Vanguard Group Inc. increased its stake in shares of Qorvo Inc. (NASDAQ:QRVO) by 1.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 11,877,667 shares of the company’s stock after buying an additional 167,243 shares during the period. Vanguard Group Inc. owned about 9.31% of Qorvo worth $656,360,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in QRVO. Norges Bank acquired a new stake in shares of Qorvo during the fourth quarter valued at $54,231,000. Systematic Financial Management LP boosted its stake in shares of Qorvo by 377.5% in the second quarter. Systematic Financial Management LP now owns 1,129,787 shares of the company’s stock valued at $62,432,000 after buying an additional 893,164 shares during the last quarter. Wellington Management Group LLP boosted its stake 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 valued at $83,131,000 after buying an additional 767,554 shares during the last quarter. JPMorgan Chase & Co. boosted its stake 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 valued at $75,409,000 after buying an additional 504,602 shares during the last quarter. Finally, Southpoint Capital Advisors LP acquired a new stake in shares of Qorvo during the first quarter valued at $23,945,000. 87.10% of the stock is owned by institutional investors.
Shares of Qorvo Inc. (NASDAQ:QRVO) traded down 1.14% during mid-day trading on Thursday, reaching $54.00. 358,894 shares of the company were exchanged. Qorvo Inc. has a 12 month low of $33.30 and a 12 month high of $64.80. The stock has a 50 day moving average price of $55.72 and a 200-day moving average price of $53.01. The stock’s market capitalization is $6.91 billion.
Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company earned $697.60 million during the quarter, compared to the consensus estimate 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% on a year-over-year basis. Analysts predict that Qorvo Inc. will post $5.09 earnings per share for the current year.
Several equities research analysts have recently weighed in on the stock. Brean Capital reaffirmed a “buy” rating on shares of Qorvo in a research report on Wednesday, September 21st. Pacific Crest reaffirmed an “equal weight” rating on shares of Qorvo in a research report on Monday, August 29th. Bank of America Corp. reaffirmed a “buy” rating and issued a $70.00 price target on shares of Qorvo in a research report on Monday, August 15th. Zacks Investment Research raised shares of Qorvo from a “hold” rating to a “strong-buy” rating and set a $63.00 price target for the company in a research report on Monday, August 8th. 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 research report on Friday, August 5th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. The company has a consensus 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 that occurred on Friday, July 8th. The shares were sold at an average price of $55.00, for a total value of $76,120.00. Following the completion of the transaction, the vice president now owns 30,048 shares in the company, valued at $1,652,640. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Roderick Nelson sold 3,100 shares of the business’s stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $56.50, for a total transaction of $175,150.00. Following the sale, the director now owns 7,907 shares of the company’s stock, valued at approximately $446,745.50. 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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