Amundi Pioneer Asset Management Inc. raised its holdings in Qorvo Inc (NASDAQ:QRVO) by 4.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 59,369 shares of the semiconductor company’s stock after buying an additional 2,554 shares during the period. Amundi Pioneer Asset Management Inc.’s holdings in Qorvo were worth $3,606,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also added to or reduced their stakes in QRVO. Resources Investment Advisors Inc. bought a new stake in Qorvo in the fourth quarter worth about $27,000. Enlightenment Research LLC bought a new stake in Qorvo in the fourth quarter worth about $43,000. Oregon Public Employees Retirement Fund raised its position in Qorvo by 8,987.1% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,660,561 shares of the semiconductor company’s stock worth $60,000 after acquiring an additional 3,620,278 shares during the period. Harel Insurance Investments & Financial Services Ltd. raised its position in Qorvo by 272.8% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,592 shares of the semiconductor company’s stock worth $97,000 after acquiring an additional 1,165 shares during the period. Finally, ETF Managers Group LLC raised its position in Qorvo by 17.8% in the fourth quarter. ETF Managers Group LLC now owns 1,882 shares of the semiconductor company’s stock worth $114,000 after acquiring an additional 284 shares during the period. 92.80% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts have commented on QRVO shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $70.00 price objective on shares of Qorvo in a research report on Monday, March 4th. Canaccord Genuity lowered shares of Qorvo from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $77.00 to $70.00 in a research report on Friday, February 8th. ValuEngine upgraded shares of Qorvo from a “sell” rating to a “hold” rating in a research note on Friday, January 11th. Zacks Investment Research upgraded shares of Qorvo from a “sell” rating to a “hold” rating in a research note on Monday, January 14th. Finally, BidaskClub downgraded shares of Qorvo from a “hold” rating to a “sell” rating in a research note on Wednesday, February 20th. Fourteen investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $76.00.
Qorvo (NASDAQ:QRVO) last announced its earnings results on Thursday, February 7th. The semiconductor company reported $1.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.55 by $0.30. Qorvo had a net margin of 1.92% and a return on equity of 14.11%. The business had revenue of $832.20 million during the quarter, compared to analyst estimates of $819.21 million. During the same period in the previous year, the business posted $1.69 earnings per share. Qorvo’s revenue for the quarter was down 1.6% on a year-over-year basis. On average, equities analysts forecast that Qorvo Inc will post 5.03 earnings per share for the current fiscal year.
In other news, VP Steven E. Creviston sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, February 11th. The shares were sold at an average price of $65.00, for a total value of $195,000.00. Following the completion of the sale, the vice president now directly owns 58,006 shares in the company, valued at approximately $3,770,390. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Gina Harrison sold 1,016 shares of the business’s stock in a transaction that occurred on Wednesday, February 6th. The stock was sold at an average price of $70.00, for a total transaction of $71,120.00. Following the completion of the sale, the vice president now owns 17,004 shares of the company’s stock, valued at $1,190,280. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 222,295 shares of company stock valued at $15,363,409. 0.85% of the stock is currently owned by company insiders.
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Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.
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