Teachers Advisors LLC Has $10.42 Million Stake in Qorvo, Inc. (QRVO)
Teachers Advisors LLC cut its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 16.0% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 164,590 shares of the semiconductor company’s stock after selling 31,401 shares during the period. Teachers Advisors LLC owned approximately 0.13% of Qorvo worth $10,422,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of Qorvo by 2.3% in the 1st quarter. Vanguard Group Inc. now owns 12,118,959 shares of the semiconductor company’s stock valued at $830,876,000 after purchasing an additional 275,709 shares in the last quarter. BlackRock Inc. boosted its position in Qorvo by 3,264.5% during the first quarter. BlackRock Inc. now owns 8,737,400 shares of the semiconductor company’s stock worth $599,038,000 after purchasing an additional 8,477,705 shares in the last quarter. Baupost Group LLC MA purchased a new position in Qorvo during the first quarter worth approximately $492,639,000. State Street Corp boosted its position in Qorvo by 1.8% during the first quarter. State Street Corp now owns 5,527,332 shares of the semiconductor company’s stock worth $378,951,000 after purchasing an additional 98,614 shares in the last quarter. Finally, Manning & Napier Advisors LLC purchased a new position in Qorvo during the second quarter worth approximately $101,456,000. Hedge funds and other institutional investors own 94.34% of the company’s stock.
In other Qorvo news, VP James L. Klein sold 1,500 shares of Qorvo stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $67.67, for a total transaction of $101,505.00. Following the completion of the transaction, the vice president now owns 41,893 shares in the company, valued at $2,834,899.31. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Gina Harrison sold 5,000 shares of Qorvo stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $73.41, for a total transaction of $367,050.00. Following the transaction, the vice president now owns 17,230 shares of the company’s stock, valued at approximately $1,264,854.30. The disclosure for this sale can be found here. Over the last three months, insiders sold 87,319 shares of company stock worth $6,021,549. 0.91% of the stock is owned by corporate insiders.
Shares of Qorvo, Inc. (NASDAQ QRVO) opened at 71.29 on Tuesday. The firm’s market cap is $9.07 billion. The company has a 50 day moving average price of $71.67 and a 200 day moving average price of $70.39. Qorvo, Inc. has a 12-month low of $48.28 and a 12-month high of $79.34.
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, topping the 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 the consensus estimate of $632.18 million. During the same quarter in the previous year, the company posted $1.08 EPS. The business’s revenue was down 8.3% on a year-over-year basis. On average, analysts forecast that Qorvo, Inc. will post $5.53 earnings per share for the current fiscal year.
QRVO has been the topic of several research analyst reports. Cowen and Company reissued a “hold” rating and issued a $85.00 price objective on shares of Qorvo in a report on Sunday, September 17th. Needham & Company LLC restated a “buy” rating and issued a $86.00 price objective on shares of Qorvo in a research report on Sunday, September 17th. BMO Capital Markets reaffirmed a “hold” rating and set a $63.00 target price on shares of Qorvo in a research note on Monday, June 12th. Instinet began coverage on Qorvo in a research note on Wednesday, September 6th. They set a “neutral” rating and a $75.00 target price for the company. Finally, Nomura began coverage on Qorvo in a research report on Tuesday, September 5th. They set a “neutral” rating and a $75.00 target price on the stock. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and twelve have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $73.45.
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Qorvo Company Profile
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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