Qorvo Inc. (QRVO) Shares Bought by Shell Asset Management Co.
Shell Asset Management Co. increased its position in Qorvo Inc. (NASDAQ:QRVO) by 9.5% during the second quarter, Holdings Channel reports. The fund owned 8,760 shares of the company’s stock after buying an additional 762 shares during the period. Shell Asset Management Co.’s holdings in Qorvo were worth $484,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently made changes to their positions in QRVO. Wellington Management Group LLP raised its position 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 worth $83,131,000 after buying an additional 767,554 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Qorvo by 50.9% in the first quarter. JPMorgan Chase & Co. now owns 1,495,927 shares of the company’s stock worth $75,409,000 after buying an additional 504,602 shares during the last quarter. Southpoint Capital Advisors LP bought a new position in shares of Qorvo during the first quarter worth $23,945,000. Prudential Financial Inc. raised its position in shares of Qorvo by 48.3% in the first quarter. Prudential Financial Inc. now owns 249,903 shares of the company’s stock worth $12,597,000 after buying an additional 81,350 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its position in shares of Qorvo by 898.2% in the first quarter. Canada Pension Plan Investment Board now owns 50,010 shares of the company’s stock worth $2,521,000 after buying an additional 45,000 shares during the last quarter. 87.10% of the stock is owned by hedge funds and other institutional investors.
Qorvo Inc. (NASDAQ:QRVO) traded down 1.09% during mid-day trading on Monday, hitting $56.02. 831,891 shares of the company traded hands. The firm’s market capitalization is $7.16 billion. The firm has a 50 day moving average of $55.73 and a 200 day moving average of $53.25. Qorvo Inc. has a one year low of $33.30 and a one year high of $64.80.
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. Equities research analysts expect that Qorvo Inc. will post $5.09 earnings per share for the current fiscal year.
QRVO has been the subject of a number of research analyst reports. Zacks Investment Research raised shares of Qorvo from a “hold” rating to a “strong-buy” rating and set a $63.00 target price for the company in a research note on Monday, August 8th. Goldman Sachs Group Inc. upped their target price on shares of Qorvo from $50.00 to $55.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 3rd. Morgan Stanley initiated coverage on shares of Qorvo in a research note on Monday, June 27th. They set an “equal weight” rating and a $56.00 price objective for the company. Cowen and Company increased their price objective on shares of Qorvo from $55.00 to $65.00 and gave the stock an “outperform” rating in a research note on Friday, July 22nd. Finally, Canaccord Genuity restated a “buy” rating and set a $67.00 price objective (up from $60.00) on shares of Qorvo in a research note on Friday, August 5th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and fourteen have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $61.97.
In related news, CEO Robert A. Bruggeworth sold 10,000 shares of the business’s stock in a transaction dated Friday, July 15th. The shares were sold at an average price of $59.50, for a total transaction of $595,000.00. Following the transaction, the chief executive officer now directly owns 229,524 shares in the company, valued at $13,656,678. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP James L. Klein sold 1,384 shares of the business’s stock in a transaction dated Thursday, October 6th. The stock was sold at an average price of $55.00, for a total transaction of $76,120.00. Following the transaction, the vice president now owns 39,821 shares in the company, valued at $2,190,155. The disclosure for this sale can be found here. Corporate 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).
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