Virtu Financial LLC Buys New Position in Qorvo, Inc. (NASDAQ:QRVO)

Virtu Financial LLC bought a new stake in shares of Qorvo, Inc. (NASDAQ:QRVO) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 5,007 shares of the semiconductor company’s stock, valued at approximately $575,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Wahed Invest LLC increased its position in Qorvo by 15.7% during the 1st quarter. Wahed Invest LLC now owns 1,765 shares of the semiconductor company’s stock valued at $203,000 after buying an additional 240 shares in the last quarter. Plato Investment Management Ltd increased its position in Qorvo by 3,653.0% during the 1st quarter. Plato Investment Management Ltd now owns 9,345 shares of the semiconductor company’s stock valued at $1,073,000 after buying an additional 9,096 shares in the last quarter. Garner Asset Management Corp acquired a new position in Qorvo during the 1st quarter valued at about $524,000. LBP AM SA increased its position in Qorvo by 172.9% during the 1st quarter. LBP AM SA now owns 30,417 shares of the semiconductor company’s stock valued at $3,493,000 after buying an additional 19,271 shares in the last quarter. Finally, Comerica Bank increased its position in Qorvo by 13.3% during the 1st quarter. Comerica Bank now owns 17,363 shares of the semiconductor company’s stock valued at $1,994,000 after buying an additional 2,041 shares in the last quarter. 88.57% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Robert A. Bruggeworth sold 4,721 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $100.00, for a total value of $472,100.00. Following the transaction, the chief executive officer now owns 205,440 shares in the company, valued at $20,544,000. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO Robert A. Bruggeworth sold 4,721 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $100.00, for a total value of $472,100.00. Following the transaction, the chief executive officer now owns 205,440 shares in the company, valued at $20,544,000. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John R. Harding sold 941 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $97.36, for a total value of $91,615.76. Following the completion of the transaction, the director now owns 6,950 shares in the company, valued at approximately $676,652. The disclosure for this sale can be found here. Insiders have sold a total of 45,372 shares of company stock worth $4,517,858 over the last quarter. 0.46% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on QRVO shares. Susquehanna cut their price objective on Qorvo from $145.00 to $135.00 and set a “neutral” rating on the stock in a report on Wednesday. Raymond James increased their price objective on Qorvo from $115.00 to $135.00 and gave the company an “outperform” rating in a report on Wednesday. Rosenblatt Securities increased their price objective on Qorvo from $105.00 to $120.00 and gave the company a “neutral” rating in a report on Wednesday. Needham & Company LLC increased their price objective on Qorvo from $110.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Mizuho cut their price objective on Qorvo from $115.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, May 2nd. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $120.83.

Qorvo Price Performance

QRVO stock traded down $2.72 during mid-day trading on Friday, reaching $107.93. 2,385,652 shares of the company’s stock were exchanged, compared to its average volume of 1,380,226. The company has a market cap of $10.26 billion, a price-to-earnings ratio of -147.85, a price-to-earnings-growth ratio of 1.18 and a beta of 1.46. The stock’s 50 day moving average is $113.66 and its 200 day moving average is $110.72. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.99 and a quick ratio of 1.41. Qorvo, Inc. has a 12-month low of $80.62 and a 12-month high of $130.99.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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%. Qorvo’s revenue for the quarter was up 36.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.03 earnings per share. On average, research analysts expect that Qorvo, Inc. will post 5.07 EPS for the current year.

Qorvo 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.