CWA Asset Management Group LLC Invests $2.62 Million in Qorvo, Inc. (NASDAQ:QRVO)

CWA Asset Management Group LLC purchased a new stake in Qorvo, Inc. (NASDAQ:QRVO) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 25,368 shares of the semiconductor company’s stock, valued at approximately $2,621,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC acquired a new position in shares of Qorvo in the 1st quarter valued at $811,000. Duality Advisers LP acquired a new position in Qorvo in the first quarter valued at $520,000. Empirical Finance LLC boosted its stake in Qorvo by 3.2% in the first quarter. Empirical Finance LLC now owns 3,768 shares of the semiconductor company’s stock valued at $433,000 after acquiring an additional 117 shares in the last quarter. Forsta AP Fonden grew its holdings in shares of Qorvo by 7.7% during the first quarter. Forsta AP Fonden now owns 16,800 shares of the semiconductor company’s stock worth $1,929,000 after purchasing an additional 1,200 shares during the last quarter. Finally, Sei Investments Co. increased its position in shares of Qorvo by 28.0% during the first quarter. Sei Investments Co. now owns 35,314 shares of the semiconductor company’s stock worth $4,055,000 after purchasing an additional 7,735 shares in the last quarter. 88.57% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on QRVO shares. Morgan Stanley cut Qorvo from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $130.00 to $120.00 in a research report on Friday, October 11th. Craig Hallum lowered their target price on shares of Qorvo from $142.00 to $105.00 and set a “buy” rating on the stock in a research report on Wednesday, October 30th. Bank of America reduced their price target on shares of Qorvo from $115.00 to $80.00 and set an “underperform” rating for the company in a research report on Wednesday, October 30th. Susquehanna dropped their price objective on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 30th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Qorvo from $115.00 to $95.00 and set an “underweight” rating for the company in a research note on Wednesday, October 30th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Qorvo presently has an average rating of “Hold” and an average price target of $104.75.

Insider Buying and Selling at Qorvo

In other news, VP Gina Harrison sold 689 shares of the business’s stock in a transaction on 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 transaction, the vice president now directly owns 21,601 shares of the company’s stock, valued at $2,325,779.67. The trade was a 0.00 % 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 owned by insiders.

Qorvo Price Performance

Qorvo stock opened at $70.35 on Friday. The firm has a market capitalization of $6.65 billion, a PE ratio of -48.18, a P/E/G ratio of 5.84 and a beta of 1.49. Qorvo, Inc. has a 52 week low of $70.19 and a 52 week high of $130.99. The firm’s 50-day simple moving average is $98.21 and its 200 day simple moving average is $105.94. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.03. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the firm earned $1.99 earnings per share. The company’s revenue for the quarter was down 5.2% compared to the same quarter last year. On average, equities research analysts predict that Qorvo, Inc. will post 3.37 EPS for the current fiscal year.

About Qorvo

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.