Nationwide Fund Advisors boosted its position in Qorvo Inc. (NASDAQ:QRVO) by 20.4% during the second quarter, Holdings Channel reports. The fund owned 45,062 shares of the company’s stock after buying an additional 7,649 shares during the period. Nationwide Fund Advisors’ holdings in Qorvo were worth $2,490,000 as of its most recent filing with the SEC.
Other institutional investors have also recently made changes to their positions in the company. Wunderlich Capital Managemnt purchased a new position in shares of Qorvo during the first quarter worth $109,000. Oppenheimer & Co. Inc. bought a new stake in shares of Qorvo during the second quarter worth $206,000. Advisor Partners LLC bought a new stake in shares of Qorvo during the first quarter worth $210,000. Quantitative Systematic Strategies LLC bought a new stake in shares of Qorvo during the second quarter worth $220,000. Finally, Essex Investment Management Co. LLC bought a new stake in shares of Qorvo during the second quarter worth $234,000. Institutional investors own 87.10% of the company’s stock.
Shares of Qorvo Inc. (NASDAQ:QRVO) traded down 0.87% on Tuesday, hitting $55.53. 161,302 shares of the company were exchanged. The firm’s 50-day moving average is $55.72 and its 200-day moving average is $53.34. The stock’s market capitalization is $7.10 billion. Qorvo Inc. has a 52-week low of $33.30 and a 52-week high of $64.80.
Qorvo (NASDAQ:QRVO) last announced its earnings results on Tuesday, August 2nd. The company reported $1.08 earnings per share for the quarter, topping 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 had revenue of $697.60 million for the quarter, compared to the consensus estimate of $650.62 million. During the same period in the prior year, the firm earned $1.09 EPS. The firm’s revenue for the quarter was up 3.7% on a year-over-year basis. Equities research analysts predict that Qorvo Inc. will post $5.09 earnings per share for the current year.
A number of equities research analysts have weighed in on QRVO shares. Needham & Company LLC reiterated a “buy” rating and set a $63.00 target price (up from $53.00) on shares of Qorvo in a research note on Wednesday, August 3rd. DA Davidson decreased their target price on shares of Qorvo from $70.00 to $67.00 and set a “buy” rating for the company in a research note on Wednesday, August 3rd. Drexel Hamilton reiterated a “buy” rating on shares of Qorvo in a research note on Wednesday, July 6th. MKM Partners boosted their target price on shares of Qorvo from $64.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, August 3rd. Finally, Brean Capital reiterated a “buy” rating on shares of Qorvo in a research note on Wednesday, June 15th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and fourteen have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $61.97.
In other news, Director Walden C. Rhines acquired 5,000 shares of the company’s stock in a transaction on Friday, August 5th. The shares were bought at an average cost of $54.02 per share, with a total value of $270,100.00. Following the transaction, the director now owns 26,708 shares in the company, valued at approximately $1,442,766.16. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Robert A. Bruggeworth sold 10,000 shares of the stock in a transaction that occurred on Friday, July 15th. The shares were sold at an average price of $59.50, for a total transaction of $595,000.00. Following the completion of the sale, the chief executive officer now directly owns 229,524 shares in the company, valued at $13,656,678. The disclosure for this sale can be found here. Corporate insiders own 1.14% of the company’s stock.
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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