Sovereign s Capital Management LLC Takes $1.45 Million Position in Qorvo, Inc. (NASDAQ:QRVO)

Sovereign s Capital Management LLC bought a new stake in Qorvo, Inc. (NASDAQ:QRVO) during the fourth quarter, HoldingsChannel.com reports. The fund bought 20,659 shares of the semiconductor company’s stock, valued at approximately $1,445,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Scientech Research LLC bought a new stake in shares of Qorvo in the 4th quarter valued at about $1,087,000. Siemens Fonds Invest GmbH bought a new stake in shares of Qorvo in the 4th quarter valued at about $1,681,000. Sherbrooke Park Advisers LLC raised its holdings in shares of Qorvo by 94.1% in the 4th quarter. Sherbrooke Park Advisers LLC now owns 15,273 shares of the semiconductor company’s stock valued at $1,068,000 after purchasing an additional 7,405 shares during the period. Nissay Asset Management Corp Japan ADV raised its holdings in shares of Qorvo by 2.8% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 32,344 shares of the semiconductor company’s stock valued at $2,310,000 after purchasing an additional 889 shares during the period. Finally, Occudo Quantitative Strategies LP bought a new stake in shares of Qorvo in the 4th quarter valued at about $522,000. 88.57% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on QRVO shares. Barclays upped their target price on shares of Qorvo from $60.00 to $70.00 and gave the company an “equal weight” rating in a report on Wednesday, April 30th. Piper Sandler raised shares of Qorvo from a “neutral” rating to an “overweight” rating and increased their price target for the company from $85.00 to $110.00 in a report on Monday, January 27th. Needham & Company LLC lowered their price target on shares of Qorvo from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, April 30th. Stifel Nicolaus set a $75.00 price target on shares of Qorvo in a report on Monday, April 28th. Finally, Mizuho increased their price target on shares of Qorvo from $80.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, January 24th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Qorvo has a consensus rating of “Hold” and an average target price of $91.21.

Qorvo Stock Up 1.6%

Shares of QRVO opened at $79.64 on Monday. Qorvo, Inc. has a 12 month low of $49.46 and a 12 month high of $130.99. The firm’s 50 day moving average is $67.06 and its 200-day moving average is $71.30. The stock has a market capitalization of $7.44 billion, a PE ratio of 284.43, a P/E/G ratio of 15.57 and a beta of 1.38. The company has a current ratio of 2.60, a quick ratio of 1.78 and a debt-to-equity ratio of 0.46.

Qorvo (NASDAQ:QRVO) last announced its earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 EPS for the quarter, topping the consensus estimate of $1.00 by $0.42. The company had revenue of $869.47 million for the quarter, compared to analysts’ expectations of $850.13 million. Qorvo had a net margin of 0.71% and a return on equity of 12.41%. The business’s revenue for the quarter was down 7.6% on a year-over-year basis. During the same period last year, the firm earned $1.39 earnings per share. Equities research analysts forecast that Qorvo, Inc. will post 4.09 EPS for the current year.

Insider Activity at Qorvo

In related news, Director John R. Harding sold 1,450 shares of Qorvo stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $70.09, for a total value of $101,630.50. Following 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.46% of the stock is currently owned by insiders.

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.