Wealth Enhancement Advisory Services LLC Purchases 717 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Wealth Enhancement Advisory Services LLC boosted its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 10.5% in the 1st quarter, Holdings Channel.com reports. The firm owned 7,561 shares of the semiconductor company’s stock after buying an additional 717 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Qorvo were worth $547,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of the stock. NorthCrest Asset Manangement LLC raised its stake in Qorvo by 2.5% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 61,595 shares of the semiconductor company’s stock valued at $4,460,000 after purchasing an additional 1,497 shares during the last quarter. Simon Quick Advisors LLC acquired a new stake in shares of Qorvo during the 1st quarter worth about $261,000. CX Institutional increased its position in shares of Qorvo by 18.0% during the 1st quarter. CX Institutional now owns 3,787 shares of the semiconductor company’s stock worth $274,000 after purchasing an additional 579 shares in the last quarter. SG Americas Securities LLC increased its position in shares of Qorvo by 240.5% during the 1st quarter. SG Americas Securities LLC now owns 9,780 shares of the semiconductor company’s stock worth $708,000 after purchasing an additional 6,908 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Qorvo by 99.1% during the 1st quarter. GAMMA Investing LLC now owns 3,665 shares of the semiconductor company’s stock worth $265,000 after purchasing an additional 1,824 shares in the last quarter. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

QRVO has been the subject of a number of recent analyst reports. Benchmark upgraded shares of Qorvo from a “hold” rating to a “buy” rating and set a $95.00 target price for the company in a research report on Wednesday, April 30th. Barclays raised their target price on shares of Qorvo from $60.00 to $70.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 30th. Stifel Nicolaus set a $75.00 target price on shares of Qorvo in a research note on Monday, April 28th. Mizuho set a $84.00 price objective on shares of Qorvo and gave the stock a “neutral” rating in a research note on Tuesday. Finally, TD Cowen dropped their target price on shares of Qorvo from $90.00 to $80.00 and set a “hold” rating on the stock in a report on Wednesday, April 30th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $90.89.

Insider Activity

In other news, Director John R. Harding sold 1,450 shares of the business’s stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $70.09, for a total value of $101,630.50. Following the completion of the sale, the director owned 7,597 shares of the company’s stock, valued at approximately $532,473.73. The trade was a 16.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.41% of the company’s stock.

Qorvo Price Performance

Shares of QRVO opened at $84.35 on Friday. The company has a market cap of $7.83 billion, a price-to-earnings ratio of 145.43, a PEG ratio of 2.37 and a beta of 1.39. Qorvo, Inc. has a 1-year low of $49.46 and a 1-year high of $130.99. The company’s fifty day simple moving average is $77.92 and its 200 day simple moving average is $73.95. The company has a current ratio of 2.77, a quick ratio of 1.95 and a debt-to-equity ratio of 0.46.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Tuesday, April 29th. The semiconductor company reported $1.42 EPS for the quarter, beating the consensus estimate of $1.00 by $0.42. Qorvo had a net margin of 1.50% and a return on equity of 12.48%. The firm had revenue of $869.47 million for the quarter, compared to the consensus estimate of $850.13 million. During the same period in the previous year, the company earned $1.39 earnings per share. The company’s quarterly revenue was down 7.6% on a year-over-year basis. On average, research analysts forecast that Qorvo, Inc. will post 4.09 earnings per share for the current fiscal 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.