Victory Capital Management Inc. reduced its stake in Qorvo Inc. (NASDAQ:QRVO) by 3.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,862 shares of the company’s stock after selling 67 shares during the period. Victory Capital Management Inc.’s holdings in Qorvo were worth $103,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Artemis Investment Management LLP raised 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 valued at $12,048,000 after buying an additional 136,401 shares during the period. Wellington Management Group LLP increased its stake in shares of Qorvo by 87.1% in the first quarter. Wellington Management Group LLP now owns 1,649,107 shares of the company’s stock valued at $83,131,000 after buying an additional 767,554 shares in the last quarter. Exxonmobil Investment Management Inc. TX increased its stake in shares of Qorvo by 5.0% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 33,011 shares of the company’s stock valued at $1,824,000 after buying an additional 1,577 shares in the last quarter. Bank of Montreal Can purchased a new stake in shares of Qorvo during the second quarter valued at approximately $1,444,000. Finally, Southpoint Capital Advisors LP purchased a new stake in shares of Qorvo during the first quarter valued at approximately $23,945,000. 87.10% of the stock is owned by hedge funds and other institutional investors.
Shares of Qorvo Inc. (NASDAQ:QRVO) traded up 2.35% on Friday, reaching $56.64. 1,645,972 shares of the company traded hands. The firm’s market capitalization is $7.24 billion. The stock has a 50-day moving average price of $55.73 and a 200 day moving average price of $53.25. Qorvo Inc. has a 1-year low of $33.30 and a 1-year high of $64.80.
Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $1.08 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.05 by $0.03. The firm had revenue of $697.60 million for the quarter, compared to the consensus estimate of $650.62 million. Qorvo had a negative net margin of 1.39% and a positive return on equity of 9.32%. The company’s revenue was up 3.7% on a year-over-year basis. During the same period last year, the firm earned $1.09 EPS. Analysts anticipate that Qorvo Inc. will post $5.09 EPS for the current fiscal year.
Several brokerages have recently commented on QRVO. Brean Capital restated a “buy” rating on shares of Qorvo in a research note on Wednesday, September 21st. Cowen and Company raised their target price on Qorvo from $55.00 to $65.00 and gave the company an “outperform” rating in a research note on Friday, July 22nd. MKM Partners raised their target price on Qorvo from $64.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, August 3rd. Zacks Investment Research downgraded Qorvo from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 5th. Finally, KeyCorp restated a “hold” rating on shares of Qorvo in a research note on Wednesday, July 6th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and fourteen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $61.97.
In other Qorvo news, CEO Robert A. Bruggeworth sold 10,000 shares of Qorvo stock in a transaction on Friday, July 15th. The shares were sold at an average price of $59.50, for a total value of $595,000.00. Following the sale, the chief executive officer now directly owns 229,524 shares in the company, valued at approximately $13,656,678. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director C Scott Gibson sold 1,200 shares of Qorvo stock in a transaction on Thursday, August 11th. The shares were sold at an average price of $54.45, for a total transaction of $65,340.00. Following the completion of the sale, the director now owns 8,092 shares in the company, valued at $440,609.40. The disclosure for this sale can be found here. Insiders own 1.14% of the company’s stock.
Qorvo Company Profile
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).