California Public Employees Retirement System raised its position in Qorvo Inc (NASDAQ:QRVO) by 2.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 297,832 shares of the semiconductor company’s stock after purchasing an additional 8,500 shares during the quarter. California Public Employees Retirement System owned approximately 0.24% of Qorvo worth $19,836,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of QRVO. Stifel Financial Corp grew its stake in Qorvo by 2.3% in the second quarter. Stifel Financial Corp now owns 13,080 shares of the semiconductor company’s stock valued at $830,000 after purchasing an additional 298 shares in the last quarter. Janus Henderson Group PLC grew its stake in Qorvo by 424.0% in the second quarter. Janus Henderson Group PLC now owns 77,882 shares of the semiconductor company’s stock valued at $4,932,000 after purchasing an additional 63,019 shares in the last quarter. Achmea Investment Management B.V. purchased a new position in Qorvo in the second quarter valued at about $188,000. Robeco Institutional Asset Management B.V. grew its stake in Qorvo by 13.6% in the third quarter. Robeco Institutional Asset Management B.V. now owns 16,757 shares of the semiconductor company’s stock valued at $1,184,000 after purchasing an additional 2,000 shares in the last quarter. Finally, APG Asset Management N.V. grew its stake in Qorvo by 7.8% in the third quarter. APG Asset Management N.V. now owns 108,430 shares of the semiconductor company’s stock valued at $7,664,000 after purchasing an additional 7,800 shares in the last quarter. Hedge funds and other institutional investors own 96.61% of the company’s stock.
In related news, Director Roderick Nelson sold 860 shares of the business’s stock in a transaction dated Thursday, December 7th. The stock was sold at an average price of $69.03, for a total transaction of $59,365.80. Following the completion of the transaction, the director now owns 3,762 shares of the company’s stock, valued at approximately $259,690.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP James L. Klein sold 2,211 shares of the business’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $74.76, for a total value of $165,294.36. Following the transaction, the vice president now directly owns 42,604 shares of the company’s stock, valued at approximately $3,185,075.04. The disclosure for this sale can be found here. Insiders have sold a total of 42,996 shares of company stock valued at $3,193,399 in the last three months. 0.91% of the stock is owned by insiders.
Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Wednesday, January 31st. The semiconductor company reported $1.69 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.09. Qorvo had a return on equity of 11.72% and a net margin of 0.95%. The business had revenue of $845.70 million during the quarter, compared to analysts’ expectations of $841.09 million. During the same quarter in the previous year, the firm earned $1.35 EPS. The firm’s revenue was up 2.3% compared to the same quarter last year. analysts forecast that Qorvo Inc will post 4.49 earnings per share for the current fiscal year.
QRVO has been the topic of a number of recent research reports. JPMorgan Chase & Co. set a $88.00 target price on Qorvo and gave the company a “buy” rating in a research note on Wednesday, November 15th. Craig Hallum cut Qorvo from a “buy” rating to a “hold” rating and reduced their price target for the stock from $78.00 to $71.00 in a research report on Thursday, November 2nd. Zacks Investment Research cut Qorvo from a “hold” rating to a “sell” rating in a research report on Monday, January 22nd. Canaccord Genuity boosted their price target on Qorvo from $81.00 to $87.00 and gave the stock a “buy” rating in a research report on Thursday, November 2nd. Finally, Northland Securities cut Qorvo from an “outperform” rating to a “market perform” rating in a research report on Thursday, November 2nd. Three equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and twelve have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $80.42.
Qorvo, Inc is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs).
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