Qorvo Inc. (QRVO) Shares Bought by Prudential Financial Inc.
Prudential Financial Inc. boosted its position in shares of Qorvo Inc. (NASDAQ:QRVO) by 18.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 295,548 shares of the company’s stock after buying an additional 45,645 shares during the period. Prudential Financial Inc. owned about 0.23% of Qorvo worth $16,333,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of QRVO. Frontier Capital Management Co. LLC boosted its position in Qorvo by 12.3% in the second quarter. Frontier Capital Management Co. LLC now owns 2,946,070 shares of the company’s stock worth $162,800,000 after buying an additional 323,280 shares during the period. Boston Partners boosted its position in Qorvo by 1.1% in the second quarter. Boston Partners now owns 2,559,211 shares of the company’s stock valued at $141,422,000 after buying an additional 27,048 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 valued at $83,131,000 after buying an additional 767,554 shares during the period. JPMorgan Chase & Co. boosted its position in Qorvo by 50.9% in the first quarter. JPMorgan Chase & Co. now owns 1,495,927 shares of the company’s stock valued at $75,409,000 after buying an additional 504,602 shares during the period. Finally, Systematic Financial Management LP boosted its position in Qorvo by 377.5% in the second quarter. Systematic Financial Management LP now owns 1,129,787 shares of the company’s stock valued at $62,432,000 after buying an additional 893,164 shares during the period. Institutional investors own 87.10% of the company’s stock.
Shares of Qorvo Inc. (NASDAQ:QRVO) traded up 3.58% during midday trading on Friday, reaching $55.60. 592,718 shares of the company’s stock traded hands. The stock’s market cap is $7.11 billion. Qorvo Inc. has a 12 month low of $33.30 and a 12 month high of $64.80. The stock has a 50 day moving average of $55.71 and a 200-day moving average of $53.02.
Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $1.08 earnings per share for the quarter, topping the 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 business had revenue of $697.60 million for the quarter, compared to analysts’ expectations of $650.62 million. During the same period in the previous year, the company earned $1.09 earnings per share. The firm’s revenue for the quarter was up 3.7% compared to the same quarter last year. On average, equities research analysts forecast that Qorvo Inc. will post $5.09 EPS for the current fiscal year.
Several research analysts recently weighed in on the stock. Brean Capital restated a “buy” rating on shares of Qorvo in a research report on Wednesday, September 21st. Cowen and Company boosted their price objective on shares of Qorvo from $55.00 to $65.00 and gave the stock an “outperform” rating in a research report on Friday, July 22nd. MKM Partners boosted their price objective on shares of Qorvo from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, August 3rd. Zacks Investment Research cut shares of Qorvo from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 5th. Finally, KeyCorp restated a “hold” rating on shares of Qorvo in a research report on Wednesday, July 6th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $61.97.
In related news, VP James L. Klein sold 1,384 shares of the business’s stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $57.85, for a total transaction of $80,064.40. Following the transaction, the vice president now directly owns 39,821 shares in the company, valued at $2,303,644.85. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Robert A. Bruggeworth sold 10,000 shares of the business’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 transaction, the chief executive officer now owns 229,524 shares in the company, 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).
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