JPMorgan Chase & Co. cut its position in shares of Qorvo Inc. (NASDAQ:QRVO) by 83.2% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 251,727 shares of the company’s stock after selling 1,244,200 shares during the period. JPMorgan Chase & Co. owned about 0.20% of Qorvo worth $13,910,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Wunderlich Capital Managemnt bought a new stake in shares of Qorvo during the first quarter valued at $109,000. Oppenheimer & Co. Inc. bought a new stake in shares of Qorvo during the second quarter valued at $206,000. Quantitative Systematic Strategies LLC bought a new stake in shares of Qorvo during the second quarter valued at $220,000. Advisor Partners LLC bought a new stake in shares of Qorvo during the first quarter valued at $210,000. Finally, Essex Investment Management Co. LLC bought a new stake in shares of Qorvo during the second quarter valued at $234,000. Hedge funds and other institutional investors own 87.10% of the company’s stock.
Shares of Qorvo Inc. (NASDAQ:QRVO) traded up 3.84% on Friday, hitting $55.74. 2,216,516 shares of the stock traded hands. The stock’s market cap is $7.13 billion. The company’s 50 day moving average is $55.74 and its 200 day moving average is $53.07. Qorvo Inc. has a one year low of $33.30 and a one year high of $64.80.
Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $1.08 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.05 by $0.03. The firm had revenue of $697.60 million for the quarter, compared to analysts’ expectations of $650.62 million. Qorvo had a positive return on equity of 9.32% and a negative net margin of 1.39%. Qorvo’s revenue was up 3.7% on a year-over-year basis. During the same quarter last year, the business posted $1.09 EPS. On average, equities analysts forecast that Qorvo Inc. will post $5.09 EPS for the current year.
QRVO has been the subject of several recent analyst reports. Needham & Company LLC restated a “buy” rating and set a $63.00 price objective (up previously from $53.00) on shares of Qorvo in a research report on Wednesday, August 3rd. DA Davidson reduced their price objective on shares of Qorvo from $70.00 to $67.00 and set a “buy” rating for the company in a research report on Wednesday, August 3rd. Drexel Hamilton reaffirmed a “buy” rating on shares of Qorvo in a report on Wednesday, July 6th. Brean Capital reaffirmed a “buy” rating on shares of Qorvo in a report on Wednesday, June 15th. Finally, MKM Partners lifted their target price on shares of Qorvo from $64.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, August 3rd. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $61.97.
In related news, VP James L. Klein sold 1,384 shares of Qorvo stock in a transaction dated Friday, July 8th. The stock was sold at an average price of $55.00, for a total value of $76,120.00. Following the transaction, the vice president now owns 30,048 shares of the company’s stock, valued at approximately $1,652,640. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robert A. Bruggeworth sold 10,000 shares of Qorvo stock in a transaction dated Wednesday, July 27th. The stock was sold at an average price of $64.50, for a total value of $645,000.00. Following the completion of the transaction, the insider now directly owns 219,524 shares in the company, valued at approximately $14,159,298. The disclosure for this sale can be found here. 1.14% of the stock is owned by corporate insiders.
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).
Receive News & Ratings for Qorvo Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Qorvo Inc. and related companies with MarketBeat.com's FREE daily email newsletter.