Qorvo, Inc. (QRVO) Position Cut by New Mexico Educational Retirement Board
New Mexico Educational Retirement Board reduced its position in shares of Qorvo, Inc. (NASDAQ:QRVO) by 7.8% during the second quarter, Holdings Channel reports. The firm owned 11,800 shares of the semiconductor company’s stock after selling 1,000 shares during the period. New Mexico Educational Retirement Board’s holdings in Qorvo were worth $809,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Benjamin F. Edwards & Company Inc. increased its position in shares of Qorvo by 49.6% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,664 shares of the semiconductor company’s stock worth $114,000 after buying an additional 552 shares during the period. IFP Advisors Inc increased its position in shares of Qorvo by 46.7% in the first quarter. IFP Advisors Inc now owns 2,105 shares of the semiconductor company’s stock worth $144,000 after buying an additional 670 shares during the period. NEXT Financial Group Inc increased its position in shares of Qorvo by 2.1% in the second quarter. NEXT Financial Group Inc now owns 2,370 shares of the semiconductor company’s stock worth $150,000 after buying an additional 49 shares during the period. Global X Management Co. LLC increased its position in shares of Qorvo by 400.9% in the second quarter. Global X Management Co. LLC now owns 2,795 shares of the semiconductor company’s stock worth $177,000 after buying an additional 2,237 shares during the period. Finally, Penserra Capital Management LLC acquired a new position in shares of Qorvo during the first quarter worth about $191,000. Hedge funds and other institutional investors own 97.09% of the company’s stock.
Shares of Qorvo, Inc. (NASDAQ:QRVO) opened at 71.76 on Wednesday. The company’s 50-day moving average price is $67.39 and its 200-day moving average price is $69.13. Qorvo, Inc. has a one year low of $48.28 and a one year high of $79.34. The stock’s market cap is $9.13 billion.
Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.87 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.07. Qorvo had a positive return on equity of 10.10% and a negative net margin of 1.40%. The business had revenue of $640.80 million during the quarter, compared to analyst estimates of $632.18 million. During the same quarter in the previous year, the company posted $1.08 earnings per share. Qorvo’s revenue for the quarter was down 8.3% on a year-over-year basis. Equities research analysts anticipate that Qorvo, Inc. will post $5.54 earnings per share for the current year.
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QRVO has been the subject of several research reports. TheStreet upgraded Qorvo from a “c+” rating to a “b” rating in a research note on Wednesday, May 3rd. Needham & Company LLC increased their price target on Qorvo from $70.00 to $86.00 and gave the stock a “buy” rating in a research note on Friday, May 26th. Charter Equity reiterated a “buy” rating on shares of Qorvo in a research note on Monday, May 15th. Craig Hallum increased their price target on Qorvo from $68.00 to $78.00 and gave the stock a “buy” rating in a research note on Thursday, May 4th. Finally, Benchmark Co. initiated coverage on Qorvo in a research note on Tuesday, April 25th. They set a “buy” rating for the company. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and twelve have issued a buy rating to the company. Qorvo has an average rating of “Hold” and a consensus price target of $73.28.
In other Qorvo news, VP Steven E. Creviston sold 26,911 shares of the business’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $77.00, for a total transaction of $2,072,147.00. Following the completion of the sale, the vice president now owns 153,644 shares of the company’s stock, valued at $11,830,588. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniel A. Dileo sold 5,000 shares of the business’s stock in a transaction dated Thursday, May 18th. The shares were sold at an average price of $74.04, for a total value of $370,200.00. Following the sale, the director now directly owns 24,520 shares of the company’s stock, valued at approximately $1,815,460.80. The disclosure for this sale can be found here. Insiders have sold 122,926 shares of company stock valued at $8,887,934 in the last three months. 0.91% of the stock is currently owned by corporate insiders.
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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