Oliver Luxxe Assets LLC Boosts Stake in Qorvo, Inc. (NASDAQ:QRVO)

Oliver Luxxe Assets LLC lifted its position in Qorvo, Inc. (NASDAQ:QRVO) by 50.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,946 shares of the semiconductor company’s stock after purchasing an additional 3,355 shares during the quarter. Oliver Luxxe Assets LLC’s holdings in Qorvo were worth $1,142,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. FIL Ltd boosted its holdings in Qorvo by 4.5% during the 4th quarter. FIL Ltd now owns 2,778,629 shares of the semiconductor company’s stock valued at $312,901,000 after acquiring an additional 120,213 shares during the period. Boston Partners boosted its holdings in Qorvo by 0.5% during the 4th quarter. Boston Partners now owns 1,436,328 shares of the semiconductor company’s stock valued at $161,726,000 after acquiring an additional 6,558 shares during the period. Norges Bank purchased a new stake in Qorvo during the 4th quarter valued at about $118,120,000. Charles Schwab Investment Management Inc. boosted its holdings in Qorvo by 2.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 916,073 shares of the semiconductor company’s stock valued at $103,159,000 after acquiring an additional 22,951 shares during the period. Finally, Balyasny Asset Management L.P. boosted its holdings in Qorvo by 161.2% during the 4th quarter. Balyasny Asset Management L.P. now owns 857,596 shares of the semiconductor company’s stock valued at $96,574,000 after acquiring an additional 529,309 shares during the period. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Qorvo Stock Up 0.2 %

QRVO traded up $0.29 during trading on Monday, hitting $116.33. 427,431 shares of the company’s stock traded hands, compared to its average volume of 1,350,318. The company’s 50 day simple moving average is $104.67 and its two-hundred day simple moving average is $108.67. The company has a current ratio of 1.99, a quick ratio of 1.41 and a debt-to-equity ratio of 0.44. Qorvo, Inc. has a 12-month low of $80.62 and a 12-month high of $121.65. The stock has a market capitalization of $11.12 billion, a price-to-earnings ratio of -158.96, a PEG ratio of 1.12 and a beta of 1.46.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Wednesday, May 1st. The semiconductor company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.21 by $0.18. Qorvo had a positive return on equity of 13.43% and a negative net margin of 1.86%. The business had revenue of $941.00 million for the quarter, compared to the consensus estimate of $927.24 million. During the same period last year, the business posted $0.11 EPS. The company’s revenue was up 48.7% compared to the same quarter last year. Analysts predict that Qorvo, Inc. will post 5.16 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

QRVO has been the subject of several analyst reports. Rosenblatt Securities restated a “neutral” rating and set a $105.00 target price on shares of Qorvo in a report on Wednesday, June 12th. Needham & Company LLC reaffirmed a “buy” rating and set a $110.00 price target on shares of Qorvo in a research report on Wednesday, June 12th. JPMorgan Chase & Co. lowered their price target on Qorvo from $105.00 to $100.00 and set an “underweight” rating for the company in a research report on Thursday, May 2nd. Benchmark lowered their price target on Qorvo from $136.00 to $128.00 and set a “buy” rating for the company in a research report on Thursday, May 2nd. Finally, Susquehanna lowered their price target on Qorvo from $100.00 to $95.00 and set a “neutral” rating for the company in a research report on Thursday, May 2nd. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Qorvo has an average rating of “Hold” and a consensus target price of $110.83.

Insider Transactions at Qorvo

In other news, CEO Robert A. Bruggeworth sold 15,279 shares of the firm’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $100.00, for a total value of $1,527,900.00. Following the transaction, the chief executive officer now directly owns 190,161 shares in the company, valued at approximately $19,016,100. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO Robert A. Bruggeworth sold 15,279 shares of the firm’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $100.00, for a total value of $1,527,900.00. Following the transaction, the chief executive officer now directly owns 190,161 shares of the company’s stock, valued at approximately $19,016,100. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Robert A. Bruggeworth sold 22,299 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $99.31, for a total value of $2,214,513.69. Following the sale, the chief executive officer now directly owns 154,714 shares in the company, valued at $15,364,647.34. The disclosure for this sale can be found here. Insiders have sold a total of 45,372 shares of company stock worth $4,517,858 in the last ninety days. 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.