Qorvo, Inc. (NASDAQ:QRVO) Shares Bought by Panagora Asset Management Inc.

Panagora Asset Management Inc. grew its position in shares of Qorvo, Inc. (NASDAQ:QRVO) by 8.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 533,526 shares of the semiconductor company’s stock after acquiring an additional 41,825 shares during the quarter. Panagora Asset Management Inc.’s holdings in Qorvo were worth $97,475,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Kentucky Retirement Systems purchased a new stake in shares of Qorvo in the fourth quarter worth about $1,131,000. Canada Pension Plan Investment Board boosted its position in shares of Qorvo by 107.2% in the fourth quarter. Canada Pension Plan Investment Board now owns 176,487 shares of the semiconductor company’s stock worth $29,345,000 after buying an additional 91,316 shares during the period. Royal Fund Management LLC boosted its position in shares of Qorvo by 26.8% in the first quarter. Royal Fund Management LLC now owns 12,417 shares of the semiconductor company’s stock worth $2,268,000 after buying an additional 2,624 shares during the period. Graves Light Private Wealth Management Inc. purchased a new stake in shares of Qorvo in the fourth quarter worth about $71,000. Finally, Wells Fargo & Company MN boosted its position in shares of Qorvo by 12.0% in the fourth quarter. Wells Fargo & Company MN now owns 519,831 shares of the semiconductor company’s stock worth $86,434,000 after buying an additional 55,506 shares during the period. Institutional investors own 83.07% of the company’s stock.

In related news, CEO Robert A. Bruggeworth sold 10,289 shares of the firm’s stock in a transaction that occurred on Monday, May 24th. The stock was sold at an average price of $176.94, for a total value of $1,820,535.66. Following the sale, the chief executive officer now directly owns 169,275 shares in the company, valued at approximately $29,951,518.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP James L. Klein sold 1,910 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the vice president now owns 50,150 shares in the company, valued at $8,464,317. The disclosure for this sale can be found here. Insiders have sold a total of 24,130 shares of company stock worth $4,163,421 over the last quarter. Insiders own 0.66% of the company’s stock.

Shares of Qorvo stock traded down $0.41 on Friday, reaching $182.50. 910 shares of the company were exchanged, compared to its average volume of 1,289,546. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.90 and a current ratio of 3.64. The stock has a 50-day moving average price of $184.80. The stock has a market capitalization of $20.55 billion, a price-to-earnings ratio of 28.80, a price-to-earnings-growth ratio of 1.61 and a beta of 1.39. Qorvo, Inc. has a 1-year low of $104.57 and a 1-year high of $201.68.

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

QRVO has been the subject of a number of analyst reports. Craig Hallum increased their price target on Qorvo from $195.00 to $220.00 and gave the company a “buy” rating in a report on Thursday, May 6th. Morgan Stanley increased their price target on Qorvo from $210.00 to $223.00 and gave the company an “overweight” rating in a report on Thursday, May 6th. Citigroup reduced their price target on Qorvo from $188.00 to $170.00 and set a “neutral” rating for the company in a report on Thursday, February 11th. Barclays increased their price target on Qorvo from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, May 6th. Finally, Wells Fargo & Company increased their price target on Qorvo from $205.00 to $230.00 and gave the company an “overweight” rating in a report on Thursday, May 6th. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $197.70.

Qorvo 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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