Qorvo Inc. (QRVO) Position Cut by ING Groep NV
ING Groep NV lowered its stake in Qorvo Inc. (NASDAQ:QRVO) by 37.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,540 shares of the company’s stock after selling 2,730 shares during the period. ING Groep NV’s holdings in Qorvo were worth $251,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP increased its stake 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 last quarter. JPMorgan Chase & Co. increased its stake 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 last quarter. Southpoint Capital Advisors LP bought a new stake in Qorvo during the first quarter valued at $23,945,000. Artemis Investment Management LLP increased its stake 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 last quarter. Finally, Prudential Financial Inc. increased its stake in Qorvo by 48.3% in the first quarter. Prudential Financial Inc. now owns 249,903 shares of the company’s stock valued at $12,597,000 after buying an additional 81,350 shares during the last quarter. Institutional investors and hedge funds own 87.10% of the company’s stock.
Shares of Qorvo Inc. (NASDAQ:QRVO) traded up 0.17% during midday trading on Friday, reaching $53.00. The company’s stock had a trading volume of 846,548 shares. Qorvo Inc. has a 12 month low of $33.30 and a 12 month high of $64.80. The firm’s market cap is $6.78 billion. The company has a 50-day moving average price of $55.42 and a 200-day moving average price of $53.39.
Qorvo (NASDAQ:QRVO) last announced its earnings results on Tuesday, August 2nd. The company reported $1.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.05 by $0.03. Qorvo had a positive return on equity of 9.32% and a negative net margin of 1.39%. The business had revenue of $697.60 million for the quarter, compared to analyst estimates of $650.62 million. During the same quarter last year, the firm earned $1.09 EPS. Qorvo’s revenue for the quarter was up 3.7% compared to the same quarter last year. Equities analysts expect that Qorvo Inc. will post $5.09 earnings per share for the current year.
Several research firms recently weighed in on QRVO. Needham & Company LLC reaffirmed a “buy” rating and issued a $63.00 price objective (up previously from $53.00) on shares of Qorvo in a report on Wednesday, August 3rd. Drexel Hamilton upped their price target on shares of Qorvo from $63.00 to $72.00 and gave the company a “buy” rating in a report on Wednesday, August 3rd. Mizuho downgraded shares of Qorvo from a “buy” rating to a “neutral” rating and set a $55.00 price target for the company. in a report on Friday, July 1st. MKM Partners upped their price target on shares of Qorvo from $64.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, August 3rd. Finally, DA Davidson cut their price target on shares of Qorvo from $70.00 to $67.00 and set a “buy” rating for the company in a report on Wednesday, August 3rd. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and fourteen have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $61.97.
In other Qorvo news, VP James L. Klein sold 1,384 shares of the business’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $2,190,155. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert A. Bruggeworth sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 27th. The stock was sold at an average price of $64.50, for a total value of $645,000.00. Following the transaction, the insider now directly owns 219,524 shares in the company, valued at approximately $14,159,298. The disclosure for this sale can be found here. 1.14% of the stock is owned by corporate insiders.
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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