Voloridge Investment Management LLC Takes Position in Qorvo, Inc. (NASDAQ:QRVO)

Voloridge Investment Management LLC purchased a new position in shares of Qorvo, Inc. (NASDAQ:QRVO) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 424,001 shares of the semiconductor company’s stock, valued at approximately $29,650,000. Voloridge Investment Management LLC owned 0.45% of Qorvo at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Rakuten Securities Inc. purchased a new stake in shares of Qorvo in the fourth quarter valued at about $28,000. Huntington National Bank raised its stake in Qorvo by 47.1% during the 4th quarter. Huntington National Bank now owns 453 shares of the semiconductor company’s stock valued at $32,000 after acquiring an additional 145 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in Qorvo during the 4th quarter worth approximately $37,000. Venturi Wealth Management LLC grew its stake in shares of Qorvo by 67.4% in the 4th quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company’s stock valued at $43,000 after purchasing an additional 250 shares during the last quarter. Finally, CENTRAL TRUST Co grew its stake in shares of Qorvo by 2,621.4% in the 4th quarter. CENTRAL TRUST Co now owns 762 shares of the semiconductor company’s stock valued at $53,000 after purchasing an additional 734 shares during the last quarter. Institutional investors and hedge funds own 88.57% of the company’s stock.

Wall Street Analyst Weigh In

QRVO has been the subject of several analyst reports. TD Cowen cut their price target on Qorvo from $90.00 to $80.00 and set a “hold” rating for the company in a research note on Wednesday, April 30th. Barclays upped their price objective on shares of Qorvo from $60.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 30th. Stifel Nicolaus set a $75.00 target price on shares of Qorvo in a report on Monday, April 28th. Piper Sandler raised shares of Qorvo from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $85.00 to $110.00 in a report on Monday, January 27th. Finally, Citigroup reduced their price objective on shares of Qorvo from $72.00 to $69.00 and set a “sell” rating for the company in a research report on Wednesday, January 29th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $91.21.

Qorvo Stock Down 3.1%

QRVO opened at $76.51 on Thursday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.78 and a current ratio of 2.60. The company has a market cap of $7.15 billion, a price-to-earnings ratio of 273.25, a PEG ratio of 15.57 and a beta of 1.38. Qorvo, Inc. has a one year low of $49.46 and a one year high of $130.99. The business’s fifty day moving average is $67.55 and its two-hundred day moving average is $71.44.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Tuesday, April 29th. The semiconductor company reported $1.42 EPS for the quarter, topping the consensus estimate of $1.00 by $0.42. Qorvo had a net margin of 0.71% and a return on equity of 12.41%. The business had revenue of $869.47 million for the quarter, compared to analyst estimates of $850.13 million. During the same period in the previous year, the firm earned $1.39 EPS. The business’s revenue for the quarter was down 7.6% compared to the same quarter last year. Analysts anticipate that Qorvo, Inc. will post 4.09 EPS for the current fiscal year.

Insider Buying and Selling at Qorvo

In other news, Director John R. Harding sold 1,450 shares of the firm’s stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $70.09, for a total transaction of $101,630.50. Following the completion of the transaction, the director now directly owns 7,597 shares of the company’s stock, valued at $532,473.73. This trade represents a 16.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.46% of the company’s stock.

Qorvo Profile

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.