Highland Capital Management LLC Acquires 14,060 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Highland Capital Management LLC raised its holdings in Qorvo, Inc. (NASDAQ:QRVO) by 48.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 42,790 shares of the semiconductor company’s stock after acquiring an additional 14,060 shares during the period. Highland Capital Management LLC’s holdings in Qorvo were worth $4,819,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Barclays PLC lifted its stake in shares of Qorvo by 646.2% in the third quarter. Barclays PLC now owns 3,866,040 shares of the semiconductor company’s stock worth $369,091,000 after acquiring an additional 3,347,972 shares during the period. Norges Bank acquired a new position in shares of Qorvo in the fourth quarter worth approximately $101,478,000. UBS Group AG lifted its stake in shares of Qorvo by 491.9% in the third quarter. UBS Group AG now owns 1,267,273 shares of the semiconductor company’s stock worth $120,987,000 after acquiring an additional 1,053,157 shares during the period. JPMorgan Chase & Co. lifted its stake in Qorvo by 142.1% in the first quarter. JPMorgan Chase & Co. now owns 1,271,221 shares of the semiconductor company’s stock valued at $129,119,000 after buying an additional 746,216 shares during the period. Finally, Baupost Group LLC MA lifted its stake in Qorvo by 11.8% in the first quarter. Baupost Group LLC MA now owns 6,645,712 shares of the semiconductor company’s stock valued at $824,733,000 after buying an additional 699,968 shares during the period. 88.57% of the stock is currently owned by institutional investors.

Insider Activity

In related news, VP Gina Harrison sold 354 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $114.00, for a total transaction of $40,356.00. Following the sale, the vice president now owns 18,442 shares of the company’s stock, valued at approximately $2,102,388. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, SVP Steven E. Creviston sold 3,000 shares of the stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $120.00, for a total transaction of $360,000.00. Following the sale, the senior vice president now owns 77,552 shares of the company’s stock, valued at approximately $9,306,240. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Gina Harrison sold 354 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $114.00, for a total value of $40,356.00. Following the completion of the sale, the vice president now directly owns 18,442 shares in the company, valued at approximately $2,102,388. The disclosure for this sale can be found here. Insiders have sold 6,381 shares of company stock valued at $745,434 in the last 90 days. Insiders own 0.43% of the company’s stock.

Analyst Ratings Changes

QRVO has been the topic of several recent analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $125.00 price target on shares of Qorvo in a research note on Thursday, February 1st. Raymond James upped their target price on Qorvo from $115.00 to $120.00 and gave the stock an “outperform” rating in a research report on Thursday, February 1st. Rosenblatt Securities upped their target price on Qorvo from $95.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, February 1st. The Goldman Sachs Group upped their target price on Qorvo from $104.00 to $117.00 and gave the stock a “neutral” rating in a research report on Thursday, February 1st. Finally, Craig Hallum upped their target price on Qorvo from $110.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, February 1st. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $111.17.

Qorvo Stock Performance

Shares of NASDAQ QRVO opened at $114.60 on Thursday. Qorvo, Inc. has a one year low of $80.62 and a one year high of $121.65. The company has a quick ratio of 1.33, a current ratio of 1.90 and a debt-to-equity ratio of 0.43. The business’s fifty day moving average price is $111.51 and its 200-day moving average price is $102.46.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Wednesday, January 31st. The semiconductor company reported $1.89 EPS for the quarter, beating analysts’ consensus estimates of $1.42 by $0.47. Qorvo had a positive return on equity of 10.41% and a negative net margin of 6.11%. The firm had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1 billion. On average, research analysts anticipate that Qorvo, Inc. will post 4.95 EPS 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.