K2 Principal Fund L.P. bought a new position in Qorvo, Inc. (NASDAQ:QRVO – Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 24,836 shares of the semiconductor company’s stock, valued at approximately $2,316,000.
A number of other large investors have also made changes to their positions in QRVO. Smartleaf Asset Management LLC boosted its stake in Qorvo by 215.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 338 shares of the semiconductor company’s stock worth $29,000 after purchasing an additional 231 shares during the period. Global Retirement Partners LLC acquired a new stake in Qorvo during the 2nd quarter valued at $32,000. Advisory Services Network LLC purchased a new stake in shares of Qorvo in the third quarter valued at $36,000. Elevation Wealth Partners LLC lifted its holdings in shares of Qorvo by 301.0% in the second quarter. Elevation Wealth Partners LLC now owns 413 shares of the semiconductor company’s stock valued at $39,000 after purchasing an additional 310 shares in the last quarter. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA boosted its position in shares of Qorvo by 60.0% in the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 480 shares of the semiconductor company’s stock worth $41,000 after buying an additional 180 shares during the period. Institutional investors and hedge funds own 88.57% of the company’s stock.
Qorvo Stock Performance
Shares of QRVO stock opened at $95.70 on Wednesday. Qorvo, Inc. has a fifty-two week low of $74.92 and a fifty-two week high of $109.49. The stock’s 50-day moving average is $92.25 and its two-hundred day moving average is $88.15. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.54 and a quick ratio of 2.68. The firm has a market cap of $8.44 billion, a P/E ratio of 22.20, a PEG ratio of 1.43 and a beta of 1.44.
Analyst Upgrades and Downgrades
A number of research analysts have recently weighed in on the company. UBS Group lifted their price target on Qorvo from $91.00 to $96.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. JPMorgan Chase & Co. raised their price objective on Qorvo from $85.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Wall Street Zen raised Qorvo from a “hold” rating to a “buy” rating in a research note on Sunday, August 2nd. Citigroup dropped their target price on Qorvo from $100.00 to $95.00 and set a “neutral” rating on the stock in a report on Wednesday, July 29th. Finally, Craig Hallum reissued a “buy” rating and issued a $120.00 price target on shares of Qorvo in a research report on Wednesday, May 6th. Three analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $94.00.
Get Our Latest Stock Analysis on Qorvo
Insider Transactions at Qorvo
In other Qorvo news, SVP Philip Chesley sold 5,487 shares of Qorvo stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $97.50, for a total value of $534,982.50. Following the completion of the sale, the senior vice president directly owned 44,021 shares in the company, valued at $4,292,047.50. The trade was a 11.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert A. Bruggeworth sold 57,957 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $100.40, for a total transaction of $5,818,882.80. Following the completion of the sale, the chief executive officer directly owned 319,880 shares of the company’s stock, valued at $32,115,952. This represents a 15.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 1,975,837 shares of company stock valued at $199,860,218. Insiders own 0.49% of the company’s stock.
About Qorvo
Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.
Qorvo’s product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.
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