Virginia Retirement Systems ET AL purchased a new stake in Qorvo Inc. (NASDAQ:QRVO) during the second quarter, Holdings Channel reports. The fund purchased 9,100 shares of the company’s stock, valued at approximately $503,000.
A number of other hedge funds have also recently added to or reduced their stakes in QRVO. Artemis Investment Management LLP boosted 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 valued at $12,048,000 after buying an additional 136,401 shares in the last quarter. Wellington Management Group LLP boosted 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 valued at $83,131,000 after buying an additional 767,554 shares in the last quarter. Exxonmobil Investment Management Inc. TX boosted its position in shares of Qorvo by 5.0% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 33,011 shares of the company’s stock valued at $1,824,000 after buying an additional 1,577 shares in the last quarter. Bank of Montreal Can bought a new position in shares of Qorvo during the second quarter valued at $1,444,000. Finally, Southpoint Capital Advisors LP bought a new position in shares of Qorvo during the first quarter valued at $23,945,000. 87.10% of the stock is owned by institutional investors and hedge funds.
Shares of Qorvo Inc. (NASDAQ:QRVO) opened at 54.50 on Thursday. The company’s market cap is $6.97 billion. The firm has a 50 day moving average price of $55.66 and a 200-day moving average price of $53.19. Qorvo Inc. has a 52-week low of $33.30 and a 52-week high of $64.80.
Qorvo (NASDAQ:QRVO) last posted its earnings results on Tuesday, August 2nd. The company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.03. The firm had revenue of $697.60 million for the quarter, compared to the consensus estimate of $650.62 million. Qorvo had a positive return on equity of 9.32% and a negative net margin of 1.39%. The business’s quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.09 earnings per share. Equities research analysts anticipate that Qorvo Inc. will post $5.09 earnings per share for the current year.
Several equities analysts have weighed in on QRVO shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $63.00 price objective (up from $53.00) on shares of Qorvo in a report on Wednesday, August 3rd. DA Davidson dropped their price objective on Qorvo from $70.00 to $67.00 and set a “buy” rating for the company in a report on Wednesday, August 3rd. Drexel Hamilton reaffirmed a “buy” rating on shares of Qorvo in a report on Wednesday, July 6th. Brean Capital reaffirmed a “buy” rating on shares of Qorvo in a report on Wednesday, June 15th. Finally, MKM Partners lifted their price objective on Qorvo from $64.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, August 3rd. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and fourteen have assigned a buy rating to the company. Qorvo currently has an average rating of “Hold” and a consensus price target of $61.97.
In related news, Director C Scott Gibson sold 1,200 shares of the stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $54.45, for a total value of $65,340.00. Following the sale, the director now owns 8,092 shares in the company, valued at $440,609.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Walden C. Rhines acquired 5,000 shares of the stock in a transaction that occurred on Friday, August 5th. The stock was acquired 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 of the company’s stock, valued at approximately $1,442,766.16. The disclosure for this purchase can be found here. 1.14% of the stock is 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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