First Midwest Bank Trust Division boosted its position in shares of Qorvo Inc. (NASDAQ:QRVO) by 47.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,803 shares of the company’s stock after buying an additional 2,185 shares during the period. First Midwest Bank Trust Division’s holdings in Qorvo were worth $376,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of QRVO. Wellington Management Group LLP raised its stake in 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. raised its stake in 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. Southpoint Capital Advisors LP bought a new stake in Qorvo during the first quarter valued at about $23,945,000. Artemis Investment Management LLP raised its stake in 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 during the last quarter. Finally, Prudential Financial Inc. raised its stake in Qorvo by 48.3% in the first quarter. Prudential Financial Inc. now owns 249,903 shares of the company’s stock valued at $12,597,000 after buying an additional 81,350 shares during the last quarter. Institutional investors own 87.10% of the company’s stock.
Shares of Qorvo Inc. (NASDAQ:QRVO) traded up 1.54% on Thursday, hitting $55.34. The stock had a trading volume of 1,124,541 shares. The company’s market capitalization is $7.08 billion. Qorvo Inc. has a 1-year low of $33.30 and a 1-year high of $64.80. The firm has a 50-day moving average of $55.69 and a 200 day moving average of $53.21.
Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data 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 period in the previous year, the firm posted $1.09 EPS. The firm’s revenue was up 3.7% compared to the same quarter last year. On average, equities analysts anticipate that Qorvo Inc. will post $5.09 earnings per share for the current fiscal year.
Several research firms recently issued reports on QRVO. Needham & Company LLC reiterated a “buy” rating and set a $63.00 target price (up previously from $53.00) on shares of Qorvo in a report on Wednesday, August 3rd. Mizuho lowered Qorvo from a “buy” rating to a “neutral” rating and set a $55.00 target price on the stock. in a report on Friday, July 1st. MKM Partners upped their target price on Qorvo from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, August 3rd. Drexel Hamilton upped their target price on Qorvo from $63.00 to $72.00 and gave the stock a “buy” rating in a report on Wednesday, August 3rd. Finally, DA Davidson lowered their price target on Qorvo from $70.00 to $67.00 and set a “buy” rating on the stock in a research report on Wednesday, August 3rd. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and fourteen have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $61.97.
In other Qorvo news, insider Robert A. Bruggeworth sold 18,522 shares of the business’s stock in a transaction on Wednesday, August 17th. The shares were sold at an average price of $55.22, for a total value of $1,022,784.84. Following the completion of the sale, the insider now directly owns 225,424 shares of the company’s stock, valued at $12,447,913.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Walden C. Rhines purchased 5,000 shares of the stock in a transaction on Friday, August 5th. The stock was acquired at an average cost of $54.02 per share, with a total value of $270,100.00. Following the completion of the purchase, the director now directly owns 26,708 shares of the company’s stock, valued at $1,442,766.16. The disclosure for this purchase can be found here. Insiders own 1.14% of the company’s stock.
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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