Maverick Capital Ltd. Makes New Investment in Qorvo, Inc. (NASDAQ:QRVO)

Maverick Capital Ltd. purchased a new stake in Qorvo, Inc. (NASDAQ:QRVO) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 17,887 shares of the semiconductor company’s stock, valued at approximately $2,076,000.

A number of other institutional investors also recently modified their holdings of QRVO. Corient Private Wealth LLC raised its holdings in Qorvo by 12.0% during the 4th quarter. Corient Private Wealth LLC now owns 15,341 shares of the semiconductor company’s stock valued at $1,728,000 after acquiring an additional 1,644 shares during the period. Franklin Resources Inc. lifted its holdings in Qorvo by 2.4% during the 4th quarter. Franklin Resources Inc. now owns 34,229 shares of the semiconductor company’s stock worth $3,855,000 after purchasing an additional 792 shares in the last quarter. Orion Portfolio Solutions LLC boosted its stake in Qorvo by 48.1% in the 4th quarter. Orion Portfolio Solutions LLC now owns 15,184 shares of the semiconductor company’s stock worth $1,600,000 after purchasing an additional 4,931 shares during the period. Intech Investment Management LLC grew its holdings in Qorvo by 124.5% during the 4th quarter. Intech Investment Management LLC now owns 5,871 shares of the semiconductor company’s stock valued at $661,000 after buying an additional 3,256 shares in the last quarter. Finally, TD Asset Management Inc increased its position in shares of Qorvo by 7.1% during the fourth quarter. TD Asset Management Inc now owns 26,511 shares of the semiconductor company’s stock valued at $2,985,000 after buying an additional 1,761 shares during the period. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Qorvo

In other news, VP Gina Harrison sold 689 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $107.67, for a total value of $74,184.63. Following the transaction, the vice president now 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 can be accessed through the SEC website. Corporate insiders own 0.46% of the company’s stock.

Qorvo Stock Up 2.4 %

Shares of NASDAQ QRVO opened at $104.96 on Friday. The stock has a market capitalization of $9.97 billion, a P/E ratio of -143.78, a PEG ratio of 1.24 and a beta of 1.46. Qorvo, Inc. has a one year low of $80.62 and a one year high of $130.99. The firm’s 50 day simple moving average is $110.19 and its two-hundred day simple moving average is $110.06. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.95 and a quick ratio of 1.36.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.16. Qorvo had a negative net margin of 0.66% and a positive return on equity of 14.92%. The company had revenue of $886.70 million for the quarter, compared to analysts’ expectations of $851.95 million. During the same quarter last year, the company earned $0.03 EPS. The firm’s revenue was up 36.2% compared to the same quarter last year. As a group, analysts expect that Qorvo, Inc. will post 4.84 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on QRVO shares. TD Cowen upgraded shares of Qorvo to a “hold” rating in a research report on Monday, September 16th. Needham & Company LLC boosted their price target on shares of Qorvo from $110.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Craig Hallum increased their price objective on Qorvo from $124.00 to $142.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Rosenblatt Securities boosted 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 report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $121.00.

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.