Pinebridge Investments L.P. bought a new stake in shares of Qorvo, Inc. (NASDAQ:QRVO) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 8,774 shares of the semiconductor company’s stock, valued at approximately $620,000.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Qorvo by 3.6% during the second quarter. Vanguard Group Inc. now owns 12,549,555 shares of the semiconductor company’s stock valued at $794,638,000 after purchasing an additional 430,596 shares in the last quarter. Ameriprise Financial Inc. lifted its position in Qorvo by 4.3% during the third quarter. Ameriprise Financial Inc. now owns 4,657,995 shares of the semiconductor company’s stock valued at $329,228,000 after purchasing an additional 194,106 shares in the last quarter. Manning & Napier Advisors LLC lifted its position in Qorvo by 52.5% during the third quarter. Manning & Napier Advisors LLC now owns 2,443,052 shares of the semiconductor company’s stock valued at $172,674,000 after purchasing an additional 840,755 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Qorvo by 4.3% during the third quarter. Dimensional Fund Advisors LP now owns 1,217,756 shares of the semiconductor company’s stock valued at $86,067,000 after purchasing an additional 50,179 shares in the last quarter. Finally, UBS Asset Management Americas Inc. lifted its position in shares of Qorvo by 0.6% in the second quarter. UBS Asset Management Americas Inc. now owns 800,170 shares of the semiconductor company’s stock valued at $50,667,000 after acquiring an additional 4,998 shares in the last quarter. Institutional investors own 96.72% of the company’s stock.
Shares of Qorvo, Inc. (QRVO) traded up $2.28 during midday trading on Tuesday, reaching $68.88. The company’s stock had a trading volume of 1,345,849 shares, compared to its average volume of 1,450,000. The company has a quick ratio of 2.71, a current ratio of 3.80 and a debt-to-equity ratio of 0.20. Qorvo, Inc. has a 52 week low of $52.05 and a 52 week high of $81.20. The company has a market capitalization of $8,760.00 and a PE ratio of -492.00.
Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data on Wednesday, November 1st. The semiconductor company reported $1.52 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.52. Qorvo had a positive return on equity of 10.77% and a negative net margin of 0.59%. The company had revenue of $821.60 million for the quarter, compared to analysts’ expectations of $810.47 million. During the same period in the previous year, the firm posted $1.29 earnings per share. The firm’s revenue for the quarter was down 5.0% on a year-over-year basis. equities analysts predict that Qorvo, Inc. will post 4.74 EPS for the current year.
Several equities analysts have recently commented on QRVO shares. Instinet started 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. Craig Hallum restated a “buy” rating on shares of Qorvo in a research report on Wednesday, September 13th. Morgan Stanley boosted their price objective on Qorvo from $69.00 to $72.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 13th. Mizuho restated a “hold” rating and issued a $70.00 price objective on shares of Qorvo in a research report on Monday, October 9th. Finally, JPMorgan Chase & Co. set a $88.00 price objective on Qorvo and gave the company a “buy” rating in a research report on Wednesday, November 15th. Two equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and eight have given a buy rating to the stock. Qorvo has an average rating of “Hold” and an average price target of $76.89.
In other Qorvo news, Director Daniel A. Dileo sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $80.00, for a total transaction of $200,000.00. Following the completion of the transaction, the director now owns 4,622 shares in the company, valued at $369,760. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Steven E. Creviston sold 6,000 shares of the business’s stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $65.50, for a total value of $393,000.00. Following the transaction, the vice president now owns 88,725 shares of the company’s stock, valued at approximately $5,811,487.50. The disclosure for this sale can be found here. Insiders have sold 58,096 shares of company stock valued at $4,335,007 in the last 90 days. Company insiders own 0.91% of the company’s stock.
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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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