Hussman Strategic Advisors Inc. Purchases New Position in Qorvo, Inc. (QRVO)
Hussman Strategic Advisors Inc. purchased a new stake in Qorvo, Inc. (NASDAQ:QRVO) during the second quarter, Holdings Channel reports. The institutional investor purchased 25,000 shares of the semiconductor company’s stock, valued at approximately $1,583,000.
Several other large investors also recently modified their holdings of the company. Russell Investments Group Ltd. bought a new stake in shares of Qorvo during the fourth quarter valued at $574,000. Kentucky Retirement Systems bought a new stake in shares of Qorvo during the fourth quarter valued at $489,000. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in shares of Qorvo during the fourth quarter valued at $218,000. Chevy Chase Trust Holdings Inc. increased its stake in shares of Qorvo by 2.1% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 109,010 shares of the semiconductor company’s stock valued at $7,474,000 after buying an additional 2,279 shares in the last quarter. Finally, Creative Planning increased its stake in shares of Qorvo by 3.1% in the first quarter. Creative Planning now owns 24,282 shares of the semiconductor company’s stock valued at $1,665,000 after buying an additional 729 shares in the last quarter. 97.39% of the stock is owned by hedge funds and other institutional investors.
Qorvo, Inc. (QRVO) opened at 68.80 on Tuesday. The stock’s market cap is $8.73 billion. The stock has a 50 day moving average price of $68.08 and a 200-day moving average price of $68.64. Qorvo, Inc. has a 12 month low of $48.28 and a 12 month high of $79.34.
Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.87 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.07. The business had revenue of $640.80 million during 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 company’s revenue was down 8.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.08 earnings per share. On average, analysts expect that Qorvo, Inc. will post $5.55 EPS for the current year.
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QRVO has been the subject of several recent research reports. Barclays PLC increased their price target on Qorvo from $60.00 to $75.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 18th. Benchmark Co. started coverage on Qorvo in a research report on Tuesday, April 25th. They issued a “buy” rating for the company. Cowen and Company reiterated a “market perform” rating and issued a $74.00 price objective (up previously from $60.00) on shares of Qorvo in a research report on Thursday, May 4th. Craig Hallum increased their price objective on Qorvo from $68.00 to $78.00 and gave the stock a “buy” rating in a research report on Thursday, May 4th. Finally, DA Davidson cut Qorvo from a “buy” rating to a “neutral” rating and set a $70.00 price objective for the company. in a research report on Thursday, May 4th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $72.74.
In other news, VP James L. Klein sold 2,600 shares of the company’s stock in a transaction on Monday, June 5th. The stock was sold at an average price of $78.69, for a total value of $204,594.00. Following the completion of the sale, the vice president now owns 40,058 shares in the company, valued at $3,152,164.02. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Roderick Nelson sold 2,000 shares of the company’s stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $74.41, for a total value of $148,820.00. Following the completion of the sale, the director now owns 5,907 shares of the company’s stock, valued at approximately $439,539.87. The disclosure for this sale can be found here. In the last 90 days, insiders sold 136,986 shares of company stock valued at $9,863,763. Insiders own 0.91% 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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