LMR Partners LLP purchased a new position in Qorvo Inc. (NASDAQ:QRVO) during the second quarter, Holdings Channel reports. The firm purchased 8,277 shares of the company’s stock, valued at approximately $457,000.
Several other hedge funds have also recently modified their holdings of the company. Wunderlich Capital Managemnt bought a new position in shares of Qorvo during the first quarter worth approximately $109,000. Advisor Partners LLC bought a new position in shares of Qorvo during the first quarter worth approximately $210,000. Essex Investment Management Co. LLC bought a new position in shares of Qorvo during the second quarter worth approximately $234,000. First Midwest Bank Trust Division increased its position in shares of Qorvo by 47.3% in the second quarter. First Midwest Bank Trust Division now owns 6,803 shares of the company’s stock worth $376,000 after buying an additional 2,185 shares during the last quarter. Finally, Sentry Investment Management LLC increased its position in shares of Qorvo by 20.1% in the first quarter. Sentry Investment Management LLC now owns 6,815 shares of the company’s stock worth $344,000 after buying an additional 1,140 shares during the last quarter. 87.10% of the stock is currently owned by hedge funds and other institutional investors.
Qorvo Inc. (NASDAQ:QRVO) traded down 0.25% during mid-day trading on Wednesday, hitting $55.38. The stock had a trading volume of 944,303 shares. Qorvo Inc. has a 12-month low of $33.30 and a 12-month high of $64.80. The company has a 50-day moving average of $55.71 and a 200-day moving average of $53.35. The firm’s market cap is $7.08 billion.
Qorvo (NASDAQ:QRVO) last announced its earnings results on Tuesday, August 2nd. The company reported $1.08 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.05 by $0.03. Qorvo had a positive return on equity of 9.32% and a negative net margin of 1.39%. The firm had revenue of $697.60 million for the quarter, compared to analysts’ expectations of $650.62 million. During the same quarter in the previous year, the company earned $1.09 earnings per share. The firm’s quarterly revenue was up 3.7% compared to the same quarter last year. Analysts expect that Qorvo Inc. will post $5.09 earnings per share for the current year.
A number of equities research analysts have commented on QRVO shares. Needham & Company LLC restated a “buy” rating and issued a $63.00 target price (up previously from $53.00) on shares of Qorvo in a research report on Wednesday, August 3rd. Cowen and Company restated a “market perform” rating and issued a $65.00 target price on shares of Qorvo in a research report on Wednesday, August 3rd. Craig Hallum lifted their target price on Qorvo from $58.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, August 3rd. Brean Capital restated a “buy” rating and issued a $62.00 target price on shares of Qorvo in a research report on Wednesday, August 3rd. Finally, DA Davidson reduced their target price 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 given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $61.97.
In related news, CEO Robert A. Bruggeworth sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, July 15th. The stock was sold at an average price of $59.50, for a total transaction of $595,000.00. Following the sale, the chief executive officer now owns 229,524 shares of the company’s stock, valued at $13,656,678. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Walden C. Rhines bought 5,000 shares of the company’s stock in a transaction that occurred on Friday, August 5th. The shares were purchased at an average cost of $54.02 per share, for a total transaction of $270,100.00. Following the acquisition, the director now owns 26,708 shares of the company’s stock, valued at $1,442,766.16. The disclosure for this purchase can be found here. Corporate 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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