Sei Investments Co. Has $1.53 Million Stake in Qorvo, Inc. (QRVO)
Sei Investments Co. cut its stake in Qorvo, Inc. (NASDAQ:QRVO) by 29.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,095 shares of the semiconductor company’s stock after selling 10,070 shares during the period. Sei Investments Co.’s holdings in Qorvo were worth $1,526,000 at the end of the most recent quarter.
Several other large investors have also recently bought and sold shares of QRVO. Benjamin F. Edwards & Company Inc. raised its stake in Qorvo by 49.6% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,664 shares of the semiconductor company’s stock valued at $114,000 after buying an additional 552 shares during the last quarter. IFP Advisors Inc raised its stake in Qorvo by 46.7% in the first quarter. IFP Advisors Inc now owns 2,105 shares of the semiconductor company’s stock valued at $144,000 after buying an additional 670 shares during the last quarter. NEXT Financial Group Inc raised its stake in Qorvo by 145.6% in the first quarter. NEXT Financial Group Inc now owns 2,321 shares of the semiconductor company’s stock valued at $158,000 after buying an additional 1,376 shares during the last quarter. Penserra Capital Management LLC purchased a new stake in Qorvo during the first quarter valued at $191,000. Finally, OLD Mutual Customised Solutions Proprietary Ltd. raised its stake in Qorvo by 180.0% in the first quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 2,800 shares of the semiconductor company’s stock valued at $192,000 after buying an additional 1,800 shares during the last quarter. 94.38% of the stock is currently owned by institutional investors and hedge funds.
Shares of Qorvo, Inc. (QRVO) opened at 70.60 on Tuesday. The firm’s market capitalization is $8.99 billion. The company has a 50 day moving average of $68.72 and a 200-day moving average of $69.43. Qorvo, Inc. has a 12 month low of $48.28 and a 12 month high of $79.34.
Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.87 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.07. The firm had revenue of $640.80 million for 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 period last year, the company earned $1.08 EPS. Analysts predict that Qorvo, Inc. will post $5.54 EPS for the current year.
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Several research firms have recently weighed in on QRVO. Mizuho reaffirmed a “hold” rating and issued a $70.00 target price on shares of Qorvo in a report on Friday, August 4th. BidaskClub raised shares of Qorvo from a “hold” rating to a “buy” rating in a report on Friday, August 18th. MKM Partners reaffirmed a “buy” rating and issued a $90.00 target price (up previously from $78.00) on shares of Qorvo in a report on Tuesday, May 30th. Canaccord Genuity upped their target price on shares of Qorvo from $79.00 to $81.00 and gave the stock a “buy” rating in a report on Thursday, August 3rd. Finally, Drexel Hamilton reiterated a “buy” rating and set a $95.00 price target on shares of Qorvo in a research report on Tuesday, August 1st. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and thirteen have given a buy rating to the company’s stock. Qorvo currently has a consensus rating of “Hold” and an average price target of $73.28.
In other Qorvo news, insider Robert A. Bruggeworth sold 27,840 shares of Qorvo stock in a transaction on Monday, June 5th. The stock was sold at an average price of $77.87, for a total transaction of $2,167,900.80. Following the completion of the transaction, the insider now owns 238,682 shares in the company, valued at $18,586,167.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP James L. Klein sold 1,500 shares of Qorvo stock in a transaction on Friday, August 11th. The shares were sold at an average price of $67.67, for a total value of $101,505.00. Following the transaction, the vice president now owns 41,893 shares of the company’s stock, valued at approximately $2,834,899.31. The disclosure for this sale can be found here. Over the last quarter, insiders sold 109,984 shares of company stock worth $7,801,949. Corporate 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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