Polaris Wealth Advisory Group LLC Acquires Shares of 2,195 Qorvo, Inc. (NASDAQ:QRVO)

Polaris Wealth Advisory Group LLC acquired a new stake in Qorvo, Inc. (NASDAQ:QRVO) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,195 shares of the semiconductor company’s stock, valued at approximately $297,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in QRVO. Amundi Pioneer Asset Management Inc. boosted its stake in Qorvo by 46.6% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 87,061 shares of the semiconductor company’s stock valued at $6,244,000 after acquiring an additional 27,692 shares in the last quarter. Alliancebernstein L.P. raised its holdings in shares of Qorvo by 0.8% in the first quarter. Alliancebernstein L.P. now owns 220,707 shares of the semiconductor company’s stock valued at $17,796,000 after buying an additional 1,693 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Qorvo by 154.9% in the first quarter. Wellington Management Group LLP now owns 54,717 shares of the semiconductor company’s stock valued at $4,412,000 after buying an additional 33,255 shares during the last quarter. Mackenzie Financial Corp raised its holdings in shares of Qorvo by 16.9% in the first quarter. Mackenzie Financial Corp now owns 11,314 shares of the semiconductor company’s stock valued at $912,000 after buying an additional 1,637 shares during the last quarter. Finally, Wells Fargo & Company MN raised its holdings in shares of Qorvo by 196.8% in the first quarter. Wells Fargo & Company MN now owns 368,230 shares of the semiconductor company’s stock valued at $29,690,000 after buying an additional 244,171 shares during the last quarter. Institutional investors own 85.94% of the company’s stock.

In other news, VP James L. Klein sold 1,440 shares of the stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $131.40, for a total value of $189,216.00. Following the sale, the vice president now directly owns 48,785 shares in the company, valued at $6,410,349. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Walter H. Wilkinson sold 2,347 shares of the stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $133.80, for a total transaction of $314,028.60. Following the completion of the sale, the director now owns 28,089 shares in the company, valued at $3,758,308.20. The disclosure for this sale can be found here. Insiders sold 24,658 shares of company stock worth $3,151,072 over the last quarter. Company insiders own 0.66% of the company’s stock.

A number of equities research analysts have recently commented on the stock. Needham & Company LLC upped their target price on shares of Qorvo from $150.00 to $160.00 and gave the company a “buy” rating in a report on Tuesday, July 21st. UBS Group upped their target price on shares of Qorvo from $122.00 to $125.00 and gave the company a “neutral” rating in a report on Wednesday, September 9th. Wells Fargo & Company upped their target price on shares of Qorvo from $140.00 to $150.00 and gave the company an “overweight” rating in a report on Wednesday, September 9th. Cowen increased their price target on shares of Qorvo from $150.00 to $165.00 and gave the stock an “outperform” rating in a report on Thursday, October 1st. Finally, Piper Sandler increased their price target on shares of Qorvo from $150.00 to $160.00 and gave the stock an “overweight” rating in a report on Wednesday, September 9th. Five analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $130.05.

Shares of Qorvo stock opened at $134.76 on Friday. Qorvo, Inc. has a 12-month low of $67.54 and a 12-month high of $140.69. The company has a current ratio of 4.08, a quick ratio of 3.05 and a debt-to-equity ratio of 0.43. The stock has a market cap of $15.39 billion, a PE ratio of 40.59, a price-to-earnings-growth ratio of 1.76 and a beta of 1.44. The company has a 50-day moving average of $128.50 and a two-hundred day moving average of $112.44.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Wednesday, July 29th. The semiconductor company reported $1.50 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.13 by $0.37. Qorvo had a net margin of 12.05% and a return on equity of 16.10%. The company had revenue of $787.50 million during the quarter, compared to analysts’ expectations of $729.91 million. During the same period last year, the company posted $1.36 earnings per share. The firm’s quarterly revenue was up 1.5% compared to the same quarter last year. On average, sell-side analysts forecast that Qorvo, Inc. will post 6.12 EPS for the current fiscal year.

Qorvo Company Profile

Qorvo, Inc develops and commercializes technologies and products for wireless and wired connectivity worldwide. The company operates in two segments, Mobile Products, and Infrastructure and Defense Products. The company offers integrated modules incorporating switches, power amplifiers, filters and duplexers, antenna tuners, RF power management integrated circuits, multimode/multi-band PAs and transmit modules, antenna-plexers, discrete filters and duplexers, discrete switches, and UWB system solutions, as well as envelope tracking power management solutions, antenna control solutions, and UWB system solutions supporting secure, low power, location, and communication services.

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Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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