Empowered Funds LLC Acquires 2,843 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Empowered Funds LLC increased its holdings in Qorvo, Inc. (NASDAQ:QRVO) by 33.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,387 shares of the semiconductor company’s stock after acquiring an additional 2,843 shares during the quarter. Empowered Funds LLC’s holdings in Qorvo were worth $1,176,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Vulcan Value Partners LLC increased its stake in shares of Qorvo by 35.0% in the 2nd quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock worth $246,665,000 after acquiring an additional 550,111 shares in the last quarter. Pacer Advisors Inc. increased its stake in shares of Qorvo by 17,255.9% in the 2nd quarter. Pacer Advisors Inc. now owns 1,427,006 shares of the semiconductor company’s stock worth $165,590,000 after acquiring an additional 1,418,784 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Qorvo by 0.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,323,463 shares of the semiconductor company’s stock worth $153,558,000 after acquiring an additional 4,386 shares in the last quarter. Van ECK Associates Corp increased its stake in shares of Qorvo by 23.9% in the 3rd quarter. Van ECK Associates Corp now owns 832,292 shares of the semiconductor company’s stock worth $83,429,000 after acquiring an additional 160,534 shares in the last quarter. Finally, Panagora Asset Management Inc. grew its position in Qorvo by 20.5% during the 2nd quarter. Panagora Asset Management Inc. now owns 780,203 shares of the semiconductor company’s stock valued at $90,535,000 after purchasing an additional 132,866 shares during the last quarter. 88.57% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Bank of America cut their price objective on shares of Qorvo from $115.00 to $80.00 and set an “underperform” rating on the stock in a research report on Wednesday, October 30th. Barclays cut their price objective on shares of Qorvo from $120.00 to $90.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 30th. Morgan Stanley downgraded shares of Qorvo from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $130.00 to $120.00 in a research report on Friday, October 11th. Needham & Company LLC initiated coverage on shares of Qorvo in a research report on Monday, October 28th. They set a “buy” rating and a $135.00 price objective on the stock. Finally, Loop Capital initiated coverage on shares of Qorvo in a report on Monday, November 11th. They set a “hold” rating and a $73.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $102.88.

Qorvo Price Performance

NASDAQ QRVO opened at $69.25 on Friday. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45. The company’s 50 day moving average is $90.84 and its two-hundred day moving average is $103.23. The stock has a market cap of $6.55 billion, a price-to-earnings ratio of -47.43, a PEG ratio of 5.31 and a beta of 1.49. Qorvo, Inc. has a 12 month low of $64.98 and a 12 month high of $130.99.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.03. The firm had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The business’s revenue was down 5.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.99 earnings per share. As a group, research analysts anticipate that Qorvo, Inc. will post 3.37 earnings per share for the current year.

Insider Activity at Qorvo

In related news, VP Gina Harrison sold 689 shares of Qorvo 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 in the company, valued at $2,325,779.67. The trade was a 3.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.46% of the stock is currently owned by corporate insiders.

Qorvo 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.