Public Employees Retirement Association of Colorado trimmed its stake in Qorvo Inc (NASDAQ:QRVO) by 19.1% during the first quarter, Holdings Channel reports. The institutional investor owned 19,305 shares of the semiconductor company’s stock after selling 4,552 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in Qorvo were worth $1,385,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently bought and sold shares of the business. Resources Investment Advisors Inc. purchased a new position in Qorvo in the 4th quarter worth about $27,000. CSat Investment Advisory L.P. increased its stake in Qorvo by 82.9% in the 4th quarter. CSat Investment Advisory L.P. now owns 534 shares of the semiconductor company’s stock worth $32,000 after purchasing an additional 242 shares in the last quarter. Enlightenment Research LLC purchased a new position in Qorvo in the 4th quarter worth about $43,000. Lavaca Capital LLC purchased a new position in Qorvo in the 1st quarter worth about $45,000. Finally, Oregon Public Employees Retirement Fund increased its stake in Qorvo by 8,987.1% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 3,660,561 shares of the semiconductor company’s stock worth $60,000 after purchasing an additional 3,620,278 shares in the last quarter. Institutional investors own 92.75% of the company’s stock.
Qorvo stock opened at $75.07 on Friday. The company has a current ratio of 3.87, a quick ratio of 2.78 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $9.23 billion, a price-to-earnings ratio of 14.30, a price-to-earnings-growth ratio of 1.34 and a beta of 0.92. Qorvo Inc has a 52 week low of $54.74 and a 52 week high of $86.50.
Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Tuesday, May 7th. The semiconductor company reported $1.14 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.23. The company had revenue of $680.88 million for the quarter, compared to analyst estimates of $670.59 million. Qorvo had a return on equity of 14.66% and a net margin of 4.31%. The business’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.07 earnings per share. Research analysts anticipate that Qorvo Inc will post 4.94 earnings per share for the current year.
In other Qorvo news, VP Steven E. Creviston sold 3,000 shares of the business’s stock in a transaction on Monday, February 11th. The stock was sold at an average price of $65.00, for a total value of $195,000.00. Following the transaction, the vice president now owns 58,006 shares of the company’s stock, valued at $3,770,390. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP James L. Klein sold 1,914 shares of the business’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $77.16, for a total value of $147,684.24. Following the completion of the transaction, the vice president now directly owns 45,374 shares in the company, valued at approximately $3,501,057.84. The disclosure for this sale can be found here. In the last three months, insiders sold 221,279 shares of company stock worth $15,292,289. Insiders own 0.85% of the company’s stock.
A number of equities analysts recently weighed in on the company. DA Davidson lifted their price target on Qorvo from $6.00 to $82.00 in a research note on Wednesday. Mizuho lifted their price target on Qorvo from $71.00 to $75.00 and gave the stock a “neutral” rating in a research note on Wednesday. Raymond James lifted their price target on Qorvo from $70.00 to $90.00 and gave the stock an “outperform” rating in a research note on Wednesday. Zacks Investment Research raised Qorvo from a “hold” rating to a “buy” rating and set a $84.00 price target on the stock in a research note on Wednesday, April 10th. Finally, Barclays reaffirmed a “buy” rating and set a $80.00 target price on shares of Qorvo in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and thirteen have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $78.78.
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Qorvo Company Profile
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.
Further Reading: Why do company’s buyback their stock?
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