Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Qorvo Inc (NASDAQ:QRVO) by 12.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 92,593 shares of the semiconductor company’s stock after purchasing an additional 10,563 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.08% of Qorvo worth $10,762,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in QRVO. Man Group plc raised its position in shares of Qorvo by 5,205.1% during the third quarter. Man Group plc now owns 1,023,884 shares of the semiconductor company’s stock worth $75,911,000 after purchasing an additional 1,004,584 shares during the period. Nuveen Asset Management LLC raised its position in shares of Qorvo by 13,099.6% during the second quarter. Nuveen Asset Management LLC now owns 406,944 shares of the semiconductor company’s stock worth $27,107,000 after purchasing an additional 403,861 shares during the period. Robecosam AG raised its position in shares of Qorvo by 879.5% during the third quarter. Robecosam AG now owns 382,000 shares of the semiconductor company’s stock worth $27,974,000 after purchasing an additional 343,000 shares during the period. Russell Investments Group Ltd. raised its position in shares of Qorvo by 142.1% during the third quarter. Russell Investments Group Ltd. now owns 301,002 shares of the semiconductor company’s stock worth $22,212,000 after purchasing an additional 176,681 shares during the period. Finally, First Trust Advisors LP raised its position in shares of Qorvo by 100.3% during the third quarter. First Trust Advisors LP now owns 332,955 shares of the semiconductor company’s stock worth $24,685,000 after purchasing an additional 166,764 shares during the period. 92.26% of the stock is currently owned by institutional investors.
Several research analysts recently weighed in on the company. Canaccord Genuity lowered Qorvo from a “buy” rating to a “hold” rating and upped their price target for the company from $92.00 to $110.00 in a research report on Wednesday, November 13th. JPMorgan Chase & Co. set a $110.00 price target on Qorvo and gave the company a “buy” rating in a research report on Friday, November 1st. Cfra raised Qorvo from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Morgan Stanley upped their price target on Qorvo from $104.00 to $112.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 18th. Finally, Mizuho raised Qorvo from a “neutral” rating to a “buy” rating and upped their price target for the company from $80.00 to $125.00 in a research report on Friday, January 10th. Nine research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $97.22.
Shares of NASDAQ QRVO opened at $118.68 on Friday. The business’s 50-day moving average price is $114.05 and its two-hundred day moving average price is $88.68. The company has a debt-to-equity ratio of 0.24, a current ratio of 3.45 and a quick ratio of 2.37. Qorvo Inc has a one year low of $58.52 and a one year high of $118.78. The company has a market capitalization of $13.51 billion, a P/E ratio of 57.06, a price-to-earnings-growth ratio of 2.01 and a beta of 1.22.
Qorvo (NASDAQ:QRVO) last issued its earnings results on Thursday, October 31st. The semiconductor company reported $1.52 EPS for the quarter, beating analysts’ consensus estimates of $1.30 by $0.22. Qorvo had a return on equity of 15.10% and a net margin of 8.19%. The firm had revenue of $806.70 million for the quarter, compared to the consensus estimate of $754.67 million. During the same quarter in the previous year, the company posted $1.75 earnings per share. The business’s quarterly revenue was down 8.8% compared to the same quarter last year. On average, equities analysts anticipate that Qorvo Inc will post 4.86 EPS for the current year.
Qorvo Company Profile
Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.
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