Alberta Investment Management Corp Has $6.20 Million Stock Position in Qorvo, Inc. (NASDAQ:QRVO)

Alberta Investment Management Corp grew its position in shares of Qorvo, Inc. (NASDAQ:QRVO) by 135.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 85,600 shares of the semiconductor company’s stock after purchasing an additional 49,201 shares during the quarter. Alberta Investment Management Corp’s holdings in Qorvo were worth $6,198,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ameriprise Financial Inc. lifted its holdings in Qorvo by 102.0% in the fourth quarter. Ameriprise Financial Inc. now owns 3,597,546 shares of the semiconductor company’s stock valued at $251,577,000 after buying an additional 1,816,811 shares during the period. FIL Ltd lifted its stake in shares of Qorvo by 5.3% in the 4th quarter. FIL Ltd now owns 3,324,241 shares of the semiconductor company’s stock valued at $232,464,000 after purchasing an additional 166,461 shares during the period. Vulcan Value Partners LLC lifted its stake in Qorvo by 53.7% in the fourth quarter. Vulcan Value Partners LLC now owns 2,581,296 shares of the semiconductor company’s stock valued at $180,487,000 after buying an additional 902,353 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Qorvo by 22.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,419,698 shares of the semiconductor company’s stock worth $99,280,000 after buying an additional 264,167 shares during the period. Finally, Woodline Partners LP increased its stake in shares of Qorvo by 31.3% in the 4th quarter. Woodline Partners LP now owns 968,103 shares of the semiconductor company’s stock valued at $67,699,000 after acquiring an additional 230,710 shares in the last quarter. Institutional investors and hedge funds own 88.57% of the company’s stock.

Insiders Place Their Bets

In other news, Director John R. Harding sold 1,450 shares of the stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $70.09, for a total transaction of $101,630.50. Following the completion of the transaction, the director directly owned 7,597 shares of the company’s stock, valued at $532,473.73. This represents a 16.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.41% of the company’s stock.

Qorvo Stock Performance

QRVO stock opened at $84.11 on Friday. The business has a 50 day moving average of $83.24 and a 200-day moving average of $76.14. The firm has a market cap of $7.79 billion, a PE ratio of 98.95, a P/E/G ratio of 1.69 and a beta of 1.35. Qorvo, Inc. has a 12-month low of $49.46 and a 12-month high of $117.90. The company has a quick ratio of 1.95, a current ratio of 2.81 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Tuesday, July 29th. The semiconductor company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.30. The firm had revenue of $818.80 million during the quarter, compared to the consensus estimate of $775.61 million. Qorvo had a return on equity of 12.63% and a net margin of 2.21%. The business’s revenue for the quarter was down 7.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.87 EPS. As a group, sell-side analysts expect that Qorvo, Inc. will post 4.09 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Citigroup reissued a “sell” rating on shares of Qorvo in a research note on Tuesday, June 10th. Wall Street Zen upgraded shares of Qorvo from a “hold” rating to a “strong-buy” rating in a report on Saturday. Benchmark raised their price objective on Qorvo from $95.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday. TD Cowen boosted their price target on shares of Qorvo from $80.00 to $95.00 and gave the company a “hold” rating in a research note on Wednesday. Finally, Craig Hallum restated a “buy” rating on shares of Qorvo in a report on Wednesday. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Qorvo currently has an average rating of “Hold” and an average price target of $95.35.

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.