Prudential PLC Invests $494,000 in Qorvo, Inc. (NASDAQ:QRVO)

Prudential PLC acquired a new stake in Qorvo, Inc. (NASDAQ:QRVO) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 4,259 shares of the semiconductor company’s stock, valued at approximately $494,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in QRVO. Mather Group LLC. grew its stake in shares of Qorvo by 5.6% during the 2nd quarter. Mather Group LLC. now owns 1,812 shares of the semiconductor company’s stock worth $208,000 after acquiring an additional 96 shares in the last quarter. Quadrature Capital Ltd grew its position in Qorvo by 0.4% in the fourth quarter. Quadrature Capital Ltd now owns 25,092 shares of the semiconductor company’s stock valued at $2,825,000 after purchasing an additional 103 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in Qorvo by 81.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 115 shares during the last quarter. Empirical Finance LLC lifted its position in Qorvo by 3.2% during the 1st quarter. Empirical Finance LLC now owns 3,768 shares of the semiconductor company’s stock worth $433,000 after buying an additional 117 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Qorvo by 12.9% during the 1st quarter. GAMMA Investing LLC now owns 1,040 shares of the semiconductor company’s stock worth $119,000 after buying an additional 119 shares during the last quarter. 88.57% of the stock is owned by institutional investors and hedge funds.

Qorvo Price Performance

Shares of NASDAQ QRVO opened at $107.65 on Friday. The firm has a market cap of $10.21 billion, a P/E ratio of -147.47, a price-to-earnings-growth ratio of 1.30 and a beta of 1.46. The business’s 50 day moving average is $114.12 and its 200-day moving average is $110.94. The company has a current ratio of 1.95, a quick ratio of 1.36 and a debt-to-equity ratio of 0.44. Qorvo, Inc. has a 1-year low of $80.62 and a 1-year high of $130.99.

Qorvo (NASDAQ:QRVO) last posted its earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.16. The company had revenue of $886.70 million during 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%. The company’s revenue was up 36.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.03 earnings per share. Equities research analysts predict that Qorvo, Inc. will post 4.84 earnings per share for the current year.

Analyst Ratings Changes

Several analysts recently issued reports on QRVO shares. Craig Hallum upped their target price on Qorvo from $124.00 to $142.00 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 from $105.00) on shares of Qorvo in a research note on Wednesday, July 31st. The Goldman Sachs Group upped their price target on shares of Qorvo from $105.00 to $118.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. StockNews.com downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, JPMorgan Chase & Co. upped their target price on shares of Qorvo from $100.00 to $115.00 and gave the company an “underweight” rating in a report on Wednesday, July 31st. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $121.00.

Insider Buying and Selling at Qorvo

In related news, VP Gina Harrison sold 689 shares of the stock in a transaction that occurred 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 sale, the vice president now owns 21,601 shares of the company’s stock, valued at $2,325,779.67. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.46% of the company’s stock.

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.