Polaris Wealth Advisory Group LLC Makes New Investment in Qorvo, Inc. (NASDAQ:QRVO)

Polaris Wealth Advisory Group LLC acquired a new position in shares of Qorvo, Inc. (NASDAQ:QRVO) in the 3rd quarter, HoldingsChannel.com reports. The firm acquired 2,195 shares of the semiconductor company’s stock, valued at approximately $297,000.

A number of other hedge funds also recently made changes to their positions in the business. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its holdings in shares of Qorvo by 7.4% in the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,452 shares of the semiconductor company’s stock valued at $187,000 after buying an additional 100 shares during the period. Fortem Financial Group LLC acquired a new position in shares of Qorvo in the 3rd quarter valued at about $290,000. Raymond James Trust N.A. acquired a new position in shares of Qorvo in the 3rd quarter valued at about $211,000. Strategic Investment Advisors MI acquired a new position in shares of Qorvo in the 3rd quarter valued at about $240,000. Finally, Winfield Associates Inc. boosted its holdings in shares of Qorvo by 46.0% in the 3rd quarter. Winfield Associates Inc. now owns 7,300 shares of the semiconductor company’s stock valued at $942,000 after buying an additional 2,300 shares during the period. 85.94% of the stock is owned by institutional investors.

QRVO stock opened at $134.76 on Friday. Qorvo, Inc. has a 52 week low of $67.54 and a 52 week high of $140.69. The company has a market capitalization of $15.39 billion, a price-to-earnings ratio of 40.59, a price-to-earnings-growth ratio of 1.76 and a beta of 1.44. The firm’s 50-day moving average is $128.50 and its two-hundred day moving average is $112.44. The company has a current ratio of 4.08, a quick ratio of 3.05 and a debt-to-equity ratio of 0.43.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Wednesday, July 29th. The semiconductor company reported $1.50 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.37. Qorvo had a net margin of 12.05% and a return on equity of 16.10%. The company had revenue of $787.50 million for the quarter, compared to the consensus estimate of $729.91 million. During the same period in the previous year, the firm earned $1.36 EPS. Qorvo’s revenue was up 1.5% on a year-over-year basis. On average, equities research analysts predict that Qorvo, Inc. will post 6.12 earnings per share for the current year.

In related news, VP James L. Klein sold 1,440 shares of the business’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $125.77, for a total value of $181,108.80. Following the sale, the vice president now directly owns 47,345 shares in the company, valued at approximately $5,954,580.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Steven E. Creviston sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $123.59, for a total transaction of $247,180.00. Following the completion of the sale, the vice president now owns 61,944 shares in the company, valued at $7,655,658.96. The disclosure for this sale can be found here. Insiders sold a total of 24,658 shares of company stock worth $3,151,072 over the last quarter. Insiders own 0.66% of the company’s stock.

Several research analysts have recently commented on QRVO shares. Morgan Stanley lifted their price target on shares of Qorvo from $150.00 to $155.00 and gave the company an “overweight” rating in a report on Tuesday, September 15th. Oppenheimer raised shares of Qorvo from a “market perform” rating to an “outperform” rating and set a $150.00 price target for the company in a report on Thursday, July 30th. Goldman Sachs Group lifted their price target on shares of Qorvo from $115.00 to $137.00 and gave the company a “buy” rating in a report on Monday, July 6th. Craig Hallum lifted their price target on shares of Qorvo from $120.00 to $140.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Qorvo from $140.00 to $145.00 and gave the company an “overweight” rating in a research note on Wednesday, September 9th. Five investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $130.05.

About Qorvo

Qorvo, Inc develops and commercializes technologies and products for wireless and wired connectivity worldwide. The company operates in two segments, Mobile Products, and Infrastructure and Defense Products. The company offers integrated modules incorporating switches, power amplifiers, filters and duplexers, antenna tuners, RF power management integrated circuits, multimode/multi-band PAs and transmit modules, antenna-plexers, discrete filters and duplexers, discrete switches, and UWB system solutions, as well as envelope tracking power management solutions, antenna control solutions, and UWB system solutions supporting secure, low power, location, and communication services.

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Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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