Concert Wealth Management Inc. reduced its position in shares of Qorvo Inc. (NASDAQ:QRVO) by 1.5% during the second quarter, Holdings Channel reports. The institutional investor owned 6,772 shares of the company’s stock after selling 100 shares during the period. Concert Wealth Management Inc.’s holdings in Qorvo were worth $375,000 as of its most recent filing with the SEC.
Several other large investors have also recently made changes to their positions in QRVO. Advisor Partners LLC purchased a new stake in shares of Qorvo during the first quarter worth approximately $210,000. Quantitative Systematic Strategies LLC purchased a new stake in shares of Qorvo during the second quarter worth approximately $220,000. Essex Investment Management Co. LLC purchased a new stake in shares of Qorvo during the second quarter worth approximately $234,000. Sit Investment Associates Inc. purchased a new stake in shares of Qorvo during the second quarter worth approximately $293,000. Finally, Sentry Investment Management LLC increased its stake in shares of Qorvo by 20.1% in the first quarter. Sentry Investment Management LLC now owns 6,815 shares of the company’s stock worth $344,000 after buying an additional 1,140 shares in the last quarter. 87.10% of the stock is currently owned by institutional investors.
Qorvo Inc. (NASDAQ:QRVO) traded down 3.35% during trading on Thursday, reaching $53.36. 911,424 shares of the company’s stock traded hands. Qorvo Inc. has a 12 month low of $33.30 and a 12 month high of $64.80. The company has a 50-day moving average of $55.68 and a 200 day moving average of $53.37. The stock’s market capitalization is $6.82 billion.
Qorvo (NASDAQ:QRVO) last released its earnings results on Tuesday, August 2nd. The company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.03. Qorvo had a negative net margin of 1.39% and a positive return on equity of 9.32%. The firm earned $697.60 million during the quarter, compared to analyst estimates of $650.62 million. During the same quarter in the previous year, the firm earned $1.09 earnings per share. The firm’s revenue for the quarter was up 3.7% compared to the same quarter last year. On average, equities research analysts expect that Qorvo Inc. will post $5.09 earnings per share for the current fiscal year.
A number of equities research analysts have commented on QRVO shares. Needham & Company LLC reissued a “buy” rating and issued a $63.00 price objective (up from $53.00) on shares of Qorvo in a research report on Wednesday, August 3rd. DA Davidson dropped their price objective on shares of Qorvo from $70.00 to $67.00 and set a “buy” rating on the stock in a research report on Wednesday, August 3rd. Drexel Hamilton reissued a “buy” rating on shares of Qorvo in a research report on Wednesday, July 6th. MKM Partners increased their target price on shares of Qorvo from $64.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, August 3rd. Finally, Brean Capital reaffirmed a “buy” rating on shares of Qorvo in a research report on Wednesday, June 15th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and fourteen have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $61.97.
In other news, VP James L. Klein sold 1,384 shares of the company’s stock in a transaction dated Thursday, October 6th. The shares were sold at an average price of $55.00, for a total transaction of $76,120.00. Following the completion of the transaction, the vice president now owns 39,821 shares in the company, valued at $2,190,155. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert A. Bruggeworth sold 10,000 shares of the company’s stock in a transaction dated Friday, July 15th. The stock was sold at an average price of $59.50, for a total transaction of $595,000.00. Following the transaction, the chief executive officer now owns 229,524 shares of the company’s stock, valued at approximately $13,656,678. The disclosure for this sale can be found here. Company insiders own 1.14% 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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