Blue Trust Inc. Acquires 244 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Blue Trust Inc. raised its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 241.6% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 345 shares of the semiconductor company’s stock after acquiring an additional 244 shares during the period. Blue Trust Inc.’s holdings in Qorvo were worth $40,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the stock. Mather Group LLC. increased its holdings in Qorvo by 5.6% in the second quarter. Mather Group LLC. now owns 1,812 shares of the semiconductor company’s stock valued at $208,000 after purchasing an additional 96 shares during the last quarter. Quadrature Capital Ltd increased its stake in shares of Qorvo by 0.4% in the 4th quarter. Quadrature Capital Ltd now owns 25,092 shares of the semiconductor company’s stock valued at $2,825,000 after acquiring an additional 103 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Qorvo by 81.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after acquiring an additional 115 shares during the period. Empirical Finance LLC boosted its stake in Qorvo by 3.2% during the 1st quarter. Empirical Finance LLC now owns 3,768 shares of the semiconductor company’s stock worth $433,000 after acquiring an additional 117 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in Qorvo by 12.9% during the 1st quarter. GAMMA Investing LLC now owns 1,040 shares of the semiconductor company’s stock worth $119,000 after acquiring an additional 119 shares during the last quarter. Institutional investors and hedge funds own 88.57% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Rosenblatt Securities increased their target price on shares of Qorvo from $105.00 to $120.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. StockNews.com downgraded Qorvo from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Mizuho decreased their target price on Qorvo from $115.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, May 2nd. TD Cowen increased their price target on Qorvo from $110.00 to $125.00 and gave the stock a “hold” rating in a report on Wednesday, July 31st. Finally, Susquehanna cut their price objective on Qorvo from $145.00 to $135.00 and set a “neutral” rating on the stock in a report on Wednesday, July 31st. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, Qorvo has a consensus rating of “Hold” and a consensus target price of $121.00.

Qorvo Price Performance

NASDAQ:QRVO opened at $115.52 on Friday. The stock’s 50-day simple moving average is $115.87 and its 200 day simple moving average is $111.23. Qorvo, Inc. has a 52-week low of $80.62 and a 52-week high of $130.99. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.36 and a current ratio of 1.95. The company has a market cap of $10.96 billion, a P/E ratio of -158.25, a P/E/G ratio of 1.34 and a beta of 1.46.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.16. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The firm had revenue of $886.70 million for the quarter, compared to analyst estimates of $851.95 million. During the same quarter in the previous year, the firm earned $0.03 EPS. The business’s quarterly revenue was up 36.2% on a year-over-year basis. As a group, sell-side analysts forecast that Qorvo, Inc. will post 4.84 EPS for the current fiscal year.

Insider Buying and Selling at Qorvo

In other news, CEO Robert A. Bruggeworth sold 15,279 shares of the business’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $100.00, for a total transaction of $1,527,900.00. Following the transaction, the chief executive officer now directly owns 190,161 shares in the company, valued at approximately $19,016,100. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.46% of the company’s stock.

Qorvo Profile

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.