Narwhal Capital Management Purchases 160 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Narwhal Capital Management increased its holdings in Qorvo, Inc. (NASDAQ:QRVO) by 7.7% during the 3rd quarter, Holdings Channel reports. The firm owned 2,240 shares of the semiconductor company’s stock after buying an additional 160 shares during the period. Narwhal Capital Management’s holdings in Qorvo were worth $231,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of QRVO. Bessemer Group Inc. increased its stake in shares of Qorvo by 1,361.9% during the first quarter. Bessemer Group Inc. now owns 13,596 shares of the semiconductor company’s stock valued at $1,562,000 after buying an additional 12,666 shares during the period. Daiwa Securities Group Inc. boosted its holdings in Qorvo by 44.4% in the first quarter. Daiwa Securities Group Inc. now owns 13,247 shares of the semiconductor company’s stock valued at $1,521,000 after acquiring an additional 4,072 shares in the last quarter. Canada Pension Plan Investment Board increased its position in Qorvo by 23.8% during the 1st quarter. Canada Pension Plan Investment Board now owns 370,200 shares of the semiconductor company’s stock valued at $42,510,000 after purchasing an additional 71,200 shares during the period. Leeward Investments LLC MA raised its holdings in Qorvo by 50.6% in the 1st quarter. Leeward Investments LLC MA now owns 154,346 shares of the semiconductor company’s stock worth $17,724,000 after purchasing an additional 51,850 shares in the last quarter. Finally, APG Asset Management N.V. lifted its position in shares of Qorvo by 21.9% in the 2nd quarter. APG Asset Management N.V. now owns 101,243 shares of the semiconductor company’s stock worth $10,962,000 after purchasing an additional 18,178 shares during the period. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Qorvo Stock Performance

Shares of QRVO stock opened at $100.80 on Wednesday. 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 company has a market capitalization of $9.56 billion, a price-to-earnings ratio of -347.59, a price-to-earnings-growth ratio of 1.26 and a beta of 1.45. Qorvo, Inc. has a one year low of $80.62 and a one year high of $130.99. The company’s 50-day moving average is $105.98 and its 200 day moving average is $108.49.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.16. Qorvo had a negative net margin of 0.66% and a positive return on equity of 14.92%. The company had revenue of $886.70 million during the quarter, compared to the consensus estimate of $851.95 million. The firm’s quarterly revenue was up 36.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.03 earnings per share. Sell-side analysts expect that Qorvo, Inc. will post 4.84 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, VP Gina Harrison sold 689 shares of the company’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $107.67, for a total transaction of $74,184.63. Following the transaction, the vice president now directly owns 21,601 shares of the company’s stock, valued at $2,325,779.67. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.46% of the company’s stock.

Wall Street Analysts Forecast Growth

QRVO has been the topic of several research analyst reports. Morgan Stanley cut shares of Qorvo from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $130.00 to $120.00 in a research report on Friday, October 11th. Craig Hallum increased their target price on Qorvo from $124.00 to $142.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Susquehanna dropped their price target on Qorvo from $135.00 to $115.00 and set a “neutral” rating on the stock in a research report on Monday. Barclays reduced their price target on Qorvo from $125.00 to $120.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 10th. Finally, TD Cowen raised Qorvo to a “hold” rating in a research report on Monday, September 16th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Qorvo presently has an average rating of “Hold” and an average target price of $121.29.

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.