State Street Corp raised its stake in Qorvo, Inc. (NASDAQ:QRVO) by 1.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,527,332 shares of the semiconductor company’s stock after buying an additional 98,614 shares during the period. State Street Corp’s holdings in Qorvo were worth $378,951,000 as of its most recent filing with the SEC.
A number of other large investors have also made changes to their positions in QRVO. Amalgamated Bank increased its stake in shares of Qorvo by 0.7% in the first quarter. Amalgamated Bank now owns 9,040 shares of the semiconductor company’s stock valued at $620,000 after buying an additional 64 shares in the last quarter. Comerica Bank increased its stake in shares of Qorvo by 0.3% in the first quarter. Comerica Bank now owns 30,858 shares of the semiconductor company’s stock valued at $2,195,000 after buying an additional 91 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Qorvo by 0.6% in the first quarter. PNC Financial Services Group Inc. now owns 17,645 shares of the semiconductor company’s stock valued at $1,208,000 after buying an additional 105 shares in the last quarter. Mn Services Vermogensbeheer B.V. increased its stake in shares of Qorvo by 4.7% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 3,422 shares of the semiconductor company’s stock valued at $219,000 after buying an additional 155 shares in the last quarter. Finally, Advisors Asset Management Inc. increased its stake in shares of Qorvo by 1.0% in the first quarter. Advisors Asset Management Inc. now owns 17,520 shares of the semiconductor company’s stock valued at $1,201,000 after buying an additional 169 shares in the last quarter. 96.66% of the stock is owned by hedge funds and other institutional investors.
Qorvo, Inc. (NASDAQ:QRVO) traded up 0.06% during mid-day trading on Friday, reaching $71.72. The company’s stock had a trading volume of 1,685,068 shares. The stock’s market cap is $9.12 billion. Qorvo, Inc. has a 52-week low of $48.28 and a 52-week high of $79.34. The company has a 50 day moving average of $73.33 and a 200-day moving average of $65.52.
Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Wednesday, May 3rd. The semiconductor company reported $0.74 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.74. The firm had revenue of $643 million for the quarter, compared to analyst estimates of $632.12 million. Qorvo had a positive return on equity of 10.39% and a negative net margin of 0.55%. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.04 earnings per share. Equities analysts forecast that Qorvo, Inc. will post $5.61 earnings per share for the current year.
Several equities research analysts recently issued reports on the company. J P Morgan Chase & Co reissued a “buy” rating on shares of Qorvo in a research note on Saturday, April 1st. Benchmark Co. started coverage on Qorvo in a research note on Tuesday, April 25th. They issued a “buy” rating for the company. MKM Partners reaffirmed a “buy” rating and set a $90.00 price target (up from $78.00) on shares of Qorvo in a research note on Tuesday, May 30th. Raymond James Financial, Inc. started coverage on Qorvo in a research note on Friday. They set an “outperform” rating and a $87.00 price target for the company. Finally, BidaskClub downgraded Qorvo from a “strong-buy” rating to a “buy” rating in a research note on Friday. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and thirteen have issued a buy rating to the company. Qorvo presently has an average rating of “Hold” and an average target price of $69.36.
In other news, VP James L. Klein sold 2,600 shares of the company’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $78.69, for a total value of $204,594.00. Following the transaction, the vice president now owns 40,058 shares of the company’s stock, valued at $3,152,164.02. 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 5,465 shares of the company’s stock in a transaction that occurred on Monday, April 10th. The shares were sold at an average price of $71.22, for a total value of $389,217.30. Following the completion of the transaction, the vice president now directly owns 39,952 shares in the company, valued at approximately $2,845,381.44. The disclosure for this sale can be found here. Insiders sold 102,612 shares of company stock worth $7,622,502 in the last ninety days. 1.14% of the stock is owned by company insiders.
Qorvo, Inc is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs).
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