Cibc World Market Inc. Purchases 953 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Cibc World Market Inc. boosted its position in shares of Qorvo, Inc. (NASDAQ:QRVOGet Rating) by 10.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,932 shares of the semiconductor company’s stock after acquiring an additional 953 shares during the period. Cibc World Market Inc.’s holdings in Qorvo were worth $937,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in QRVO. Bellevue Asset Management LLC bought a new stake in shares of Qorvo during the first quarter valued at approximately $25,000. J.W. Cole Advisors Inc. bought a new stake in shares of Qorvo during the first quarter valued at approximately $26,000. Loomis Sayles & Co. L P raised its position in shares of Qorvo by 208.8% during the second quarter. Loomis Sayles & Co. L P now owns 281 shares of the semiconductor company’s stock valued at $27,000 after buying an additional 190 shares during the last quarter. Parkside Financial Bank & Trust raised its position in shares of Qorvo by 106.4% during the first quarter. Parkside Financial Bank & Trust now owns 225 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 116 shares during the last quarter. Finally, IndexIQ Advisors LLC bought a new stake in shares of Qorvo during the first quarter valued at approximately $32,000. Institutional investors own 88.31% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on QRVO shares. Cowen cut their target price on shares of Qorvo from $100.00 to $80.00 and set a “market perform” rating for the company in a report on Tuesday, October 18th. Needham & Company LLC raised their target price on shares of Qorvo from $100.00 to $105.00 and gave the company a “buy” rating in a report on Thursday, November 3rd. Credit Suisse Group began coverage on shares of Qorvo in a report on Tuesday, November 15th. They issued an “outperform” rating and a $120.00 target price for the company. JPMorgan Chase & Co. lowered shares of Qorvo from an “overweight” rating to an “underweight” rating and dropped their price objective for the stock from $125.00 to $90.00 in a research note on Thursday, November 3rd. Finally, BNP Paribas began coverage on shares of Qorvo in a research note on Tuesday, September 13th. They set a “neutral” rating and a $100.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Qorvo has a consensus rating of “Hold” and an average target price of $106.78.

Qorvo Stock Performance

QRVO stock opened at $98.92 on Monday. The company has a debt-to-equity ratio of 0.47, a current ratio of 3.30 and a quick ratio of 2.20. The business has a 50-day moving average price of $85.88 and a 200 day moving average price of $95.98. The company has a market capitalization of $10.03 billion, a P/E ratio of 15.53, a PEG ratio of 2.99 and a beta of 1.36. Qorvo, Inc. has a 1-year low of $75.38 and a 1-year high of $163.95.

Qorvo (NASDAQ:QRVOGet Rating) last released its quarterly earnings data on Wednesday, November 2nd. The semiconductor company reported $2.66 earnings per share for the quarter, beating the consensus estimate of $2.28 by $0.38. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.13 billion. Qorvo had a return on equity of 24.47% and a net margin of 15.34%. The firm’s quarterly revenue was down 7.7% on a year-over-year basis. During the same period in the previous year, the company posted $3.22 earnings per share. As a group, equities research analysts forecast that Qorvo, Inc. will post 5.11 EPS for the current fiscal year.

Qorvo declared that its Board of Directors has approved a share buyback program on Wednesday, November 2nd that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the semiconductor company to purchase up to 22.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Activity at Qorvo

In related news, VP Paul J. Fego sold 2,413 shares of Qorvo stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $85.42, for a total value of $206,118.46. Following the completion of the sale, the vice president now directly owns 31,666 shares in the company, valued at $2,704,909.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.45% of the stock is currently owned by corporate insiders.

Qorvo Profile

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Qorvo, Inc develops and commercializes technologies and products for wireless, wired, and power markets worldwide. The company operates through two segments, Mobile Products, and Infrastructure and Defense Products. It offers mobile devices, such as smartphones, wearables, laptops, tablets and other devices; radio frequency power management integrated circuits, ultra-wideband (UWB) system-on-a-chip (SoC) and system-in-package (SiP) solutions, MEMS-based sensors, antenna tuners, and antennaplexers, as well as discrete multiplexers, duplexers, filters, and switches; and cellular base stations include switch-low noise amplifier (LNA) modules, variable gain amplifiers, integrated power amplifier (PA) Doherty modules, discrete LNAs, and high power GaN amplifiers.

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Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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