Qorvo, Inc. (QRVO) Holdings Boosted by Formula Growth Ltd.
Formula Growth Ltd. raised its position in Qorvo, Inc. (NASDAQ:QRVO) by 66.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 61,750 shares of the semiconductor company’s stock after buying an additional 24,740 shares during the quarter. Formula Growth Ltd.’s holdings in Qorvo were worth $3,910,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in QRVO. Russell Investments Group Ltd. increased its holdings in Qorvo by 16.8% in the 1st quarter. Russell Investments Group Ltd. now owns 12,509 shares of the semiconductor company’s stock valued at $858,000 after buying an additional 1,800 shares during the period. Wells Fargo & Company MN increased its holdings in Qorvo by 47.1% in the 1st quarter. Wells Fargo & Company MN now owns 113,425 shares of the semiconductor company’s stock valued at $7,777,000 after buying an additional 36,339 shares during the period. Comerica Bank increased its holdings in Qorvo by 0.3% in the 1st quarter. Comerica Bank now owns 30,858 shares of the semiconductor company’s stock valued at $2,195,000 after buying an additional 91 shares during the period. Karp Capital Management Corp bought a new position in Qorvo in the 1st quarter valued at about $1,310,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Qorvo by 28.1% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 9,380 shares of the semiconductor company’s stock valued at $643,000 after buying an additional 2,058 shares during the period. 94.34% of the stock is currently owned by hedge funds and other institutional investors.
Qorvo, Inc. (NASDAQ QRVO) traded up 0.84% during midday trading on Friday, reaching $71.20. 1,035,659 shares of the company traded hands. The stock’s 50 day moving average is $61.65 and its 200 day moving average is $61.65. The company’s market capitalization is $9.06 billion. Qorvo, Inc. has a one year low of $19.18 and a one year high of $76.47.
Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.07. The firm had revenue of $640.80 million during the quarter, compared to analyst estimates of $632.18 million. Qorvo had a positive return on equity of 10.10% and a negative net margin of 1.40%. The business’s quarterly revenue was down 8.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.08 earnings per share. On average, equities analysts anticipate that Qorvo, Inc. will post $5.54 earnings per share for the current year.
Several equities analysts have commented on QRVO shares. Cowen and Company reissued a “market perform” rating and issued a $85.00 target price (up from $74.00) on shares of Qorvo in a report on Friday, May 26th. BMO Capital Markets reissued a “hold” rating and issued a $63.00 target price on shares of Qorvo in a report on Monday, June 12th. Nomura started coverage on shares of Qorvo in a report on Tuesday, September 5th. They issued a “neutral” rating and a $75.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and issued a $86.00 target price on shares of Qorvo in a report on Friday, May 26th. Finally, Mizuho reissued a “hold” rating and issued a $70.00 target price on shares of Qorvo in a report on Friday, August 4th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twelve have assigned a buy rating to the stock. Qorvo currently has a consensus rating of “Hold” and a consensus target price of $73.45.
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In other news, insider Robert A. Bruggeworth sold 6,769 shares of the stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $71.34, for a total transaction of $482,900.46. Following the completion of the sale, the insider now owns 219,719 shares of the company’s stock, valued at $15,674,753.46. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Robert A. Bruggeworth sold 27,839 shares of the stock in a transaction that occurred on Friday, July 7th. The shares were sold at an average price of $65.03, for a total value of $1,810,370.17. Following the sale, the insider now directly owns 217,042 shares of the company’s stock, valued at approximately $14,114,241.26. The disclosure for this sale can be found here. In the last three months, insiders have sold 89,919 shares of company stock valued at $6,186,623. Insiders own 0.91% of the company’s stock.
Qorvo, Inc is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs).
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