Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 25.2% during the second quarter, Holdings Channel reports. The firm owned 25,743 shares of the semiconductor company’s stock after buying an additional 5,177 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in Qorvo were worth $1,630,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. Gulf International Bank UK Ltd boosted its stake in Qorvo by 0.7% in the first quarter. Gulf International Bank UK Ltd now owns 40,303 shares of the semiconductor company’s stock valued at $2,763,000 after buying an additional 300 shares during the period. Bank of Montreal Can boosted its stake in Qorvo by 2.2% in the first quarter. Bank of Montreal Can now owns 88,007 shares of the semiconductor company’s stock valued at $6,034,000 after buying an additional 1,895 shares during the period. DnB Asset Management AS acquired a new stake in Qorvo during the first quarter valued at approximately $858,000. Retirement Systems of Alabama boosted its stake in Qorvo by 1.0% in the first quarter. Retirement Systems of Alabama now owns 61,125 shares of the semiconductor company’s stock valued at $4,191,000 after buying an additional 586 shares during the period. Finally, Mn Services Vermogensbeheer B.V. boosted its stake in 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 during the period. Institutional investors own 97.09% of the company’s stock.
Qorvo, Inc. (QRVO) opened at 71.19 on Friday. The firm’s market capitalization is $9.06 billion. Qorvo, Inc. has a 52-week low of $48.28 and a 52-week high of $79.34. The company’s 50-day moving average price is $67.77 and its 200 day moving average price is $69.17.
Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.87 EPS for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.07. The business had revenue of $640.80 million for the quarter, compared to analyst estimates of $632.18 million. Qorvo had a positive return on equity of 10.10% and a negative net margin of 1.40%. The firm’s revenue for the quarter was down 8.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.08 EPS. Equities research analysts predict that Qorvo, Inc. will post $5.54 earnings per share for the current year.
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QRVO has been the subject of several recent analyst reports. Benchmark Co. initiated coverage on Qorvo in a report on Tuesday, April 25th. They issued a “buy” rating for the company. Cowen and Company restated a “market perform” rating and issued a $74.00 price target (up previously from $60.00) on shares of Qorvo in a report on Thursday, May 4th. Craig Hallum lifted their price target on Qorvo from $68.00 to $78.00 and gave the company a “buy” rating in a report on Thursday, May 4th. DA Davidson cut Qorvo from a “buy” rating to a “neutral” rating and set a $70.00 price target for the company. in a report on Thursday, May 4th. Finally, Needham & Company LLC restated a “buy” rating and issued a $70.00 price target on shares of Qorvo in a report on Thursday, May 4th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $73.28.
In other Qorvo news, insider Robert A. Bruggeworth sold 2,940 shares of the firm’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $71.90, for a total value of $211,386.00. Following the sale, the insider now owns 207,344 shares of the company’s stock, valued at approximately $14,908,033.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Robert A. Bruggeworth sold 6,769 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $71.34, for a total value of $482,900.46. Following the completion of the sale, the insider now directly owns 219,719 shares in the company, valued at approximately $15,674,753.46. The disclosure for this sale can be found here. Insiders sold a total of 133,635 shares of company stock worth $9,640,061 in the last ninety days. Insiders own 0.91% of the company’s stock.
About Qorvo
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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