Holderness Investments Co. Acquires 250 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Holderness Investments Co. increased its holdings in Qorvo, Inc. (NASDAQ:QRVO) by 1.8% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,214 shares of the semiconductor company’s stock after buying an additional 250 shares during the period. Holderness Investments Co.’s holdings in Qorvo were worth $1,649,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. Private Advisor Group LLC purchased a new stake in shares of Qorvo during the 4th quarter worth $227,000. Norges Bank purchased a new stake in shares of Qorvo during the fourth quarter valued at about $118,120,000. Coldstream Capital Management Inc. bought a new stake in shares of Qorvo in the 4th quarter valued at about $232,000. Corient Private Wealth LLC grew its position in shares of Qorvo by 12.0% in the 4th quarter. Corient Private Wealth LLC now owns 15,341 shares of the semiconductor company’s stock worth $1,728,000 after buying an additional 1,644 shares during the last quarter. Finally, Franklin Resources Inc. raised its stake in shares of 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 acquiring an additional 792 shares in the last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. JPMorgan Chase & Co. raised their target price on shares of Qorvo from $100.00 to $115.00 and gave the company an “underweight” rating in a research note on Wednesday, July 31st. Rosenblatt Securities raised their price objective on Qorvo from $105.00 to $120.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. Needham & Company LLC upped their target price on Qorvo from $110.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Barclays increased their price target on Qorvo from $100.00 to $125.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 30th. Finally, Susquehanna dropped their price target on Qorvo from $145.00 to $135.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 31st. Two 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 company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $121.00.

Insider Transactions at Qorvo

In related news, VP Gina Harrison sold 689 shares of the stock in a transaction on Friday, September 6th. The shares were sold at an average price of $107.67, for a total transaction of $74,184.63. Following the sale, the vice president now directly owns 21,601 shares of the company’s stock, valued at $2,325,779.67. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.46% of the company’s stock.

Qorvo Trading Down 0.9 %

Shares of Qorvo stock opened at $102.26 on Friday. Qorvo, Inc. has a 1 year low of $80.62 and a 1 year high of $130.99. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.95 and a quick ratio of 1.36. The stock has a market cap of $9.70 billion, a PE ratio of -140.08, a price-to-earnings-growth ratio of 1.23 and a beta of 1.46. The firm has a fifty day moving average price of $112.02 and a 200 day moving average price of $110.40.

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. The firm 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%. The company’s revenue was up 36.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.03 earnings per share. Equities research analysts predict that Qorvo, Inc. will post 4.8 earnings per share for the current year.

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.