Seven Eight Capital LP Grows Stock Position in Qorvo, Inc. (NASDAQ:QRVO)

Seven Eight Capital LP lifted its stake in Qorvo, Inc. (NASDAQ:QRVO) by 46.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,749 shares of the semiconductor company’s stock after purchasing an additional 5,313 shares during the period. Seven Eight Capital LP’s holdings in Qorvo were worth $1,944,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of QRVO. Capital Research Global Investors lifted its holdings in Qorvo by 2.1% during the 1st quarter. Capital Research Global Investors now owns 4,591,985 shares of the semiconductor company’s stock worth $527,298,000 after buying an additional 93,068 shares during the last quarter. FIL Ltd lifted its holdings in Qorvo by 4.5% during the 4th quarter. FIL Ltd now owns 2,778,629 shares of the semiconductor company’s stock worth $312,901,000 after buying an additional 120,213 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Qorvo by 0.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,323,463 shares of the semiconductor company’s stock worth $153,558,000 after buying an additional 4,386 shares during the last quarter. Norges Bank purchased a new stake in Qorvo during the 4th quarter worth about $118,120,000. Finally, Balyasny Asset Management L.P. lifted its holdings in Qorvo by 161.2% during the 4th quarter. Balyasny Asset Management L.P. now owns 857,596 shares of the semiconductor company’s stock worth $96,574,000 after buying an additional 529,309 shares during the last quarter. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Raymond James lifted their price target on Qorvo from $115.00 to $135.00 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. TD Cowen upgraded Qorvo to a “hold” rating in a research report on Monday. Susquehanna cut their target price on Qorvo from $145.00 to $135.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 31st. Rosenblatt Securities lifted their target price on Qorvo from $105.00 to $120.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. Finally, StockNews.com cut Qorvo from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Qorvo presently has a consensus rating of “Hold” and a consensus price target of $121.00.

Qorvo Stock Performance

Shares of QRVO stock opened at $99.80 on Thursday. The stock has a market capitalization of $9.48 billion, a PE ratio of -136.71, a price-to-earnings-growth ratio of 1.28 and a beta of 1.46. Qorvo, Inc. has a 52-week low of $80.62 and a 52-week high of $130.99. The stock’s 50-day moving average price is $113.32 and its 200 day moving average price is $110.67. The company has a quick ratio of 1.36, a current ratio of 1.95 and a debt-to-equity ratio of 0.44.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.16. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The company had revenue of $886.70 million for the quarter, compared to analyst estimates of $851.95 million. During the same quarter in the previous year, the company earned $0.03 EPS. The firm’s revenue for the quarter was up 36.2% compared to the same quarter last year. As a group, equities research analysts forecast that Qorvo, Inc. will post 4.84 EPS for the current year.

Insider Buying and Selling at Qorvo

In other Qorvo news, VP Gina Harrison sold 689 shares of Qorvo stock in a transaction that occurred 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 sale, the vice president now owns 21,601 shares of the company’s stock, valued at approximately $2,325,779.67. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.46% of the stock is owned by corporate insiders.

Qorvo Company 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.