Plato Investment Management Ltd Buys 9,096 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Plato Investment Management Ltd grew its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 3,653.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,345 shares of the semiconductor company’s stock after acquiring an additional 9,096 shares during the quarter. Plato Investment Management Ltd’s holdings in Qorvo were worth $1,073,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank bought a new stake in Qorvo in the 4th quarter worth about $118,120,000. Balyasny Asset Management L.P. increased its holdings in Qorvo by 161.2% in the 4th quarter. Balyasny Asset Management L.P. now owns 857,596 shares of the semiconductor company’s stock worth $96,574,000 after buying an additional 529,309 shares in the last quarter. Panagora Asset Management Inc. increased its holdings in Qorvo by 119.4% in the 4th quarter. Panagora Asset Management Inc. now owns 580,929 shares of the semiconductor company’s stock worth $65,418,000 after buying an additional 316,172 shares in the last quarter. KBC Group NV increased its holdings in Qorvo by 3,169.2% in the 4th quarter. KBC Group NV now owns 299,032 shares of the semiconductor company’s stock worth $33,674,000 after buying an additional 289,885 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its holdings in Qorvo by 177.4% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 426,678 shares of the semiconductor company’s stock worth $48,995,000 after buying an additional 272,872 shares in the last quarter. 88.57% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on QRVO shares. StockNews.com downgraded Qorvo from a “buy” rating to a “hold” rating in a report on Thursday. Raymond James raised their target price on Qorvo from $115.00 to $135.00 and gave the stock an “outperform” rating in a research report on Wednesday. Barclays raised their target price on Qorvo from $100.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Craig Hallum raised their target price on Qorvo from $124.00 to $142.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Susquehanna dropped their target price on Qorvo from $145.00 to $135.00 and set a “neutral” rating on the stock in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Qorvo currently has a consensus rating of “Hold” and an average target price of $120.83.

Qorvo Price Performance

QRVO traded down $9.15 on Thursday, hitting $110.65. 2,676,628 shares of the company’s stock traded hands, compared to its average volume of 1,373,380. The company’s 50 day simple moving average is $113.19 and its 200-day simple moving average is $110.68. The firm has a market cap of $10.52 billion, a price-to-earnings ratio of -155.30, a P/E/G ratio of 1.17 and a beta of 1.46. Qorvo, Inc. has a one year low of $80.62 and a one year high of $130.99. The company has a current ratio of 1.99, a quick ratio of 1.41 and a debt-to-equity ratio of 0.44.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.16. The company had revenue of $886.70 million for the quarter, compared to the consensus estimate of $851.95 million. Qorvo had a positive return on equity of 14.73% and a negative net margin of 0.66%. The firm’s quarterly revenue was up 36.2% on a year-over-year basis. During the same quarter last year, the company earned $0.03 EPS. As a group, research analysts anticipate that Qorvo, Inc. will post 5.07 EPS for the current year.

Insiders Place Their Bets

In other Qorvo news, CEO Robert A. Bruggeworth sold 22,299 shares of Qorvo stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $99.31, for a total value of $2,214,513.69. Following the sale, the chief executive officer now owns 154,714 shares of the company’s stock, valued at approximately $15,364,647.34. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Qorvo news, CEO Robert A. Bruggeworth sold 22,299 shares of Qorvo stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $99.31, for a total value of $2,214,513.69. Following the sale, the chief executive officer now owns 154,714 shares of the company’s stock, valued at approximately $15,364,647.34. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert A. Bruggeworth sold 15,279 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $100.00, for a total value of $1,527,900.00. Following the transaction, the chief executive officer now directly owns 190,161 shares in the company, valued at approximately $19,016,100. The disclosure for this sale can be found here. Insiders have sold a total of 45,372 shares of company stock valued at $4,517,858 in the last quarter. 0.46% of the stock is currently owned by insiders.

Qorvo Company Profile

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.