Pitcairn Co. cut its holdings in Qorvo Inc (NASDAQ:QRVO) by 5.9% in the 2nd quarter, Holdings Channel.com reports. The firm owned 2,894 shares of the semiconductor company’s stock after selling 181 shares during the quarter. Pitcairn Co.’s holdings in Qorvo were worth $320,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Advisor Group Holdings Inc. acquired a new position in shares of Qorvo in the 1st quarter valued at approximately $1,801,000. Clearbridge Investments LLC grew its position in shares of Qorvo by 19.7% in the 1st quarter. Clearbridge Investments LLC now owns 365,874 shares of the semiconductor company’s stock valued at $29,500,000 after purchasing an additional 60,264 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Qorvo by 18.6% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 109,840 shares of the semiconductor company’s stock valued at $8,856,000 after purchasing an additional 17,247 shares during the period. AXA grew its position in shares of Qorvo by 325.1% in the 1st quarter. AXA now owns 13,787 shares of the semiconductor company’s stock valued at $1,112,000 after purchasing an additional 10,544 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp grew its position in shares of Qorvo by 2.1% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 91,425 shares of the semiconductor company’s stock valued at $7,372,000 after purchasing an additional 1,846 shares during the period. Institutional investors and hedge funds own 88.02% of the company’s stock.
In related news, VP Paul J. Fego sold 1,736 shares of the stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $95.84, for a total value of $166,378.24. Following the sale, the vice president now owns 46,460 shares in the company, valued at approximately $4,452,726.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Steven E. Creviston sold 2,000 shares of the stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $102.76, for a total value of $205,520.00. Following the completion of the sale, the vice president now owns 53,444 shares in the company, valued at approximately $5,491,905.44. The disclosure for this sale can be found here. In the last 90 days, insiders sold 32,877 shares of company stock worth $3,409,446. 0.66% of the stock is owned by company insiders.
Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Wednesday, July 29th. The semiconductor company reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.37. Qorvo had a return on equity of 16.10% and a net margin of 12.05%. The business had revenue of $787.50 million for the quarter, compared to analysts’ expectations of $729.91 million. During the same quarter in the prior year, the business earned $1.36 EPS. The firm’s revenue for the quarter was up 1.5% on a year-over-year basis. On average, sell-side analysts expect that Qorvo Inc will post 4.73 EPS for the current year.
QRVO has been the topic of several research reports. Morgan Stanley boosted their target price on Qorvo from $130.00 to $150.00 and gave the company an “overweight” rating in a research note on Thursday. Mizuho boosted their target price on Qorvo from $114.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday. Loop Capital initiated coverage on Qorvo in a research note on Friday, May 8th. They issued a “buy” rating and a $120.00 target price on the stock. Benchmark boosted their target price on Qorvo from $127.00 to $135.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Cowen boosted their target price on Qorvo from $120.00 to $140.00 and gave the company an “outperform” rating in a research note on Thursday. Six investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. Qorvo has a consensus rating of “Buy” and a consensus price target of $121.36.
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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