60,540 Shares in Qorvo, Inc. (NASDAQ:QRVO) Bought by Weiss Asset Management LP

Weiss Asset Management LP bought a new position in Qorvo, Inc. (NASDAQ:QRVO) in the 3rd quarter, HoldingsChannel.com reports. The firm bought 60,540 shares of the semiconductor company’s stock, valued at approximately $6,254,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. GDS Wealth Management bought a new position in shares of Qorvo during the third quarter valued at $2,171,000. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Qorvo by 78.6% during the third quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock valued at $55,548,000 after acquiring an additional 236,590 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in shares of Qorvo during the third quarter valued at $2,507,000. Quest Partners LLC lifted its holdings in shares of Qorvo by 504.6% during the third quarter. Quest Partners LLC now owns 11,596 shares of the semiconductor company’s stock valued at $1,198,000 after acquiring an additional 9,678 shares during the period. Finally, APG Asset Management N.V. lifted its holdings in shares of Qorvo by 21.9% during the second quarter. APG Asset Management N.V. now owns 101,243 shares of the semiconductor company’s stock valued at $10,962,000 after acquiring an additional 18,178 shares during the period. 88.57% of the stock is owned by institutional investors.

Insider Activity

In other news, SVP Philip Chesley sold 4,045 shares of Qorvo stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $70.15, for a total transaction of $283,756.75. Following the transaction, the senior vice president now owns 30,261 shares in the company, valued at $2,122,809.15. The trade was a 11.79 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.46% of the stock is currently owned by company insiders.

Qorvo Stock Down 0.5 %

Qorvo stock opened at $68.33 on Friday. Qorvo, Inc. has a 1 year low of $64.54 and a 1 year high of $130.99. The business has a 50-day moving average of $83.48 and a 200-day moving average of $101.04. 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) last released its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.03. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The business had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter in the previous year, the business posted $1.99 EPS. Qorvo’s revenue for the quarter was down 5.2% on a year-over-year basis. As a group, sell-side analysts expect that Qorvo, Inc. will post 3.37 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on QRVO. BNP Paribas cut Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price objective for the company. in a report on Wednesday, October 30th. Susquehanna lowered their target price on Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research note on Wednesday, October 30th. Morgan Stanley lowered Qorvo from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $130.00 to $120.00 in a research note on Friday, October 11th. Raymond James lowered Qorvo from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 30th. Finally, Barclays lowered their target price on Qorvo from $120.00 to $90.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 30th. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $102.88.

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.