Icon Advisers Inc. Co. held its position in shares of Qorvo, Inc. (NASDAQ:QRVO) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 58,860 shares of the semiconductor company’s stock at the end of the 2nd quarter. Icon Advisers Inc. Co.’s holdings in Qorvo were worth $3,727,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Seven Eight Capital LP acquired a new stake in Qorvo during the second quarter worth approximately $646,000. Wells Fargo & Company MN boosted its holdings in Qorvo by 1.2% in the second quarter. Wells Fargo & Company MN now owns 114,834 shares of the semiconductor company’s stock worth $7,271,000 after acquiring an additional 1,409 shares in the last quarter. Meiji Yasuda Life Insurance Co boosted its holdings in Qorvo by 14.1% in the second quarter. Meiji Yasuda Life Insurance Co now owns 5,660 shares of the semiconductor company’s stock worth $358,000 after acquiring an additional 700 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in Qorvo by 0.7% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 9,442 shares of the semiconductor company’s stock worth $598,000 after acquiring an additional 62 shares in the last quarter. Finally, Radnor Capital Management LLC bought a new position in Qorvo in the second quarter worth approximately $424,000. 94.39% of the stock is owned by institutional investors and hedge funds.
Shares of Qorvo, Inc. (QRVO) opened at 73.65 on Friday. The company’s 50-day moving average price is $55.12 and its 200-day moving average price is $60.42. The company’s market capitalization is $9.37 billion. Qorvo, Inc. has a one year low of $19.18 and a one year high of $74.69.
Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.87 earnings per share (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 positive return on equity of 10.10% and a negative net margin of 1.40%. The firm’s quarterly revenue was down 8.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.08 EPS. On average, equities research analysts predict that Qorvo, Inc. will post $5.54 earnings per share for the current year.
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In related news, insider Robert A. Bruggeworth sold 27,839 shares of the company’s stock in a transaction that occurred on Friday, July 7th. The stock was sold at an average price of $65.03, for a total value of $1,810,370.17. Following the transaction, the insider now directly owns 217,042 shares of the company’s stock, valued at approximately $14,114,241.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP James L. Klein sold 2,600 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $63.49, for a total value of $165,074.00. Following the completion of the transaction, 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 78,919 shares of company stock worth $5,379,553 over the last ninety days. 0.91% of the stock is currently owned by insiders.
Several research analysts have issued reports on the company. Needham & Company LLC reiterated a “buy” rating and issued a $86.00 price target on shares of Qorvo in a report on Friday, May 26th. Cowen and Company reiterated a “market perform” rating and issued a $85.00 price target (up previously from $74.00) on shares of Qorvo in a report on Friday, May 26th. MKM Partners reiterated a “buy” rating and issued a $90.00 price target (up previously from $78.00) on shares of Qorvo in a report on Tuesday, May 30th. Mizuho reiterated a “neutral” rating and issued a $72.00 price target (up previously from $68.00) on shares of Qorvo in a report on Sunday, May 28th. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $63.00 price target on shares of Qorvo in a report on Monday, June 12th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $73.45.
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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