Qorvo, Inc. (NASDAQ:QRVO) Position Boosted by abrdn plc

abrdn plc boosted its position in Qorvo, Inc. (NASDAQ:QRVO – Get Rating) by 18.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 30,275 shares of the semiconductor company’s stock after buying an additional 4,642 shares during the quarter. abrdn plc’s holdings in Qorvo were worth $2,744,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Renaissance Technologies LLC grew its holdings in Qorvo by 1,610.0% in the 3rd quarter. Renaissance Technologies LLC now owns 993,706 shares of the semiconductor company’s stock worth $78,910,000 after buying an additional 935,593 shares in the last quarter. Baupost Group LLC MA grew its holdings in Qorvo by 11.8% in the 1st quarter. Baupost Group LLC MA now owns 6,645,712 shares of the semiconductor company’s stock worth $824,733,000 after buying an additional 699,968 shares in the last quarter. Wellington Management Group LLP grew its holdings in Qorvo by 52.6% in the 1st quarter. Wellington Management Group LLP now owns 1,990,306 shares of the semiconductor company’s stock worth $246,997,000 after buying an additional 686,046 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Qorvo by 183.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 690,361 shares of the semiconductor company’s stock worth $85,674,000 after buying an additional 447,129 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its holdings in Qorvo by 2,915.6% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 410,572 shares of the semiconductor company’s stock worth $32,604,000 after buying an additional 396,957 shares in the last quarter. 86.47% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Craig Hallum increased their price target on Qorvo from $120.00 to $130.00 and gave the company a “buy” rating in a research note on Thursday, February 2nd. KGI Securities raised Qorvo from a “neutral” rating to an “outperform” rating in a research note on Tuesday, May 9th. Citigroup increased their price target on Qorvo from $94.00 to $113.00 and gave the company a “neutral” rating in a research note on Friday, February 3rd. 92 Resources reaffirmed a “maintains” rating on shares of Qorvo in a research note on Thursday, May 4th. Finally, Mizuho increased their price target on Qorvo from $100.00 to $102.00 in a research note on Thursday, May 4th. Two investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $108.78.

Insider Buying and Selling at Qorvo

In other Qorvo news, SVP Paul J. Fego sold 4,304 shares of the firm’s stock in a transaction dated Thursday, May 18th. The stock was sold at an average price of $95.00, for a total transaction of $408,880.00. Following the transaction, the senior vice president now directly owns 33,070 shares in the company, valued at $3,141,650. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Qorvo news, SVP Paul J. Fego sold 4,304 shares of the firm’s stock in a transaction dated Thursday, May 18th. The stock was sold at an average price of $95.00, for a total transaction of $408,880.00. Following the transaction, the senior vice president now directly owns 33,070 shares in the company, valued at $3,141,650. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Robert A. Bruggeworth sold 11,218 shares of the firm’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $93.84, for a total value of $1,052,697.12. Following the completion of the sale, the chief executive officer now directly owns 178,806 shares in the company, valued at $16,779,155.04. The disclosure for this sale can be found here. Insiders have sold a total of 32,585 shares of company stock worth $3,009,703 over the last three months. Corporate insiders own 0.45% of the company’s stock.

Qorvo Price Performance

Shares of NASDAQ:QRVO opened at $94.12 on Wednesday. The company has a current ratio of 3.65, a quick ratio of 2.22 and a debt-to-equity ratio of 0.52. Qorvo, Inc. has a 1 year low of $75.38 and a 1 year high of $114.59. The business has a fifty day simple moving average of $94.93 and a 200 day simple moving average of $97.37. The firm has a market cap of $9.29 billion, a price-to-earnings ratio of 102.30, a P/E/G ratio of 3.82 and a beta of 1.45.

Qorvo (NASDAQ:QRVO – Get Rating) last announced its quarterly earnings data on Wednesday, May 3rd. The semiconductor company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.13. Qorvo had a return on equity of 12.53% and a net margin of 2.89%. The business had revenue of $632.70 million during the quarter, compared to analyst estimates of $621.35 million. During the same period last year, the company earned $3.03 earnings per share. Qorvo’s quarterly revenue was down 45.7% compared to the same quarter last year. As a group, sell-side analysts predict that Qorvo, Inc. will post 3.89 earnings per share for the current fiscal year.

Qorvo Profile

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Qorvo, Inc engages in the provision of development and commercialization of technologies and products for wireless and wired connectivity. It operates through the following reportable segments: Mobile Products and Infrastructure & Defense Products. The Mobile Products segment is involved in supplying cellular, UWB, and Wi-Fi solutions for applications, including smartphones, wearables, laptops, tablets, and Internet of things.