BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Raises Stake in Qorvo, Inc. (QRVO)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in Qorvo, Inc. (NASDAQ:QRVO) by 14.4% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 53,526 shares of the semiconductor company’s stock after buying an additional 6,720 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Qorvo were worth $3,389,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the company. Benjamin F. Edwards & Company Inc. boosted its position in shares of Qorvo by 49.6% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,664 shares of the semiconductor company’s stock valued at $114,000 after buying an additional 552 shares in the last quarter. IFP Advisors Inc boosted its position in shares of Qorvo by 46.7% in the first quarter. IFP Advisors Inc now owns 2,105 shares of the semiconductor company’s stock valued at $144,000 after buying an additional 670 shares in the last quarter. NEXT Financial Group Inc boosted its position in shares of Qorvo by 2.1% in the second quarter. NEXT Financial Group Inc now owns 2,370 shares of the semiconductor company’s stock valued at $150,000 after buying an additional 49 shares in the last quarter. Global X Management Co. LLC boosted its position in shares of Qorvo by 400.9% in the second quarter. Global X Management Co. LLC now owns 2,795 shares of the semiconductor company’s stock valued at $177,000 after buying an additional 2,237 shares in the last quarter. Finally, Penserra Capital Management LLC purchased a new position in shares of Qorvo during the first quarter valued at about $191,000. 97.09% of the stock is owned by hedge funds and other institutional investors.

Shares of Qorvo, Inc. (NASDAQ:QRVO) opened at 70.67 on Thursday. The stock’s market cap is $8.99 billion. Qorvo, Inc. has a 12 month low of $48.28 and a 12 month high of $79.34. The stock has a 50 day moving average price of $68.39 and a 200-day moving average price of $69.38.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.80 by $0.07. The business had revenue of $640.80 million for the quarter, compared to analysts’ expectations of $632.18 million. Qorvo had a negative net margin of 1.40% and a positive return on equity of 10.10%. The firm’s revenue was down 8.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.08 EPS. On average, analysts forecast that Qorvo, Inc. will post $5.54 EPS for the current fiscal year.

Several equities analysts recently issued reports on QRVO shares. TheStreet raised Qorvo from a “c+” rating to a “b” rating in a report on Wednesday, May 3rd. Needham & Company LLC reaffirmed a “buy” rating and set a $86.00 price objective on shares of Qorvo in a report on Friday, May 26th. Charter Equity reaffirmed a “buy” rating on shares of Qorvo in a report on Friday, May 5th. Craig Hallum lifted their price objective on Qorvo from $68.00 to $78.00 and gave the stock a “buy” rating in a report on Thursday, May 4th. Finally, MKM Partners reaffirmed a “buy” rating and set a $90.00 price objective (up from $78.00) on shares of Qorvo in a report on Tuesday, May 30th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and thirteen have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $73.28.

In related news, insider Robert A. Bruggeworth sold 27,840 shares of the business’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $77.87, for a total value of $2,167,900.80. Following the sale, the insider now directly owns 238,682 shares of the company’s stock, valued at approximately $18,586,167.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP James L. Klein sold 2,600 shares of the business’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $63.49, for a total transaction of $165,074.00. Following the completion of the sale, the vice president now directly owns 40,058 shares in the company, valued at $2,543,282.42. The disclosure for this sale can be found here. Insiders sold a total of 109,984 shares of company stock worth $7,801,949 over the last ninety days. 0.91% of the stock is currently owned by insiders.

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).