Van ECK Associates Corp Boosts Stock Position in Qorvo, Inc. (NASDAQ:QRVO)

Van ECK Associates Corp lifted its stake in Qorvo, Inc. (NASDAQ:QRVO) by 26.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 503,176 shares of the semiconductor company’s stock after acquiring an additional 104,215 shares during the period. Van ECK Associates Corp owned approximately 0.52% of Qorvo worth $56,663,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Zhang Financial LLC increased its holdings in shares of Qorvo by 2.7% in the fourth quarter. Zhang Financial LLC now owns 3,852 shares of the semiconductor company’s stock worth $434,000 after purchasing an additional 102 shares during the period. Wahed Invest LLC raised its holdings in shares of Qorvo by 7.5% in the 3rd quarter. Wahed Invest LLC now owns 1,540 shares of the semiconductor company’s stock valued at $147,000 after acquiring an additional 108 shares in the last quarter. Teacher Retirement System of Texas grew its holdings in shares of Qorvo by 1.5% during the third quarter. Teacher Retirement System of Texas now owns 7,669 shares of the semiconductor company’s stock worth $732,000 after purchasing an additional 116 shares in the last quarter. Hanson & Doremus Investment Management raised its stake in Qorvo by 1.6% in the third quarter. Hanson & Doremus Investment Management now owns 12,437 shares of the semiconductor company’s stock valued at $1,187,000 after purchasing an additional 190 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in Qorvo by 8.8% in the fourth quarter. Nisa Investment Advisors LLC now owns 2,467 shares of the semiconductor company’s stock valued at $278,000 after purchasing an additional 200 shares in the last quarter. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Qorvo Trading Down 0.6 %

Shares of QRVO stock traded down $0.74 during trading hours on Tuesday, reaching $118.09. The company’s stock had a trading volume of 215,654 shares, compared to its average volume of 1,245,797. The company has a current ratio of 1.90, a quick ratio of 1.33 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $11.40 billion, a P/E ratio of -54.93, a P/E/G ratio of 0.90 and a beta of 1.56. The firm’s fifty day simple moving average is $113.74 and its 200 day simple moving average is $105.41. Qorvo, Inc. has a one year low of $80.62 and a one year high of $121.65.

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

Wall Street Analysts Forecast Growth

QRVO has been the topic of a number of research analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $125.00 price target on shares of Qorvo in a report on Thursday, February 1st. StockNews.com cut Qorvo from a “buy” rating to a “hold” rating in a report on Thursday, February 8th. The Goldman Sachs Group increased their price target on shares of Qorvo from $104.00 to $117.00 and gave the company a “neutral” rating in a research report on Thursday, February 1st. Susquehanna restated a “neutral” rating and issued a $100.00 price objective on shares of Qorvo in a report on Monday, April 8th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Qorvo from $95.00 to $105.00 and gave the company an “underweight” rating in a research note on Thursday, February 1st. Two analysts have rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $111.53.

Insider Buying and Selling at Qorvo

In other Qorvo news, 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 transaction 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Qorvo news, VP Gina Harrison sold 354 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $114.00, for a total transaction 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 sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Paul J. Fego sold 3,027 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $114.00, for a total value of $345,078.00. Following the sale, the senior vice president now owns 29,705 shares of the company’s stock, valued at approximately $3,386,370. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,381 shares of company stock valued at $745,434. Corporate insiders own 0.43% of the company’s stock.

Qorvo Profile

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.