Quantitative Systematic Strategies LLC acquired a new position in shares of Qorvo Inc. (NASDAQ:QRVO) during the second quarter, Holdings Channel reports. The institutional investor acquired 4,031 shares of the company’s stock, valued at approximately $220,000.
A number of other hedge funds and other institutional investors also recently modified their holdings of QRVO. Wellington Management Group LLP increased its position in shares of Qorvo by 87.1% in the first quarter. Wellington Management Group LLP now owns 1,649,107 shares of the company’s stock worth $83,131,000 after buying an additional 767,554 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Qorvo by 50.9% in the first quarter. JPMorgan Chase & Co. now owns 1,495,927 shares of the company’s stock worth $75,409,000 after buying an additional 504,602 shares during the last quarter. Southpoint Capital Advisors LP bought a new position in shares of Qorvo during the first quarter worth about $23,945,000. Artemis Investment Management LLP increased its position in shares of Qorvo by 167.0% in the second quarter. Artemis Investment Management LLP now owns 218,067 shares of the company’s stock worth $12,048,000 after buying an additional 136,401 shares during the last quarter. Finally, Prudential Financial Inc. increased its position in shares of Qorvo by 48.3% in the first quarter. Prudential Financial Inc. now owns 249,903 shares of the company’s stock worth $12,597,000 after buying an additional 81,350 shares during the last quarter. 87.10% of the stock is currently owned by institutional investors and hedge funds.
Shares of Qorvo Inc. (NASDAQ:QRVO) traded up 0.17% during trading on Friday, hitting $53.00. 846,548 shares of the stock traded hands. Qorvo Inc. has a 52-week low of $33.30 and a 52-week high of $64.80. The firm’s market cap is $6.78 billion. The stock has a 50 day moving average of $55.42 and a 200 day moving average of $53.39.
Qorvo (NASDAQ:QRVO) last posted its earnings results on Tuesday, August 2nd. The company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.03. Qorvo had a positive return on equity of 9.32% and a negative net margin of 1.39%. The company had revenue of $697.60 million for 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 quarterly revenue was up 3.7% compared to the same quarter last year. Analysts expect that Qorvo Inc. will post $5.09 EPS for the current year.
A number of analysts have recently weighed in on QRVO shares. Zacks Investment Research raised shares of Qorvo from a “hold” rating to a “strong-buy” rating and set a $63.00 target price on the stock in a research report on Monday, August 8th. Goldman Sachs Group Inc. upped their target price on shares of Qorvo from $50.00 to $55.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 3rd. Morgan Stanley started coverage on shares of Qorvo in a research report on Monday, June 27th. They issued an “equal weight” rating and a $56.00 target price on the stock. Cowen and Company upped their target price on shares of Qorvo from $55.00 to $65.00 and gave the stock an “outperform” rating in a research report on Friday, July 22nd. Finally, Canaccord Genuity reaffirmed a “buy” rating and issued a $67.00 target price (up from $60.00) on shares of Qorvo in a research report on Friday, August 5th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and fourteen have assigned a buy rating to the stock. Qorvo currently has a consensus rating of “Hold” and an average price target of $61.97.
In other Qorvo news, 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 transaction, the insider now owns 219,524 shares in the company, valued at $14,159,298. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Walden C. Rhines bought 5,000 shares of the business’s stock in a transaction on Friday, August 5th. The stock was bought at an average price of $54.02 per share, for a total transaction of $270,100.00. Following the purchase, the director now directly owns 26,708 shares of the company’s stock, valued at $1,442,766.16. The disclosure for this purchase can be found here. 1.14% of the stock is owned by company 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).
Want to see what other hedge funds are holding QRVO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Qorvo Inc. (NASDAQ:QRVO).
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.