Cerity Partners LLC bought a new stake in Qorvo, Inc. (NASDAQ:QRVO – Get Rating) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 2,129 shares of the semiconductor company’s stock, valued at approximately $201,000.
A number of other hedge funds have also recently modified their holdings of QRVO. Mutual of America Capital Management LLC grew its position in shares of Qorvo by 1.1% in the 1st quarter. Mutual of America Capital Management LLC now owns 25,260 shares of the semiconductor company’s stock valued at $3,135,000 after buying an additional 263 shares during the last quarter. International Assets Investment Management LLC purchased a new position in shares of Qorvo in the 1st quarter valued at $40,000. Metis Global Partners LLC purchased a new position in shares of Qorvo in the 1st quarter valued at $217,000. Arizona State Retirement System grew its position in shares of Qorvo by 1.4% in the 1st quarter. Arizona State Retirement System now owns 30,682 shares of the semiconductor company’s stock valued at $3,808,000 after buying an additional 422 shares during the last quarter. Finally, Stephens Inc. AR grew its position in Qorvo by 5.7% during the 1st quarter. Stephens Inc. AR now owns 8,573 shares of the semiconductor company’s stock worth $1,064,000 after purchasing an additional 465 shares during the last quarter. 88.31% of the stock is owned by hedge funds and other institutional investors.
Qorvo Stock Up 2.2 %
Shares of NASDAQ QRVO opened at $96.93 on Wednesday. The company has a quick ratio of 2.20, a current ratio of 3.30 and a debt-to-equity ratio of 0.47. Qorvo, Inc. has a 52 week low of $75.38 and a 52 week high of $163.95. The firm has a 50-day moving average price of $86.12 and a 200 day moving average price of $95.81. The stock has a market capitalization of $9.83 billion, a price-to-earnings ratio of 15.22, a price-to-earnings-growth ratio of 2.87 and a beta of 1.36.
Qorvo declared that its Board of Directors has initiated a share repurchase program on Wednesday, November 2nd that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the semiconductor company to buy up to 22.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
Analysts Set New Price Targets
Several research analysts have issued reports on QRVO shares. Barclays downgraded shares of Qorvo from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $120.00 to $90.00 in a research report on Monday, October 24th. UBS Group lowered their price objective on shares of Qorvo from $135.00 to $120.00 and set a “neutral” rating on the stock in a research report on Thursday, August 4th. Exane BNP Paribas started coverage on shares of Qorvo in a research report on Tuesday, September 13th. They set a “neutral” rating on the stock. Morgan Stanley lowered their price objective on shares of Qorvo from $109.00 to $87.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 3rd. Finally, Rosenblatt Securities lowered their price objective on shares of Qorvo from $110.00 to $85.00 and set a “neutral” rating on the stock in a research report on Thursday, November 3rd. Two research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Qorvo presently has an average rating of “Hold” and a consensus target price of $106.78.
Insider Activity at Qorvo
In other Qorvo news, VP Paul J. Fego sold 2,413 shares of Qorvo stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $85.42, for a total transaction of $206,118.46. Following the completion of the transaction, the vice president now owns 31,666 shares in the company, valued at $2,704,909.72. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.45% of the company’s stock.
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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