Teacher Retirement System of Texas Purchases Shares of 13,295 Qorvo, Inc. (NASDAQ:QRVO)

Teacher Retirement System of Texas acquired a new stake in shares of Qorvo, Inc. (NASDAQ:QRVO) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 13,295 shares of the semiconductor company’s stock, valued at approximately $963,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Huntington National Bank raised its holdings in Qorvo by 47.1% during the 4th quarter. Huntington National Bank now owns 453 shares of the semiconductor company’s stock worth $32,000 after buying an additional 145 shares during the period. Hillsdale Investment Management Inc. grew its stake in shares of Qorvo by 5.0% in the 4th quarter. Hillsdale Investment Management Inc. now owns 7,360 shares of the semiconductor company’s stock valued at $515,000 after buying an additional 350 shares in the last quarter. City Holding Co. bought a new stake in shares of Qorvo in the 1st quarter valued at approximately $25,000. Curat Global LLC bought a new stake in Qorvo during the first quarter worth approximately $34,000. Finally, CSS LLC IL boosted its position in Qorvo by 11.9% during the fourth quarter. CSS LLC IL now owns 4,714 shares of the semiconductor company’s stock worth $330,000 after purchasing an additional 500 shares during the period. Institutional investors own 88.57% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. TD Cowen lowered their target price on Qorvo from $90.00 to $80.00 and set a “hold” rating for the company in a research note on Wednesday, April 30th. Wall Street Zen lowered Qorvo from a “buy” rating to a “hold” rating in a research note on Saturday, June 7th. Piper Sandler restated an “overweight” rating and issued a $110.00 target price on shares of Qorvo in a research note on Friday, June 27th. The Goldman Sachs Group initiated coverage on Qorvo in a research report on Thursday, July 10th. They issued a “neutral” rating and a $90.00 price objective for the company. Finally, Loop Capital reduced their target price on Qorvo from $90.00 to $75.00 and set a “hold” rating on the stock in a report on Wednesday, April 30th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Qorvo currently has an average rating of “Hold” and a consensus price target of $91.53.

Insider Buying and Selling at Qorvo

In other Qorvo news, Director John R. Harding sold 1,450 shares of the firm’s stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $70.09, for a total value of $101,630.50. Following the transaction, the director owned 7,597 shares of the company’s stock, valued at $532,473.73. This trade represents a 16.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.41% of the company’s stock.

Qorvo Stock Performance

Shares of QRVO stock opened at $87.48 on Tuesday. The company has a market capitalization of $8.12 billion, a P/E ratio of 150.83, a P/E/G ratio of 2.35 and a beta of 1.39. The business’s 50 day moving average is $80.02 and its two-hundred day moving average is $74.63. The company has a current ratio of 2.77, a quick ratio of 1.95 and a debt-to-equity ratio of 0.46. Qorvo, Inc. has a 12-month low of $49.46 and a 12-month high of $130.99.

Qorvo (NASDAQ:QRVO) last released its earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.42. Qorvo had a return on equity of 12.48% and a net margin of 1.50%. The firm had revenue of $869.47 million during the quarter, compared to analyst estimates of $850.13 million. During the same period last year, the business posted $1.39 earnings per share. Qorvo’s revenue was down 7.6% compared to the same quarter last year. Analysts expect that Qorvo, Inc. will post 4.09 EPS for the current fiscal year.

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.