Ascent Wealth Partners LLC purchased a new stake in shares of Qorvo Inc (NASDAQ:QRVO) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,250 shares of the semiconductor company’s stock, valued at approximately $233,000.
Several other institutional investors and hedge funds also recently made changes to their positions in QRVO. Resources Investment Advisors Inc. bought a new stake in shares of Qorvo during the fourth quarter valued at approximately $27,000. CSat Investment Advisory L.P. grew its stake in shares of Qorvo by 82.9% during the fourth quarter. CSat Investment Advisory L.P. now owns 534 shares of the semiconductor company’s stock valued at $32,000 after purchasing an additional 242 shares during the last quarter. Enlightenment Research LLC bought a new stake in shares of Qorvo during the fourth quarter valued at approximately $43,000. Lavaca Capital LLC bought a new position in Qorvo in the first quarter valued at approximately $45,000. Finally, Oregon Public Employees Retirement Fund boosted its stake in Qorvo by 8,987.1% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,660,561 shares of the semiconductor company’s stock valued at $60,000 after acquiring an additional 3,620,278 shares during the last quarter. 92.95% of the stock is owned by institutional investors and hedge funds.
Shares of NASDAQ:QRVO traded up $3.97 during midday trading on Monday, hitting $70.58. The stock had a trading volume of 2,869,929 shares, compared to its average volume of 1,452,873. The stock has a 50-day moving average price of $64.15. The company has a market capitalization of $8.39 billion, a P/E ratio of 13.44, a P/E/G ratio of 2.03 and a beta of 1.08. The company has a quick ratio of 2.69, a current ratio of 3.87 and a debt-to-equity ratio of 0.21. Qorvo Inc has a fifty-two week low of $54.74 and a fifty-two week high of $86.50.
In other news, insider Robert A. Bruggeworth sold 25,831 shares of the company’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $72.52, for a total value of $1,873,264.12. Following the sale, the insider now directly owns 201,794 shares of the company’s stock, valued at approximately $14,634,100.88. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP James L. Klein sold 1,914 shares of the company’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $77.16, for a total transaction of $147,684.24. Following the completion of the sale, the vice president now directly owns 45,374 shares in the company, valued at $3,501,057.84. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 37,573 shares of company stock valued at $2,726,089. 0.71% of the stock is owned by corporate insiders.
A number of brokerages have issued reports on QRVO. Barclays cut shares of Qorvo from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $70.00 to $60.00 in a research note on Thursday, June 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $90.00 price objective on shares of Qorvo in a research note on Sunday, May 26th. Morgan Stanley reduced their price objective on shares of Qorvo from $73.00 to $67.00 and set an “equal weight” rating on the stock in a research note on Friday, May 24th. Zacks Investment Research cut shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Thursday, May 23rd. Finally, DA Davidson cut their target price on shares of Qorvo to $66.00 and set a “neutral” rating on the stock in a report on Thursday, May 23rd. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have issued a buy rating to the stock. Qorvo currently has a consensus rating of “Hold” and a consensus target price of $75.52.
Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.
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