O Shaughnessy Asset Management LLC lessened its position in shares of Qorvo, Inc. (NASDAQ:QRVO) by 6.4% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,239 shares of the semiconductor company’s stock after selling 291 shares during the period. O Shaughnessy Asset Management LLC’s holdings in Qorvo were worth $829,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. KB Financial Partners LLC bought a new stake in shares of Qorvo during the 1st quarter valued at about $26,000. Glassman Wealth Services increased its position in Qorvo by 465.4% in the second quarter. Glassman Wealth Services now owns 147 shares of the semiconductor company’s stock worth $29,000 after buying an additional 121 shares during the period. Sandy Spring Bank lifted its stake in Qorvo by 352.9% in the second quarter. Sandy Spring Bank now owns 154 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 120 shares during the last quarter. CX Institutional grew its position in shares of Qorvo by 44.2% during the second quarter. CX Institutional now owns 173 shares of the semiconductor company’s stock worth $34,000 after acquiring an additional 53 shares during the last quarter. Finally, Concord Wealth Partners acquired a new stake in shares of Qorvo in the 1st quarter worth about $37,000. 83.76% of the stock is currently owned by institutional investors.
In related news, VP James L. Klein sold 1,909 shares of the business’s stock in a transaction dated Monday, August 16th. The stock was sold at an average price of $186.72, for a total value of $356,448.48. Following the completion of the sale, the vice president now directly owns 42,256 shares of the company’s stock, valued at approximately $7,890,040.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Gina Harrison sold 1,187 shares of Qorvo stock in a transaction on Tuesday, September 7th. The shares were sold at an average price of $185.16, for a total transaction of $219,784.92. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,551 shares of company stock worth $1,757,560. 0.52% of the stock is owned by insiders.
Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Wednesday, August 4th. The semiconductor company reported $2.83 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.45 by $0.38. The company had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Qorvo had a return on equity of 26.25% and a net margin of 21.26%. Qorvo’s revenue for the quarter was up 41.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.50 EPS. Sell-side analysts expect that Qorvo, Inc. will post 11.21 EPS for the current fiscal year.
QRVO has been the subject of a number of recent analyst reports. BMO Capital Markets increased their price objective on Qorvo from $190.00 to $200.00 and gave the stock a “market perform” rating in a report on Thursday, August 5th. Rosenblatt Securities upped their price objective on shares of Qorvo from $200.00 to $215.00 and gave the stock a “neutral” rating in a report on Thursday, August 5th. Argus assumed coverage on shares of Qorvo in a report on Thursday, July 1st. They issued a “buy” rating and a $225.00 price objective for the company. Craig Hallum lifted their target price on Qorvo from $220.00 to $225.00 and gave the stock a “buy” rating in a report on Thursday, August 5th. Finally, Morgan Stanley upped their target price on Qorvo from $223.00 to $225.00 and gave the company an “overweight” rating in a report on Thursday, August 5th. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $209.05.
Qorvo, Inc engages in the provision of development and commercialization of technologies and products for wireless and wired connectivity. It operates through the following reportable segments: Mobile Products and Infrastructure & Defense Products. The Mobile Products segment is involved in supplyingof cellular, UWB, and Wi-Fi solutions for applications, including smartphones, wearables, laptops, tablets, and Internet of things.
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