Versor Investments LP Makes New $603,000 Investment in Qorvo, Inc. $QRVO

Versor Investments LP acquired a new position in shares of Qorvo, Inc. (NASDAQ:QRVO) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 7,104 shares of the semiconductor company’s stock, valued at approximately $603,000.

Several other large investors have also recently added to or reduced their stakes in QRVO. Jericho Capital Asset Management L.P. purchased a new position in Qorvo during the first quarter worth about $168,980,000. Contour Asset Management LLC purchased a new position in shares of Qorvo during the 1st quarter worth approximately $151,698,000. The Manufacturers Life Insurance Company raised its stake in shares of Qorvo by 2,096.5% during the 1st quarter. The Manufacturers Life Insurance Company now owns 498,122 shares of the semiconductor company’s stock worth $36,069,000 after buying an additional 475,444 shares in the last quarter. Shannon River Fund Management LLC purchased a new position in shares of Qorvo during the 1st quarter worth approximately $32,085,000. Finally, Assenagon Asset Management S.A. raised its stake in shares of Qorvo by 82.8% during the 2nd quarter. Assenagon Asset Management S.A. now owns 763,654 shares of the semiconductor company’s stock worth $64,842,000 after buying an additional 345,929 shares in the last quarter. 88.57% of the stock is owned by hedge funds and other institutional investors.

Qorvo Stock Performance

Shares of NASDAQ QRVO opened at $87.54 on Wednesday. The company has a market cap of $8.11 billion, a PE ratio of 37.90, a price-to-earnings-growth ratio of 1.74 and a beta of 1.44. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.81 and a quick ratio of 2.01. Qorvo, Inc. has a 12 month low of $49.46 and a 12 month high of $106.30. The company has a 50-day simple moving average of $91.24 and a 200-day simple moving average of $84.62.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Tuesday, November 4th. The semiconductor company reported $2.22 earnings per share for the quarter, topping analysts’ consensus estimates of $2.03 by $0.19. Qorvo had a return on equity of 13.40% and a net margin of 5.95%.During the same quarter last year, the firm posted $1.88 EPS. The company’s quarterly revenue was up 1.1% on a year-over-year basis. On average, equities analysts anticipate that Qorvo, Inc. will post 4.09 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Morgan Stanley set a $110.00 price objective on Qorvo and gave the stock an “equal weight” rating in a research report on Wednesday, October 29th. Cfra Research upgraded shares of Qorvo to a “hold” rating in a report on Tuesday, October 28th. Mizuho downgraded shares of Qorvo from a “neutral” rating to an “underperform” rating and set a $75.00 price target for the company. in a report on Monday, October 20th. Benchmark increased their target price on shares of Qorvo from $95.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, July 30th. Finally, Needham & Company LLC increased their target price on shares of Qorvo from $90.00 to $104.00 and gave the company a “buy” rating in a report on Wednesday, July 30th. Three investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Qorvo currently has an average rating of “Hold” and a consensus target price of $100.80.

Insiders Place Their Bets

In other Qorvo news, SVP Paul J. Fego sold 13,612 shares of Qorvo stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $95.00, for a total value of $1,293,140.00. Following the completion of the sale, the senior vice president owned 54,558 shares in the company, valued at $5,183,010. The trade was a 19.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.41% of the company’s stock.

About Qorvo

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.