating to a “neutral” rating and set a $74.00 price target on the stock in a research note on Monday, August 5th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $90.00 price target on shares of Qorvo in a research note on Monday, August 5th. Thirteen analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $77.45.

Qorvo Profile

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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Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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