MQS Management LLC Invests $246,000 in Qorvo, Inc. (NASDAQ:QRVO)

MQS Management LLC acquired a new stake in Qorvo, Inc. (NASDAQ:QRVO) in the third quarter, HoldingsChannel reports. The firm acquired 2,386 shares of the semiconductor company’s stock, valued at approximately $246,000.

Several other hedge funds have also added to or reduced their stakes in the business. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Qorvo in the 2nd quarter valued at approximately $29,000. EverSource Wealth Advisors LLC increased its holdings in Qorvo by 81.0% in the first quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after purchasing an additional 115 shares during the period. Versant Capital Management Inc raised its position in Qorvo by 9,333.3% during the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 280 shares during the last quarter. New Millennium Group LLC bought a new position in Qorvo during the 2nd quarter worth $34,000. Finally, Blue Trust Inc. lifted its holdings in Qorvo by 241.6% during the 2nd quarter. Blue Trust Inc. now owns 345 shares of the semiconductor company’s stock worth $40,000 after buying an additional 244 shares during the period. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. UBS Group lowered their price objective on Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research report on Wednesday, October 30th. Rosenblatt Securities raised their price target on shares of Qorvo from $105.00 to $120.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Needham & Company LLC initiated coverage on shares of Qorvo in a research note on Monday, October 28th. They issued a “buy” rating and a $135.00 price objective on the stock. JPMorgan Chase & Co. lowered their target price on shares of Qorvo from $115.00 to $95.00 and set an “underweight” rating for the company in a research note on Wednesday, October 30th. Finally, StockNews.com cut shares of Qorvo from a “buy” rating to a “hold” rating in a research report on Thursday, October 31st. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $102.88.

Insider Buying and Selling at Qorvo

In related news, VP Gina Harrison sold 689 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $107.67, for a total value of $74,184.63. Following the sale, the vice president now owns 21,601 shares in the company, valued at $2,325,779.67. This represents a 3.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.46% of the company’s stock.

Qorvo Trading Up 1.1 %

Shares of NASDAQ:QRVO opened at $66.30 on Friday. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45. Qorvo, Inc. has a 52-week low of $65.35 and a 52-week high of $130.99. The business’s 50 day simple moving average is $94.75 and its two-hundred day simple moving average is $104.68.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.03. The company had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. Qorvo’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same period last year, the business earned $1.99 EPS. As a group, equities analysts forecast that Qorvo, Inc. will post 3.37 EPS for the current year.

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.