Triton Wealth Management PLLC grew its holdings in Qorvo, Inc. (NASDAQ:QRVO) by 8.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,953 shares of the semiconductor company’s stock after purchasing an additional 152 shares during the period. Triton Wealth Management PLLC’s holdings in Qorvo were worth $261,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also made changes to their positions in the company. Polaris Wealth Advisory Group LLC acquired a new position in shares of Qorvo in the 3rd quarter valued at $297,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its stake in Qorvo by 7.4% during the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,452 shares of the semiconductor company’s stock worth $187,000 after acquiring an additional 100 shares in the last quarter. Fortem Financial Group LLC acquired a new position in Qorvo during the 3rd quarter worth about $290,000. Raymond James Trust N.A. acquired a new position in Qorvo during the 3rd quarter worth about $211,000. Finally, Strategic Investment Advisors MI acquired a new position in Qorvo during the 3rd quarter worth about $240,000. 85.94% of the stock is currently owned by institutional investors and hedge funds.
Several research firms recently issued reports on QRVO. Wells Fargo & Company increased their target price on Qorvo from $140.00 to $150.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 9th. Benchmark increased their target price on Qorvo from $127.00 to $135.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Raymond James upped their price target on Qorvo from $130.00 to $140.00 and gave the stock an “outperform” rating in a report on Thursday, July 30th. Craig Hallum upped their price target on Qorvo from $120.00 to $140.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Finally, Cowen upped their price target on Qorvo from $150.00 to $165.00 and gave the stock an “outperform” rating in a report on Thursday, October 1st. Five equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $130.05.
NASDAQ:QRVO traded down $1.20 during mid-day trading on Friday, reaching $134.76. 627,699 shares of the stock were exchanged, compared to its average volume of 1,672,499. The company has a 50 day simple moving average of $128.50 and a 200-day simple moving average of $112.44. The stock has a market capitalization of $15.39 billion, a P/E ratio of 40.59, a P/E/G ratio of 1.76 and a beta of 1.44. The company has a quick ratio of 3.05, a current ratio of 4.08 and a debt-to-equity ratio of 0.43. Qorvo, Inc. has a 1 year low of $67.54 and a 1 year high of $140.69.
Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Wednesday, July 29th. The semiconductor company reported $1.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.37. The firm had revenue of $787.50 million for the quarter, compared to the consensus estimate of $729.91 million. Qorvo had a return on equity of 16.10% and a net margin of 12.05%. The firm’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.36 EPS. As a group, research analysts predict that Qorvo, Inc. will post 6.12 EPS for the current year.
In other news, VP Steven E. Creviston sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $123.59, for a total transaction of $247,180.00. Following the completion of the sale, the vice president now owns 61,944 shares in the company, valued at $7,655,658.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP James L. Klein sold 1,440 shares of Qorvo stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $125.77, for a total transaction of $181,108.80. Following the completion of the transaction, the vice president now owns 47,345 shares in the company, valued at $5,954,580.65. The disclosure for this sale can be found here. Insiders have sold a total of 24,658 shares of company stock worth $3,151,072 in the last 90 days. 0.66% of the stock is currently owned by company insiders.
Qorvo, Inc develops and commercializes technologies and products for wireless and wired connectivity worldwide. The company operates in two segments, Mobile Products, and Infrastructure and Defense Products. The company offers integrated modules incorporating switches, power amplifiers, filters and duplexers, antenna tuners, RF power management integrated circuits, multimode/multi-band PAs and transmit modules, antenna-plexers, discrete filters and duplexers, discrete switches, and UWB system solutions, as well as envelope tracking power management solutions, antenna control solutions, and UWB system solutions supporting secure, low power, location, and communication services.
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