Sei Investments Co. Grows Stake in Qorvo Inc (NASDAQ:QRVO)

Sei Investments Co. raised its position in shares of Qorvo Inc (NASDAQ:QRVO) by 9.9% during the second quarter, HoldingsChannel reports. The fund owned 122,220 shares of the semiconductor company’s stock after acquiring an additional 11,058 shares during the quarter. Sei Investments Co.’s holdings in Qorvo were worth $13,508,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. FMR LLC grew its position in shares of Qorvo by 285.2% in the second quarter. FMR LLC now owns 804,723 shares of the semiconductor company’s stock valued at $88,946,000 after purchasing an additional 595,827 shares in the last quarter. Alyeska Investment Group L.P. raised its position in Qorvo by 1,103.6% during the second quarter. Alyeska Investment Group L.P. now owns 541,555 shares of the semiconductor company’s stock valued at $59,858,000 after buying an additional 496,561 shares during the period. Janus Henderson Group PLC raised its stake in Qorvo by 247.0% during the 1st quarter. Janus Henderson Group PLC now owns 696,202 shares of the semiconductor company’s stock valued at $56,134,000 after purchasing an additional 495,565 shares during the last quarter. Balyasny Asset Management LLC acquired a new stake in shares of Qorvo in the 2nd quarter valued at $53,712,000. Finally, Robecosam AG lifted its position in Qorvo by 459.5% during the 2nd quarter. Robecosam AG now owns 587,500 shares of the semiconductor company’s stock valued at $64,936,000 after purchasing an additional 482,500 shares during the period. 85.94% of the stock is currently owned by institutional investors and hedge funds.

In other Qorvo news, VP Steven E. Creviston sold 2,000 shares of Qorvo stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $123.59, for a total value of $247,180.00. Following the sale, the vice president now owns 61,944 shares of the company’s stock, valued at approximately $7,655,658.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP James L. Klein sold 1,440 shares of the stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $109.15, for a total transaction of $157,176.00. Insiders have sold 26,658 shares of company stock worth $3,353,439 over the last 90 days. 0.66% of the stock is currently owned by company insiders.

A number of equities analysts have weighed in on the company. Mizuho upped their price target on Qorvo from $114.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Morgan Stanley lifted their target price on shares of Qorvo from $150.00 to $155.00 and gave the stock an “overweight” rating in a research report on Tuesday. Bank of America reissued a “buy” rating on shares of Qorvo in a research report on Thursday, May 21st. Goldman Sachs Group boosted their target price on shares of Qorvo from $115.00 to $137.00 and gave the company a “buy” rating in a research note on Monday, July 6th. Finally, Cowen lifted their price target on Qorvo from $140.00 to $150.00 and gave the company an “outperform” rating in a research report on Wednesday, September 9th. Five analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $129.33.

QRVO opened at $130.50 on Wednesday. The firm has a 50-day moving average of $127.36 and a 200 day moving average of $105.49. The firm has a market cap of $14.85 billion, a P/E ratio of 39.15, a PEG ratio of 1.76 and a beta of 1.44. The company has a debt-to-equity ratio of 0.43, a quick ratio of 3.05 and a current ratio of 4.08. Qorvo Inc has a fifty-two week low of $67.54 and a fifty-two week high of $136.06.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Wednesday, July 29th. The semiconductor company reported $1.50 EPS for the quarter, topping the consensus estimate of $1.13 by $0.37. The firm had revenue of $787.50 million during the quarter, compared to analyst estimates of $729.91 million. Qorvo had a return on equity of 16.10% and a net margin of 12.05%. Qorvo’s revenue was up 1.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.36 EPS. Equities research analysts predict that Qorvo Inc will post 6.12 earnings per share for the current fiscal year.

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.

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Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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