Contravisory Investment Management Inc. Takes $423,000 Position in Qorvo, Inc. (NASDAQ:QRVO)

Contravisory Investment Management Inc. bought a new position in Qorvo, Inc. (NASDAQ:QRVO) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 3,687 shares of the semiconductor company’s stock, valued at approximately $423,000.

Other large investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC acquired a new position in Qorvo in the fourth quarter worth approximately $104,000. Quadrant Capital Group LLC lifted its holdings in shares of Qorvo by 18.7% during the fourth quarter. Quadrant Capital Group LLC now owns 951 shares of the semiconductor company’s stock valued at $107,000 after acquiring an additional 150 shares during the period. Wahed Invest LLC boosted its stake in shares of Qorvo by 7.5% in the 3rd quarter. Wahed Invest LLC now owns 1,540 shares of the semiconductor company’s stock valued at $147,000 after purchasing an additional 108 shares in the last quarter. Mather Group LLC. acquired a new position in Qorvo in the first quarter valued at about $193,000. Finally, Bleakley Financial Group LLC acquired a new position in shares of Qorvo in the 4th quarter worth approximately $204,000. 88.57% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on QRVO shares. JPMorgan Chase & Co. dropped their target price on Qorvo from $105.00 to $100.00 and set an “underweight” rating for the company in a research report on Thursday, May 2nd. Barclays lowered their price target on shares of Qorvo from $110.00 to $100.00 and set an “equal weight” rating for the company in a research report on Thursday, May 2nd. The Goldman Sachs Group reduced their price objective on shares of Qorvo from $117.00 to $105.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. Benchmark dropped their target price on shares of Qorvo from $136.00 to $128.00 and set a “buy” rating for the company in a research report on Thursday, May 2nd. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and set a $105.00 price objective on shares of Qorvo in a research note on Wednesday, June 12th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $110.83.

Qorvo Stock Performance

QRVO opened at $113.52 on Monday. Qorvo, Inc. has a 52-week low of $80.62 and a 52-week high of $121.65. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.41 and a current ratio of 1.99. The business’s 50-day simple moving average is $104.12 and its 200 day simple moving average is $108.34. The firm has a market capitalization of $10.86 billion, a PE ratio of -155.51, a PEG ratio of 1.09 and a beta of 1.44.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Wednesday, May 1st. The semiconductor company reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.18. The firm had revenue of $941.00 million for the quarter, compared to the consensus estimate of $927.24 million. Qorvo had a positive return on equity of 13.43% and a negative net margin of 1.86%. The company’s revenue was up 48.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.11 EPS. As a group, sell-side analysts expect that Qorvo, Inc. will post 5.16 earnings per share for the current fiscal year.

Insider Transactions at Qorvo

In related news, SVP Paul J. Fego sold 2,132 shares of the stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $99.31, for a total value of $211,728.92. Following the transaction, the senior vice president now directly owns 25,201 shares in the company, valued at approximately $2,502,711.31. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO Robert A. Bruggeworth sold 22,299 shares of the company’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $99.31, for a total transaction of $2,214,513.69. Following the completion of the sale, the chief executive officer now owns 154,714 shares in the company, valued at $15,364,647.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Paul J. Fego sold 2,132 shares of the company’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $99.31, for a total transaction of $211,728.92. Following the completion of the sale, the senior vice president now directly owns 25,201 shares of the company’s stock, valued at $2,502,711.31. The disclosure for this sale can be found here. Insiders have sold 45,372 shares of company stock valued at $4,517,858 in the last 90 days. 0.43% of the stock is currently owned by corporate insiders.

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.