Thrivent Financial for Lutherans Buys 326,087 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Thrivent Financial for Lutherans boosted its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 1,507.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 347,715 shares of the semiconductor company’s stock after buying an additional 326,087 shares during the period. Thrivent Financial for Lutherans owned approximately 0.37% of Qorvo worth $40,349,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Boston Research & Management Inc. increased its position in Qorvo by 0.8% during the 2nd quarter. Boston Research & Management Inc. now owns 36,995 shares of the semiconductor company’s stock valued at $4,292,000 after buying an additional 295 shares in the last quarter. Pacer Advisors Inc. increased its position in Qorvo by 17,255.9% during the 2nd quarter. Pacer Advisors Inc. now owns 1,427,006 shares of the semiconductor company’s stock valued at $165,590,000 after buying an additional 1,418,784 shares in the last quarter. AE Wealth Management LLC increased its position in Qorvo by 9.3% during the 2nd quarter. AE Wealth Management LLC now owns 150,450 shares of the semiconductor company’s stock valued at $17,458,000 after buying an additional 12,740 shares in the last quarter. Intech Investment Management LLC increased its position in Qorvo by 39.8% during the 2nd quarter. Intech Investment Management LLC now owns 49,912 shares of the semiconductor company’s stock valued at $5,792,000 after buying an additional 14,199 shares in the last quarter. Finally, XTX Topco Ltd increased its position in Qorvo by 163.9% during the 2nd quarter. XTX Topco Ltd now owns 8,810 shares of the semiconductor company’s stock valued at $1,022,000 after buying an additional 5,471 shares in the last quarter. Institutional investors own 88.57% of the company’s stock.

Insider Activity

In other news, VP Gina Harrison sold 689 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $107.67, for a total value of $74,184.63. Following the transaction, the vice president now directly owns 21,601 shares in the company, valued at $2,325,779.67. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.46% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on QRVO shares. Needham & Company LLC lifted their target price on Qorvo from $110.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Piper Sandler reissued a “neutral” rating and issued a $120.00 target price (up previously from $105.00) on shares of Qorvo in a report on Wednesday, July 31st. Barclays lifted their target price on Qorvo from $100.00 to $125.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. TD Cowen raised Qorvo to a “hold” rating in a report on Monday, September 16th. Finally, The Goldman Sachs Group lifted their target price on Qorvo from $105.00 to $118.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Two analysts have rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $121.00.

Qorvo Price Performance

NASDAQ QRVO opened at $102.26 on Monday. The company has a market capitalization of $9.72 billion, a PE ratio of -140.08, a price-to-earnings-growth ratio of 1.23 and a beta of 1.46. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.36 and a current ratio of 1.95. The business’s fifty day moving average is $112.02 and its 200 day moving average is $110.36. Qorvo, Inc. has a fifty-two week low of $80.62 and a fifty-two week high of $130.99.

Qorvo (NASDAQ:QRVO) last released its earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.16. The company had revenue of $886.70 million for the quarter, compared to the consensus estimate of $851.95 million. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. Qorvo’s quarterly revenue was up 36.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.03 earnings per share. Sell-side analysts predict that Qorvo, Inc. will post 4.8 earnings per share for the current 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.