Qorvo, Inc. (NASDAQ:QRVO) Shares Acquired by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Qorvo, Inc. (NASDAQ:QRVO) by 291.4% during the second quarter, Holdings Channel reports. The fund owned 92,996 shares of the semiconductor company’s stock after buying an additional 69,235 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Qorvo were worth $10,791,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Qorvo during the second quarter worth about $88,000. Allspring Global Investments Holdings LLC boosted its position in Qorvo by 549.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 61,650 shares of the semiconductor company’s stock worth $7,154,000 after purchasing an additional 52,159 shares in the last quarter. State of Michigan Retirement System grew its stake in shares of Qorvo by 0.6% during the 2nd quarter. State of Michigan Retirement System now owns 32,619 shares of the semiconductor company’s stock worth $3,785,000 after purchasing an additional 200 shares during the period. Verdence Capital Advisors LLC increased its holdings in shares of Qorvo by 11.9% during the 2nd quarter. Verdence Capital Advisors LLC now owns 3,744 shares of the semiconductor company’s stock valued at $434,000 after purchasing an additional 397 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Qorvo by 5.4% during the second quarter. Bank of New York Mellon Corp now owns 691,229 shares of the semiconductor company’s stock worth $80,210,000 after buying an additional 35,232 shares in the last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on QRVO. Craig Hallum increased their target price on shares of Qorvo from $124.00 to $142.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. StockNews.com downgraded Qorvo from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. TD Cowen boosted their price objective on Qorvo from $110.00 to $125.00 and gave the company a “hold” rating in a research report on Wednesday, July 31st. Mizuho reduced their target price on Qorvo from $115.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, May 2nd. Finally, Needham & Company LLC lifted their price target on shares of Qorvo from $110.00 to $135.00 and gave the company a “buy” rating 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 given a buy rating to the company’s stock. According to MarketBeat, Qorvo has a consensus rating of “Hold” and a consensus price target of $121.00.

Qorvo Price Performance

Shares of NASDAQ:QRVO traded up $1.61 during midday trading on Thursday, hitting $113.87. The company’s stock had a trading volume of 1,451,596 shares, compared to its average volume of 1,355,384. Qorvo, Inc. has a 12-month low of $80.62 and a 12-month high of $130.99. The company has a market cap of $10.82 billion, a P/E ratio of -155.99, a price-to-earnings-growth ratio of 1.34 and a beta of 1.46. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.36 and a current ratio of 1.95. The business’s 50 day simple moving average is $115.78 and its 200 day simple moving average is $111.28.

Qorvo (NASDAQ:QRVO) last released its earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.16. The business had revenue of $886.70 million for the quarter, compared to analyst estimates of $851.95 million. Qorvo had a negative net margin of 0.66% and a positive return on equity of 14.92%. The business’s revenue was up 36.2% on a year-over-year basis. During the same period last year, the company posted $0.03 EPS. On average, analysts forecast that Qorvo, Inc. will post 4.84 EPS for the current year.

Insider Buying and Selling

In other news, CEO Robert A. Bruggeworth sold 15,279 shares of the business’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $100.00, for a total transaction of $1,527,900.00. Following the transaction, the chief executive officer now owns 190,161 shares of the company’s stock, valued at approximately $19,016,100. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.46% of the stock is currently owned by company insiders.

About Qorvo

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.