Fisher Asset Management LLC Purchases 6,013 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Fisher Asset Management LLC raised its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 1.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 529,746 shares of the semiconductor company’s stock after acquiring an additional 6,013 shares during the quarter. Fisher Asset Management LLC owned approximately 0.56% of Qorvo worth $54,723,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. O Shaughnessy Asset Management LLC increased its stake in Qorvo by 15.7% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 3,272 shares of the semiconductor company’s stock valued at $376,000 after buying an additional 443 shares during the last quarter. Lazard Asset Management LLC increased its position in shares of Qorvo by 23,191.0% in the first quarter. Lazard Asset Management LLC now owns 20,729 shares of the semiconductor company’s stock valued at $2,380,000 after acquiring an additional 20,640 shares during the last quarter. Tidal Investments LLC raised its holdings in Qorvo by 302.9% during the first quarter. Tidal Investments LLC now owns 14,369 shares of the semiconductor company’s stock worth $1,649,000 after acquiring an additional 10,803 shares in the last quarter. Comerica Bank raised its holdings in Qorvo by 13.3% during the first quarter. Comerica Bank now owns 17,363 shares of the semiconductor company’s stock worth $1,994,000 after acquiring an additional 2,041 shares in the last quarter. Finally, LBP AM SA boosted its position in Qorvo by 172.9% during the first quarter. LBP AM SA now owns 30,417 shares of the semiconductor company’s stock valued at $3,493,000 after purchasing an additional 19,271 shares during the last quarter. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, VP Gina Harrison sold 689 shares of the company’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $107.67, for a total transaction of $74,184.63. Following the completion of the sale, the vice president now directly owns 21,601 shares in the company, valued at approximately $2,325,779.67. This represents a 3.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.46% of the stock is currently owned by company insiders.

Qorvo Trading Down 2.2 %

Shares of Qorvo stock opened at $68.15 on Wednesday. Qorvo, Inc. has a 52-week low of $64.98 and a 52-week high of $130.99. The stock has a market cap of $6.44 billion, a PE ratio of -46.68, a PEG ratio of 5.55 and a beta of 1.49. The firm has a 50-day moving average of $89.46 and a 200-day moving average of $102.95. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90.

Qorvo (NASDAQ:QRVO) last announced its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the prior year, the business posted $1.99 EPS. The business’s revenue was down 5.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Qorvo, Inc. will post 3.37 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on QRVO. UBS Group dropped their price objective on Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 30th. StockNews.com lowered shares of Qorvo from a “buy” rating to a “hold” rating in a research report on Thursday, October 31st. TD Cowen decreased their price objective on shares of Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a research report on Wednesday, October 30th. Barclays dropped their target price on shares of Qorvo from $120.00 to $90.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 30th. Finally, Piper Sandler reduced their price target on Qorvo from $120.00 to $100.00 and set a “neutral” rating for the company in a report on Friday, October 25th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $102.88.

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.