Essex Investment Management Co. LLC purchased a new stake in Qorvo Inc. (NASDAQ:QRVO) during the second quarter, Holdings Channel reports. The fund purchased 4,231 shares of the company’s stock, valued at approximately $234,000.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Artemis Investment Management LLP boosted its position in Qorvo by 167.0% in the second quarter. Artemis Investment Management LLP now owns 218,067 shares of the company’s stock worth $12,048,000 after buying an additional 136,401 shares during the period. Wellington Management Group LLP boosted its position in Qorvo by 87.1% in the first quarter. Wellington Management Group LLP now owns 1,649,107 shares of the company’s stock worth $83,131,000 after buying an additional 767,554 shares during the period. Exxonmobil Investment Management Inc. TX boosted its position in Qorvo by 5.0% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 33,011 shares of the company’s stock worth $1,824,000 after buying an additional 1,577 shares during the period. Bank of Montreal Can purchased a new position in Qorvo during the second quarter worth $1,444,000. Finally, Southpoint Capital Advisors LP purchased a new position in Qorvo during the first quarter worth $23,945,000. Institutional investors and hedge funds own 87.10% of the company’s stock.
Shares of Qorvo Inc. (NASDAQ:QRVO) traded up 2.35% during midday trading on Friday, hitting $56.64. 1,645,972 shares of the stock traded hands. The company’s market cap is $7.24 billion. Qorvo Inc. has a 52-week low of $33.30 and a 52-week high of $64.80. The stock has a 50-day moving average of $55.73 and a 200-day moving average of $53.25.
Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Tuesday, August 2nd. The company reported $1.08 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.05 by $0.03. Qorvo had a negative net margin of 1.39% and a positive return on equity of 9.32%. The firm earned $697.60 million during the quarter, compared to analysts’ expectations of $650.62 million. During the same period last year, the business earned $1.09 earnings per share. Qorvo’s revenue was up 3.7% compared to the same quarter last year. On average, equities analysts predict that Qorvo Inc. will post $5.09 earnings per share for the current fiscal year.
QRVO has been the topic of a number of research reports. Brean Capital reiterated a “buy” rating on shares of Qorvo in a report on Wednesday, June 15th. Morgan Stanley initiated coverage on shares of Qorvo in a report on Monday, June 27th. They issued an “equal weight” rating and a $56.00 price target on the stock. Mizuho downgraded shares of Qorvo from a “buy” rating to a “neutral” rating and set a $55.00 price target on the stock. in a report on Friday, July 1st. Zacks Investment Research downgraded shares of Qorvo from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 5th. Finally, KeyCorp reiterated a “hold” rating on shares of Qorvo in a report on Wednesday, July 6th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and fourteen have given a buy rating to the company’s stock. Qorvo currently has a consensus rating of “Hold” and an average target price of $61.97.
In related news, insider Robert A. Bruggeworth sold 18,522 shares of the firm’s stock in a transaction dated Wednesday, August 17th. The shares were sold at an average price of $55.22, for a total transaction of $1,022,784.84. Following the completion of the sale, the insider now directly owns 225,424 shares in the company, valued at $12,447,913.28. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Robert A. Bruggeworth sold 10,000 shares of the firm’s stock in a transaction dated Friday, July 15th. The stock was sold at an average price of $59.50, for a total transaction of $595,000.00. Following the sale, the chief executive officer now owns 229,524 shares of the company’s stock, valued at $13,656,678. The disclosure for this sale can be found here. Corporate insiders own 1.14% of the company’s stock.
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).