Qorvo, Inc. (NASDAQ:QRVO) Shares Bought by GAMMA Investing LLC

GAMMA Investing LLC grew its holdings in Qorvo, Inc. (NASDAQ:QRVO) by 79.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,868 shares of the semiconductor company’s stock after acquiring an additional 828 shares during the period. GAMMA Investing LLC’s holdings in Qorvo were worth $217,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Park Place Capital Corp grew its position in Qorvo by 398.1% in the first quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock valued at $30,000 after acquiring an additional 207 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Qorvo by 81.0% in the first quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after purchasing an additional 115 shares during the period. Riverview Trust Co acquired a new stake in Qorvo during the 1st quarter valued at $40,000. Fidelis Capital Partners LLC purchased a new stake in Qorvo during the 1st quarter worth $58,000. Finally, Quadrant Capital Group LLC lifted its holdings in Qorvo by 18.7% in the 4th quarter. Quadrant Capital Group LLC now owns 951 shares of the semiconductor company’s stock worth $107,000 after buying an additional 150 shares in the last quarter. Institutional investors and hedge funds own 88.57% of the company’s stock.

Analyst Upgrades and Downgrades

QRVO has been the subject of several recent analyst reports. Piper Sandler restated a “neutral” rating and set a $120.00 target price (up from $105.00) on shares of Qorvo in a research note on Wednesday, July 31st. JPMorgan Chase & Co. lifted their price objective on Qorvo from $100.00 to $115.00 and gave the stock an “underweight” rating in a report on Wednesday, July 31st. Craig Hallum increased their target price on Qorvo from $124.00 to $142.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Benchmark dropped their price target on shares of Qorvo from $136.00 to $128.00 and set a “buy” rating for the company in a research note on Thursday, May 2nd. Finally, Susquehanna reduced their price objective on shares of Qorvo from $145.00 to $135.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 31st. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Qorvo currently has an average rating of “Hold” and an average price target of $121.00.

Insider Activity

In related news, Director John R. Harding sold 941 shares of the stock in a transaction dated 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, SVP Paul J. Fego sold 2,132 shares of the stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $99.31, for a total transaction of $211,728.92. Following the completion of the sale, the senior vice president now owns 25,201 shares in the company, valued at approximately $2,502,711.31. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John R. Harding sold 941 shares of Qorvo stock in a transaction on Wednesday, May 8th. The stock was 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 $676,652. The disclosure for this sale can be found here. Over the last quarter, insiders sold 45,372 shares of company stock valued at $4,517,858. 0.46% of the stock is currently owned by company insiders.

Qorvo Stock Performance

NASDAQ QRVO traded up $1.80 during trading hours on Tuesday, reaching $106.41. The company’s stock had a trading volume of 580,574 shares, compared to its average volume of 1,378,264. The company has a current ratio of 1.95, a quick ratio of 1.41 and a debt-to-equity ratio of 0.44. The business has a 50-day simple moving average of $113.78 and a 200 day simple moving average of $110.87. Qorvo, Inc. has a 52 week low of $80.62 and a 52 week high of $130.99. The stock has a market cap of $10.09 billion, a PE ratio of -143.42, a PEG ratio of 1.29 and a beta of 1.46.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.16. The business 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 14.92% and a negative net margin of 0.66%. The business’s revenue was up 36.2% on a year-over-year basis. During the same quarter last year, the business posted $0.03 EPS. Equities research analysts predict that Qorvo, Inc. will post 5.02 earnings per share for the current fiscal 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.