Jupiter Asset Management Ltd. Has $8.39 Million Position in Qorvo, Inc. (NASDAQ:QRVO)

Jupiter Asset Management Ltd. reduced its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 22.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 45,899 shares of the semiconductor company’s stock after selling 13,551 shares during the quarter. Jupiter Asset Management Ltd.’s holdings in Qorvo were worth $8,386,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Kentucky Retirement Systems acquired a new stake in shares of Qorvo during the fourth quarter worth approximately $1,131,000. Canada Pension Plan Investment Board lifted its stake in Qorvo by 107.2% in the fourth quarter. Canada Pension Plan Investment Board now owns 176,487 shares of the semiconductor company’s stock valued at $29,345,000 after acquiring an additional 91,316 shares during the last quarter. Royal Fund Management LLC lifted its stake in Qorvo by 26.8% in the first quarter. Royal Fund Management LLC now owns 12,417 shares of the semiconductor company’s stock valued at $2,268,000 after acquiring an additional 2,624 shares during the last quarter. Graves Light Private Wealth Management Inc. acquired a new stake in Qorvo in the fourth quarter valued at approximately $71,000. Finally, Wells Fargo & Company MN lifted its stake in Qorvo by 12.0% in the fourth quarter. Wells Fargo & Company MN now owns 519,831 shares of the semiconductor company’s stock valued at $86,434,000 after acquiring an additional 55,506 shares during the last quarter. Institutional investors and hedge funds own 83.07% of the company’s stock.

In other news, VP James L. Klein sold 1,910 shares of the business’s stock in a transaction on Monday, May 17th. The shares were sold at an average price of $168.78, for a total value of $322,369.80. Following the sale, the vice president now owns 50,150 shares in the company, valued at approximately $8,464,317. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert A. Bruggeworth sold 788 shares of the business’s stock in a transaction on Monday, May 17th. The shares were sold at an average price of $168.78, for a total transaction of $132,998.64. Following the completion of the sale, the chief executive officer now owns 193,761 shares in the company, valued at approximately $32,702,981.58. The disclosure for this sale can be found here. Insiders have sold 24,130 shares of company stock worth $4,163,421 in the last quarter. Corporate insiders own 0.66% of the company’s stock.

QRVO opened at $182.91 on Friday. Qorvo, Inc. has a fifty-two week low of $104.57 and a fifty-two week high of $201.68. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.64 and a quick ratio of 2.90. The business’s fifty day simple moving average is $184.80. The firm has a market capitalization of $20.59 billion, a P/E ratio of 28.80, a P/E/G ratio of 1.61 and a beta of 1.39.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Wednesday, May 5th. The semiconductor company reported $2.74 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.23 by $0.51. Qorvo had a net margin of 18.27% and a return on equity of 23.45%. The firm had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.04 billion. On average, analysts forecast that Qorvo, Inc. will post 10.61 earnings per share for the current fiscal year.

A number of research firms have issued reports on QRVO. Mizuho lifted their target price on shares of Qorvo from $183.00 to $215.00 and gave the company a “buy” rating in a research note on Friday, April 9th. Piper Sandler lifted their target price on shares of Qorvo from $190.00 to $220.00 and gave the company an “overweight” rating in a research note on Friday, April 23rd. Morgan Stanley lifted their target price on shares of Qorvo from $210.00 to $223.00 and gave the company an “overweight” rating in a research note on Thursday, May 6th. Rosenblatt Securities lifted their price target on shares of Qorvo from $175.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, May 6th. Finally, Barclays lifted their price target on shares of Qorvo from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Thursday, May 6th. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $197.70.

Qorvo Company Profile

Qorvo, Inc develops and commercializes technologies and products for wireless and wired connectivity worldwide. The company operates in two segments, Mobile Products, and Infrastructure and Defense Products. The company offers integrated modules incorporating switches, power amplifiers, filters and duplexers, antenna tuners, RF power management integrated circuits, multimode/multi-band PAs and transmit modules, antenna-plexers, discrete filters and duplexers, discrete switches, and UWB system solutions, as well as envelope tracking power management solutions, antenna control solutions, and UWB system solutions supporting secure, low power, location, and communication services.

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Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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