Seven Eight Capital LP purchased a new position in Qorvo, Inc. (NASDAQ:QRVO) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 10,200 shares of the semiconductor company’s stock, valued at approximately $646,000.
Several other institutional investors and hedge funds also recently modified their holdings of QRVO. BlackRock Inc. boosted its position in shares of Qorvo by 3,264.5% in the 1st quarter. BlackRock Inc. now owns 8,737,400 shares of the semiconductor company’s stock worth $599,038,000 after purchasing an additional 8,477,705 shares in the last quarter. Baupost Group LLC MA bought a new stake in shares of Qorvo in the 1st quarter worth approximately $492,639,000. Manning & Napier Advisors LLC bought a new stake in shares of Qorvo in the 2nd quarter worth approximately $101,456,000. JPMorgan Chase & Co. boosted its position in shares of Qorvo by 240.7% in the 1st quarter. JPMorgan Chase & Co. now owns 466,766 shares of the semiconductor company’s stock worth $32,000,000 after purchasing an additional 329,770 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Qorvo by 2.3% in the 1st quarter. Vanguard Group Inc. now owns 12,118,959 shares of the semiconductor company’s stock worth $830,876,000 after purchasing an additional 275,709 shares in the last quarter. 94.39% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Qorvo, Inc. (QRVO) opened at 75.49 on Friday. The stock’s market capitalization is $9.61 billion. Qorvo, Inc. has a 1-year low of $19.18 and a 1-year high of $75.55. The stock has a 50 day moving average price of $58.03 and a 200 day moving average price of $61.14.
Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.87 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.07. Qorvo had a negative net margin of 1.40% and a positive return on equity of 10.10%. The business had revenue of $640.80 million during the quarter, compared to the consensus estimate of $632.18 million. During the same period in the previous year, the firm posted $1.08 earnings per share. The business’s revenue for the quarter was down 8.3% compared to the same quarter last year. Equities research analysts anticipate that Qorvo, Inc. will post $5.54 EPS for the current year.
Several research firms recently issued reports on QRVO. Cowen and Company reaffirmed a “hold” rating and issued a $85.00 price objective on shares of Qorvo in a research report on Sunday. Needham & Company LLC reaffirmed a “buy” rating and issued a $86.00 price objective on shares of Qorvo in a research report on Sunday. Craig Hallum reaffirmed a “buy” rating on shares of Qorvo in a research report on Wednesday. KeyCorp reaffirmed a “sector perform” rating on shares of Qorvo in a research report on Thursday. Finally, Instinet began coverage on Qorvo in a research report on Wednesday, September 6th. They issued a “neutral” rating and a $75.00 price objective on the stock. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $73.45.
In related news, VP Gina Harrison sold 5,000 shares of the business’s stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $73.41, for a total transaction of $367,050.00. Following the completion of the transaction, the vice president now directly owns 17,230 shares in the company, valued at $1,264,854.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jeffery R. Gardner sold 1,700 shares of the business’s stock in a transaction on Friday, September 8th. The shares were sold at an average price of $71.95, for a total transaction of $122,315.00. Following the transaction, the director now owns 33,046 shares of the company’s stock, valued at $2,377,659.70. The disclosure for this sale can be found here. Insiders have sold 78,919 shares of company stock valued at $5,379,553 over the last 90 days. 0.91% of the stock is currently owned by 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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