Qorvo, Inc. (NASDAQ:QRVO) Shares Acquired by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Qorvo, Inc. (NASDAQ:QRVOFree Report) by 17.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 110,848 shares of the semiconductor company’s stock after acquiring an additional 16,812 shares during the period. Mirae Asset Global Investments Co. Ltd. owned about 0.11% of Qorvo worth $12,565,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in QRVO. Norges Bank bought a new position in shares of Qorvo in the 4th quarter worth about $118,120,000. Balyasny Asset Management L.P. lifted its position in shares of Qorvo by 161.2% in the 4th quarter. Balyasny Asset Management L.P. now owns 857,596 shares of the semiconductor company’s stock worth $96,574,000 after buying an additional 529,309 shares during the last quarter. Panagora Asset Management Inc. lifted its position in Qorvo by 119.4% in the 4th quarter. Panagora Asset Management Inc. now owns 580,929 shares of the semiconductor company’s stock valued at $65,418,000 after purchasing an additional 316,172 shares during the last quarter. KBC Group NV lifted its position in Qorvo by 3,169.2% in the 4th quarter. KBC Group NV now owns 299,032 shares of the semiconductor company’s stock valued at $33,674,000 after purchasing an additional 289,885 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in Qorvo by 201.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 405,143 shares of the semiconductor company’s stock valued at $45,623,000 after purchasing an additional 270,745 shares during the last quarter. 88.57% of the stock is owned by institutional investors and hedge funds.

Qorvo Trading Up 1.4 %

Shares of QRVO opened at $118.75 on Monday. The firm’s 50 day moving average is $105.29 and its 200-day moving average is $108.90. The company has a quick ratio of 1.41, a current ratio of 1.99 and a debt-to-equity ratio of 0.44. Qorvo, Inc. has a 12-month low of $80.62 and a 12-month high of $121.65.

Qorvo (NASDAQ:QRVOGet Free Report) last announced its quarterly earnings data on Wednesday, May 1st. The semiconductor company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.18. The company had revenue of $941.00 million for the quarter, compared to analysts’ expectations of $927.24 million. Qorvo had a negative net margin of 1.86% and a positive return on equity of 13.43%. The business’s revenue was up 48.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.11 EPS. On average, sell-side analysts anticipate that Qorvo, Inc. will post 5.16 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on QRVO. Needham & Company LLC reiterated a “buy” rating and issued a $110.00 price objective on shares of Qorvo in a research report on Wednesday, June 12th. JPMorgan Chase & Co. cut their price objective on shares of Qorvo from $105.00 to $100.00 and set an “underweight” rating on the stock in a research report on Thursday, May 2nd. The Goldman Sachs Group cut their price objective on shares of Qorvo from $117.00 to $105.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. Susquehanna cut their price objective on shares of Qorvo from $100.00 to $95.00 and set a “neutral” rating on the stock in a research report on Thursday, May 2nd. Finally, Barclays lowered their target price on shares of Qorvo from $110.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 2nd. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $110.83.

Check Out Our Latest Stock Analysis on QRVO

Insider Transactions at Qorvo

In other news, CEO Robert A. Bruggeworth sold 4,721 shares of Qorvo stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $100.00, for a total value of $472,100.00. Following the transaction, the chief executive officer now directly owns 205,440 shares of the company’s stock, valued at $20,544,000. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director John R. Harding sold 941 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $97.36, for a total transaction of $91,615.76. Following the completion of the sale, the director now directly owns 6,950 shares in the company, valued at $676,652. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Robert A. Bruggeworth sold 4,721 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $100.00, for a total transaction of $472,100.00. Following the sale, the chief executive officer now owns 205,440 shares of the company’s stock, valued at $20,544,000. The disclosure for this sale can be found here. Insiders have sold a total of 45,372 shares of company stock valued at $4,517,858 over the last ninety days. Corporate insiders own 0.43% of the company’s stock.

Qorvo Company Profile

(Free Report)

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.

See Also

Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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