Oddo BHF Asset Management Sas purchased a new stake in shares of Qorvo, Inc. (NASDAQ:QRVO – Free Report) during the third quarter, Holdings Channel reports. The institutional investor purchased 15,648 shares of the semiconductor company’s stock, valued at approximately $1,616,000.
Other large investors have also recently bought and sold shares of the company. Larson Financial Group LLC grew its stake in Qorvo by 163.4% during the 3rd quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock valued at $33,000 after acquiring an additional 201 shares in the last quarter. New Millennium Group LLC acquired a new stake in shares of Qorvo during the second quarter worth approximately $34,000. Blue Trust Inc. grew its position in Qorvo by 241.6% during the second quarter. Blue Trust Inc. now owns 345 shares of the semiconductor company’s stock valued at $40,000 after purchasing an additional 244 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt acquired a new position in Qorvo in the 3rd quarter valued at approximately $41,000. Finally, Farther Finance Advisors LLC lifted its position in Qorvo by 33.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock worth $43,000 after buying an additional 104 shares in the last quarter. 88.57% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several equities analysts have recently commented on the stock. BNP Paribas cut shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price target on the stock. in a report on Wednesday, October 30th. Raymond James lowered Qorvo from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 30th. Benchmark downgraded Qorvo from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Barclays dropped their price objective on Qorvo from $120.00 to $90.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 30th. Finally, Piper Sandler reduced their target price on shares of Qorvo from $120.00 to $100.00 and set a “neutral” rating for the company in a research note on Friday, October 25th. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $102.88.
Qorvo Price Performance
NASDAQ QRVO opened at $69.59 on Friday. The stock has a 50-day simple moving average of $80.23 and a 200 day simple moving average of $100.03. Qorvo, Inc. has a twelve month low of $64.54 and a twelve month high of $130.99. The stock has a market capitalization of $6.58 billion, a PE ratio of -47.66, a P/E/G ratio of 5.53 and a beta of 1.42. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90.
Qorvo (NASDAQ:QRVO – Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.03. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The company’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.99 earnings per share. Research analysts anticipate that Qorvo, Inc. will post 3.37 EPS for the current year.
Insider Activity
In other news, SVP Philip Chesley sold 4,045 shares of the business’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $70.15, for a total transaction of $283,756.75. Following the sale, the senior vice president now directly owns 30,261 shares in the company, valued at approximately $2,122,809.15. The trade was a 11.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.46% of the stock is owned by company insiders.
Qorvo Profile
Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.
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