Bank of Montreal Can Has $14.46 Million Position in Qorvo, Inc. (NASDAQ:QRVO)

Bank of Montreal Can cut its holdings in Qorvo, Inc. (NASDAQ:QRVOGet Rating) by 10.0% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 145,703 shares of the semiconductor company’s stock after selling 16,209 shares during the quarter. Bank of Montreal Can owned about 0.14% of Qorvo worth $14,457,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of QRVO. Bellevue Asset Management LLC acquired a new position in shares of Qorvo in the first quarter valued at approximately $25,000. Parkside Financial Bank & Trust boosted its stake in Qorvo by 106.4% in the 1st quarter. Parkside Financial Bank & Trust now owns 225 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 116 shares during the period. IndexIQ Advisors LLC bought a new position in Qorvo during the 1st quarter worth about $32,000. Loomis Sayles & Co. L P raised its stake in shares of Qorvo by 208.8% in the 2nd quarter. Loomis Sayles & Co. L P now owns 281 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 190 shares during the period. Finally, Spire Wealth Management lifted its holdings in shares of Qorvo by 63.9% in the second quarter. Spire Wealth Management now owns 336 shares of the semiconductor company’s stock valued at $32,000 after purchasing an additional 131 shares in the last quarter. 88.31% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, VP Paul J. Fego sold 2,413 shares of the business’s stock in a transaction dated Thursday, September 15th. The shares were 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 owns 31,666 shares of the company’s stock, valued at $2,704,909.72. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.45% of the company’s stock.

Qorvo Stock Up 2.2 %

Shares of QRVO opened at $96.93 on Wednesday. The firm has a market cap of $9.83 billion, a P/E ratio of 15.22, a price-to-earnings-growth ratio of 2.87 and a beta of 1.36. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.20 and a current ratio of 3.30. Qorvo, Inc. has a 52 week low of $75.38 and a 52 week high of $163.95. The firm’s 50-day simple moving average is $86.12 and its 200 day simple moving average is $95.81.

Qorvo (NASDAQ:QRVOGet Rating) last posted its earnings results on Wednesday, November 2nd. The semiconductor company reported $2.66 EPS for the quarter, beating the consensus estimate of $2.28 by $0.38. The company had revenue of $1.16 billion for 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 revenue for the quarter was down 7.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.22 earnings per share. On average, analysts forecast that Qorvo, Inc. will post 5.11 earnings per share for the current year.

Qorvo announced that its Board of Directors has initiated a share buyback program on Wednesday, November 2nd that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to reacquire up to 22.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Credit Suisse Group assumed coverage on Qorvo in a report on Tuesday, November 15th. They set an “outperform” rating and a $120.00 price objective for the company. Barclays cut shares of Qorvo from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $120.00 to $90.00 in a research note on Monday, October 24th. BMO Capital Markets decreased their target price on shares of Qorvo from $100.00 to $90.00 and set a “market perform” rating for the company in a research report on Thursday, November 3rd. Exane BNP Paribas began coverage on shares of Qorvo in a research report on Tuesday, September 13th. They set a “neutral” rating on the stock. Finally, StockNews.com assumed coverage on Qorvo in a report on Wednesday, October 12th. They issued a “hold” rating for the company. Two 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’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $106.78.

About Qorvo

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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.

See Also

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Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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