CX Institutional Takes Position in Qorvo, Inc. (NASDAQ:QRVO)

CX Institutional acquired a new stake in Qorvo, Inc. (NASDAQ:QRVO) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 3,208 shares of the semiconductor company’s stock, valued at approximately $224,000.

Several other hedge funds also recently modified their holdings of QRVO. GDS Wealth Management bought a new position in Qorvo in the third quarter worth $2,171,000. Robeco Institutional Asset Management B.V. lifted its position in Qorvo by 78.6% in the third quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock worth $55,548,000 after purchasing an additional 236,590 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in Qorvo in the third quarter worth $2,507,000. Quest Partners LLC lifted its position in Qorvo by 504.6% in the third quarter. Quest Partners LLC now owns 11,596 shares of the semiconductor company’s stock worth $1,198,000 after purchasing an additional 9,678 shares during the period. Finally, Virtu Financial LLC bought a new position in Qorvo in the third quarter worth $1,211,000. 88.57% of the stock is owned by institutional investors.

Qorvo Stock Performance

Shares of NASDAQ:QRVO opened at $88.94 on Monday. Qorvo, Inc. has a twelve month low of $64.54 and a twelve month high of $130.99. The firm has a market cap of $8.41 billion, a PE ratio of -60.92, a price-to-earnings-growth ratio of 6.98 and a beta of 1.40. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90. The business has a fifty day moving average of $72.18 and a 200-day moving average of $92.38.

Qorvo (NASDAQ:QRVO) last announced its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.03. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The firm’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same period last year, the company posted $1.99 earnings per share. On average, equities research analysts predict that Qorvo, Inc. will post 3.37 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently commented on QRVO shares. Piper Sandler reduced their target price on Qorvo from $120.00 to $100.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. Loop Capital started coverage on Qorvo in a research report on Monday, November 11th. They issued a “hold” rating and a $73.00 target price for the company. Mizuho increased their price objective on Qorvo from $80.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday. BNP Paribas lowered Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price objective for the company. in a research note on Wednesday, October 30th. Finally, Morgan Stanley upgraded Qorvo from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $90.00 to $106.00 in a research note on Tuesday, January 21st. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Qorvo presently has a consensus rating of “Hold” and an average target price of $98.24.

Insider Buying and Selling

In related news, SVP Philip Chesley sold 4,045 shares of Qorvo stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $70.15, for a total value of $283,756.75. Following the completion of the sale, the senior vice president now directly owns 30,261 shares in the company, valued at $2,122,809.15. This trade represents a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.46% of the company’s stock.

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.