AIA Group Ltd Raises Stake in Qorvo, Inc. (NASDAQ:QRVO)

AIA Group Ltd boosted its holdings in Qorvo, Inc. (NASDAQ:QRVOGet Rating) by 46.0% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 1,718 shares of the semiconductor company’s stock after buying an additional 541 shares during the period. AIA Group Ltd’s holdings in Qorvo were worth $213,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Kendall Capital Management raised its holdings in shares of Qorvo by 16.7% during the 1st quarter. Kendall Capital Management now owns 7,420 shares of the semiconductor company’s stock valued at $921,000 after buying an additional 1,060 shares during the period. IndexIQ Advisors LLC purchased a new position in shares of Qorvo in the first quarter valued at $32,000. IFM Investors Pty Ltd grew its holdings in Qorvo by 18.3% during the 1st quarter. IFM Investors Pty Ltd now owns 17,348 shares of the semiconductor company’s stock valued at $2,153,000 after purchasing an additional 2,678 shares in the last quarter. SFE Investment Counsel increased its stake in Qorvo by 460.7% during the 1st quarter. SFE Investment Counsel now owns 14,999 shares of the semiconductor company’s stock worth $1,861,000 after buying an additional 12,324 shares during the period. Finally, Pinnacle Wealth Management Advisory Group LLC boosted its position in Qorvo by 21.3% in the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 5,475 shares of the semiconductor company’s stock valued at $679,000 after buying an additional 960 shares during the last quarter. 85.87% of the stock is owned by institutional investors and hedge funds.

Qorvo Trading Down 2.3 %

Qorvo stock opened at $106.09 on Friday. The firm has a 50-day moving average price of $101.37 and a two-hundred day moving average price of $115.30. Qorvo, Inc. has a 52-week low of $90.16 and a 52-week high of $198.00. The firm has a market capitalization of $11.00 billion, a price-to-earnings ratio of 14.36, a PEG ratio of 1.11 and a beta of 1.35. The company has a quick ratio of 2.51, a current ratio of 3.63 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVOGet Rating) last issued its quarterly earnings data on Wednesday, May 4th. The semiconductor company reported $3.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.71 by $0.32. Qorvo had a return on equity of 26.00% and a net margin of 17.87%. The business had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period in the prior year, the company posted $2.59 EPS. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. Sell-side analysts expect that Qorvo, Inc. will post 9.65 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Morgan Stanley dropped their target price on Qorvo from $120.00 to $109.00 and set an “equal weight” rating on the stock in a research report on Thursday. Raymond James cut their target price on Qorvo from $155.00 to $130.00 and set an “outperform” rating on the stock in a research report on Thursday. Susquehanna Bancshares decreased their price target on shares of Qorvo to $115.00 in a research report on Monday, July 25th. Mizuho cut their price target on shares of Qorvo from $110.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday. Finally, Piper Sandler decreased their price objective on shares of Qorvo from $135.00 to $115.00 and set an “overweight” rating for the company in a report on Thursday. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $132.55.

Insiders Place Their Bets

In related news, Director Roderick Nelson sold 4,761 shares of the business’s stock in a transaction that occurred on Monday, May 16th. The stock was sold at an average price of $104.45, for a total transaction of $497,286.45. Following the sale, the director now owns 5,595 shares of the company’s stock, valued at $584,397.75. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Qorvo news, Director Roderick Nelson sold 4,761 shares of the company’s stock in a transaction dated Monday, May 16th. The shares were sold at an average price of $104.45, for a total value of $497,286.45. Following the completion of the sale, the director now directly owns 5,595 shares of the company’s stock, valued at approximately $584,397.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Paul J. Fego sold 3,403 shares of the business’s stock in a transaction that occurred on Wednesday, June 15th. The stock was sold at an average price of $97.38, for a total transaction of $331,384.14. Following the completion of the sale, the vice president now owns 31,073 shares in the company, valued at $3,025,888.74. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,070 shares of company stock worth $2,055,769. 0.45% of the stock is owned by corporate insiders.

Qorvo Profile

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Qorvo, Inc develops and commercializes technologies and products for wireless, wired, and power markets worldwide. The company operates through two segments, Mobile Products, and Infrastructure and Defense Products. It offers mobile devices, such as smartphones, wearables, laptops, tablets and other devices; radio frequency power management integrated circuits, ultra-wideband (UWB) system-on-a-chip (SoC) and system-in-package (SiP) solutions, MEMS-based sensors, antenna tuners, and antennaplexers, as well as discrete multiplexers, duplexers, filters, and switches; and cellular base stations include switch-low noise amplifier (LNA) modules, variable gain amplifiers, integrated power amplifier (PA) Doherty modules, discrete LNAs, and high power GaN amplifiers.

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Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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