Qorvo Inc (QRVO) Stake Lessened by CIBC Asset Management Inc
CIBC Asset Management Inc cut its holdings in Qorvo Inc (NASDAQ:QRVO) by 6.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,407 shares of the semiconductor company’s stock after selling 857 shares during the period. CIBC Asset Management Inc’s holdings in Qorvo were worth $826,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the company. US Bancorp DE grew its holdings in shares of Qorvo by 30.3% in the fourth quarter. US Bancorp DE now owns 7,052 shares of the semiconductor company’s stock valued at $469,000 after acquiring an additional 1,641 shares in the last quarter. Comerica Bank grew its holdings in shares of Qorvo by 49.2% in the fourth quarter. Comerica Bank now owns 45,566 shares of the semiconductor company’s stock valued at $3,048,000 after acquiring an additional 15,016 shares in the last quarter. Kovack Advisors Inc. bought a new position in shares of Qorvo in the fourth quarter valued at approximately $255,000. Boston Partners grew its holdings in shares of Qorvo by 47.5% in the fourth quarter. Boston Partners now owns 2,869,210 shares of the semiconductor company’s stock valued at $191,089,000 after acquiring an additional 924,017 shares in the last quarter. Finally, Mutual of America Capital Management LLC grew its holdings in shares of Qorvo by 24.8% in the fourth quarter. Mutual of America Capital Management LLC now owns 17,445 shares of the semiconductor company’s stock valued at $1,162,000 after acquiring an additional 3,466 shares in the last quarter. 98.19% of the stock is owned by institutional investors.
Several research firms have recently issued reports on QRVO. BidaskClub raised Qorvo from a “sell” rating to a “hold” rating in a report on Friday. Summit Redstone lowered Qorvo from a “hold” rating to a “sell” rating in a report on Thursday, February 1st. Canaccord Genuity upped their target price on Qorvo from $81.00 to $89.00 and gave the company a “buy” rating in a report on Thursday, February 1st. Oppenheimer reissued a “hold” rating on shares of Qorvo in a report on Thursday, February 1st. Finally, BMO Capital Markets increased their price objective on Qorvo from $63.00 to $70.00 and gave the company a “market perform” rating in a report on Thursday, February 1st. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twelve have given a buy rating to the company’s stock. Qorvo has an average rating of “Hold” and a consensus target price of $80.42.
Shares of Qorvo Inc (QRVO) opened at $79.17 on Tuesday. The stock has a market capitalization of $10,010.00, a price-to-earnings ratio of 377.00, a price-to-earnings-growth ratio of 1.37 and a beta of 1.05. Qorvo Inc has a 12-month low of $62.68 and a 12-month high of $85.24. The company has a current ratio of 4.72, a quick ratio of 3.62 and a debt-to-equity ratio of 0.23.
Qorvo (NASDAQ:QRVO) last posted its earnings results on Wednesday, January 31st. The semiconductor company reported $1.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.09. The firm had revenue of $845.70 million for the quarter, compared to the consensus estimate of $841.09 million. Qorvo had a return on equity of 11.72% and a net margin of 0.95%. The business’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.35 earnings per share. sell-side analysts forecast that Qorvo Inc will post 4.49 EPS for the current year.
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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