Nisa Investment Advisors LLC Grows Position in Qorvo, Inc. (NASDAQ:QRVO)

Nisa Investment Advisors LLC grew its stake in Qorvo, Inc. (NASDAQ:QRVO) by 205.1% in the first quarter, HoldingsChannel reports. The institutional investor owned 717 shares of the semiconductor company’s stock after buying an additional 482 shares during the period. Nisa Investment Advisors LLC’s holdings in Qorvo were worth $52,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Ameriprise Financial Inc. lifted its holdings in shares of Qorvo by 102.0% during the fourth quarter. Ameriprise Financial Inc. now owns 3,597,546 shares of the semiconductor company’s stock worth $251,577,000 after purchasing an additional 1,816,811 shares during the period. Norges Bank acquired a new stake in Qorvo during the 4th quarter valued at approximately $71,825,000. Vulcan Value Partners LLC lifted its stake in Qorvo by 53.7% during the 4th quarter. Vulcan Value Partners LLC now owns 2,581,296 shares of the semiconductor company’s stock valued at $180,487,000 after acquiring an additional 902,353 shares during the period. Voloridge Investment Management LLC purchased a new stake in shares of Qorvo in the 4th quarter valued at $29,650,000. Finally, Dimensional Fund Advisors LP increased its stake in shares of Qorvo by 22.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,419,698 shares of the semiconductor company’s stock worth $99,280,000 after acquiring an additional 264,167 shares during the period. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Qorvo Stock Down 0.1%

Shares of QRVO opened at $88.57 on Friday. The firm has a market cap of $8.22 billion, a P/E ratio of 152.71, a PEG ratio of 2.36 and a beta of 1.39. Qorvo, Inc. has a 12 month low of $49.46 and a 12 month high of $125.88. The stock’s 50 day moving average is $81.65 and its two-hundred day moving average is $75.18. 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 results on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.42. The firm had revenue of $869.47 million for the quarter, compared to analysts’ expectations of $850.13 million. Qorvo had a net margin of 1.50% and a return on equity of 12.48%. The firm’s revenue for the quarter was down 7.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.39 EPS. Analysts predict that Qorvo, Inc. will post 4.09 earnings per share for the current fiscal year.

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 transaction of $101,630.50. Following the completion of the sale, the director owned 7,597 shares of the company’s stock, valued at $532,473.73. The trade was a 16.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.41% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on QRVO. Loop Capital reduced their target price on shares of Qorvo from $90.00 to $75.00 and set a “hold” rating for the company in a report on Wednesday, April 30th. Barclays increased their price target on Qorvo from $60.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 30th. Citigroup reissued a “sell” rating on shares of Qorvo in a report on Tuesday, June 10th. Wall Street Zen downgraded Qorvo from a “buy” rating to a “hold” rating in a research note on Saturday, June 7th. Finally, Benchmark raised Qorvo from a “hold” rating to a “buy” rating and set a $95.00 target price on the stock in a report on Wednesday, April 30th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Qorvo has a consensus rating of “Hold” and an average price target of $91.53.

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.