BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Increases Stake in Qorvo, Inc. (NASDAQ:QRVO)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in Qorvo, Inc. (NASDAQ:QRVO) by 59.3% in the second quarter, Holdings Channel.com reports. The firm owned 18,492 shares of the semiconductor company’s stock after acquiring an additional 6,881 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Qorvo were worth $2,146,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of QRVO. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Qorvo in the 2nd quarter valued at $29,000. EverSource Wealth Advisors LLC raised its position in shares of Qorvo by 81.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock worth $30,000 after buying an additional 115 shares during the period. Park Place Capital Corp boosted its holdings in Qorvo by 398.1% in the first quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock valued at $30,000 after acquiring an additional 207 shares during the last quarter. Versant Capital Management Inc grew its position in Qorvo by 9,333.3% during the second quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock valued at $33,000 after acquiring an additional 280 shares during the period. Finally, New Millennium Group LLC purchased a new stake in Qorvo during the second quarter valued at about $34,000. Institutional investors and hedge funds own 88.57% of the company’s stock.

Qorvo Stock Performance

Shares of QRVO opened at $103.60 on Friday. Qorvo, Inc. has a 52-week low of $80.62 and a 52-week high of $130.99. The company has a quick ratio of 1.36, a current ratio of 1.95 and a debt-to-equity ratio of 0.44. The firm has a market cap of $9.83 billion, a price-to-earnings ratio of -141.92, a PEG ratio of 1.24 and a beta of 1.46. The business’s 50 day moving average is $109.83 and its two-hundred day moving average is $109.89.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Tuesday, July 30th. The semiconductor company reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.16. The firm had revenue of $886.70 million for the quarter, compared to the consensus estimate of $851.95 million. Qorvo had a negative net margin of 0.66% and a positive return on equity of 14.92%. The firm’s revenue was up 36.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.03 EPS. Analysts forecast that Qorvo, Inc. will post 4.84 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on QRVO. Barclays lifted their price objective on Qorvo from $100.00 to $125.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 30th. TD Cowen raised shares of Qorvo to a “hold” rating in a research report on Monday, September 16th. Craig Hallum increased their price objective on shares of Qorvo from $124.00 to $142.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Needham & Company LLC raised their target price on shares of Qorvo from $110.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Finally, JPMorgan Chase & Co. upped their price target on shares of Qorvo from $100.00 to $115.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 31st. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Qorvo has an average rating of “Hold” and a consensus target price of $121.00.

Insider Transactions at Qorvo

In related news, VP Gina Harrison sold 689 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $107.67, for a total value of $74,184.63. Following the completion of the sale, the vice president now directly owns 21,601 shares of the company’s stock, valued at $2,325,779.67. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.46% of the company’s stock.

Qorvo Company Profile

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.