Retirement Systems of Alabama reduced its stake in Qorvo Inc. (NASDAQ:QRVO) by 1.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 65,018 shares of the company’s stock after selling 897 shares during the period. Retirement Systems of Alabama’s holdings in Qorvo were worth $3,593,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Strs Ohio boosted its stake in Qorvo by 12.0% in the second quarter. Strs Ohio now owns 8,115 shares of the company’s stock worth $448,000 after buying an additional 870 shares during the last quarter. Bank of Montreal Can purchased a new stake in Qorvo during the second quarter worth approximately $1,444,000. Shell Asset Management Co. boosted its stake in Qorvo by 9.5% in the second quarter. Shell Asset Management Co. now owns 8,760 shares of the company’s stock worth $484,000 after buying an additional 762 shares during the last quarter. Morgens Waterfall Vintiadis & Co. Inc. purchased a new stake in Qorvo during the second quarter worth approximately $553,000. Finally, Palo Capital Inc. purchased a new stake in Qorvo during the second quarter worth approximately $432,000. 87.14% of the stock is owned by hedge funds and other institutional investors.
Qorvo Inc. (NASDAQ:QRVO) traded up 1.79% during trading on Tuesday, reaching $53.59. 818,153 shares of the company’s stock traded hands. Qorvo Inc. has a one year low of $33.30 and a one year high of $64.80. The firm’s 50 day moving average price is $55.15 and its 200-day moving average price is $53.46. The stock’s market cap is $6.85 billion.
Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $1.08 EPS 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 the consensus estimate of $650.62 million. During the same quarter in the prior year, the firm earned $1.09 EPS. Qorvo’s revenue for the quarter was up 3.7% on a year-over-year basis. On average, equities analysts anticipate that Qorvo Inc. will post $5.09 earnings per share for the current fiscal year.
A number of equities research analysts recently commented 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 for the company in a research report on Monday, August 8th. Goldman Sachs Group Inc. increased their target price on shares of Qorvo from $50.00 to $55.00 and gave the company a “neutral” rating in a research report on Wednesday, August 3rd. Morgan Stanley initiated coverage on shares of Qorvo in a report on Monday, June 27th. They issued an “equal weight” rating and a $56.00 price target for the company. Cowen and Company raised their price target on shares of Qorvo from $55.00 to $65.00 and gave the stock an “outperform” rating in a report on Friday, July 22nd. Finally, Canaccord Genuity reaffirmed a “buy” rating and issued a $67.00 price target (up previously from $60.00) on shares of Qorvo in a report on Friday, August 5th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $61.97.
In other Qorvo news, Director Walden C. Rhines purchased 5,000 shares of Qorvo stock in a transaction that occurred on Friday, August 5th. The stock was purchased at an average price of $54.02 per share, for a total transaction of $270,100.00. Following the transaction, the director now directly owns 26,708 shares in the company, valued at $1,442,766.16. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robert A. Bruggeworth sold 4,250 shares of the company’s stock in a transaction on Thursday, August 11th. The shares were sold at an average price of $54.44, for a total transaction of $231,370.00. Following the completion of the sale, the insider now owns 248,582 shares of the company’s stock, valued at approximately $13,532,804.08. The disclosure for this sale can be found here. 1.14% of the stock is currently 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).
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