Cwm LLC increased its stake in shares of Qorvo, Inc. (NASDAQ:QRVO – Get Rating) by 13.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,664 shares of the semiconductor company’s stock after buying an additional 546 shares during the quarter. Cwm LLC’s holdings in Qorvo were worth $370,000 at the end of the most recent quarter.
Several other institutional investors have also bought and sold shares of the stock. Parallel Advisors LLC grew its holdings in Qorvo by 15.4% during the second quarter. Parallel Advisors LLC now owns 819 shares of the semiconductor company’s stock worth $77,000 after buying an additional 109 shares in the last quarter. Lindbrook Capital LLC grew its stake in Qorvo by 32.8% in the 2nd quarter. Lindbrook Capital LLC now owns 458 shares of the semiconductor company’s stock valued at $43,000 after purchasing an additional 113 shares during the period. Parkside Financial Bank & Trust grew 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 valued at $28,000 after purchasing an additional 116 shares during the period. Hartford Investment Management Co. grew its stake in Qorvo by 1.2% in the 2nd quarter. Hartford Investment Management Co. now owns 10,331 shares of the semiconductor company’s stock valued at $974,000 after purchasing an additional 118 shares during the period. Finally, LPL Financial LLC grew its stake in Qorvo by 0.5% in the 2nd quarter. LPL Financial LLC now owns 27,262 shares of the semiconductor company’s stock valued at $2,571,000 after purchasing an additional 127 shares during the period. Institutional investors own 86.47% of the company’s stock.
Analysts Set New Price Targets
A number of research analysts have issued reports on the company. JPMorgan Chase & Co. downgraded Qorvo from an “overweight” rating to an “underweight” rating and reduced their price objective for the company from $125.00 to $90.00 in a research note on Thursday, November 3rd. Benchmark reduced their price objective on Qorvo from $152.00 to $120.00 in a research note on Thursday, November 3rd. Needham & Company LLC upped their price objective on Qorvo from $100.00 to $105.00 and gave the company a “buy” rating in a research note on Thursday, November 3rd. Rosenblatt Securities reduced their price objective on Qorvo from $110.00 to $85.00 and set a “neutral” rating for the company in a research note on Thursday, November 3rd. Finally, Piper Sandler cut their price target on Qorvo from $115.00 to $100.00 and set an “overweight” rating for the company in a research note on Thursday, November 3rd. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Qorvo currently has a consensus rating of “Hold” and an average target price of $107.00.
Qorvo Stock Performance
Qorvo (NASDAQ:QRVO – Get Rating) last issued its quarterly earnings data on Wednesday, November 2nd. The semiconductor company reported $2.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.28 by $0.07. Qorvo had a return on equity of 24.47% and a net margin of 15.34%. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.13 billion. During the same quarter in the prior year, the firm posted $3.22 EPS. The firm’s quarterly revenue was down 7.7% on a year-over-year basis. Research analysts forecast that Qorvo, Inc. will post 5.08 EPS for the current fiscal year.
Qorvo declared that its Board of Directors has authorized a share buyback plan on Wednesday, November 2nd that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the semiconductor company to repurchase up to 22.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.
Insider Buying and Selling at Qorvo
In other Qorvo news, VP Gina Harrison sold 3,559 shares of the firm’s stock in a transaction dated Tuesday, December 13th. The stock was sold at an average price of $104.00, for a total value of $370,136.00. Following the sale, the vice president now owns 16,257 shares of the company’s stock, valued at approximately $1,690,728. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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.
- Get a free copy of the StockNews.com research report on Qorvo (QRVO)
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