Stevens Capital Management LP Purchases New Stake in Qorvo, Inc. (NASDAQ:QRVO)

Stevens Capital Management LP purchased a new stake in Qorvo, Inc. (NASDAQ:QRVO) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,295 shares of the semiconductor company’s stock, valued at approximately $340,000.

A number of other large investors have also added to or reduced their stakes in QRVO. Pacer Advisors Inc. raised its stake in Qorvo by 17,255.9% in the 2nd quarter. Pacer Advisors Inc. now owns 1,427,006 shares of the semiconductor company’s stock valued at $165,590,000 after acquiring an additional 1,418,784 shares during the period. Vulcan Value Partners LLC raised its stake in Qorvo by 35.0% in the 2nd quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock valued at $246,665,000 after acquiring an additional 550,111 shares during the period. Thrivent Financial for Lutherans raised its stake in Qorvo by 140.2% in the 3rd quarter. Thrivent Financial for Lutherans now owns 835,336 shares of the semiconductor company’s stock valued at $86,290,000 after acquiring an additional 487,621 shares during the period. Caxton Associates LP acquired a new position in Qorvo in the 2nd quarter valued at $34,812,000. Finally, Robeco Institutional Asset Management B.V. grew its holdings in Qorvo by 78.6% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock valued at $55,548,000 after buying an additional 236,590 shares in the last quarter. Institutional investors own 88.57% of the company’s stock.

Qorvo Price Performance

Shares of QRVO opened at $68.69 on Friday. Qorvo, Inc. has a 1 year low of $64.98 and a 1 year high of $130.99. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.38. The company has a market capitalization of $6.49 billion, a price-to-earnings ratio of -47.05, a price-to-earnings-growth ratio of 5.64 and a beta of 1.42. The business has a 50-day moving average of $84.18 and a 200-day moving average of $101.25.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data 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. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same period last year, the company earned $1.99 earnings per share. The firm’s revenue was down 5.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Qorvo, Inc. will post 3.37 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on QRVO shares. Raymond James lowered Qorvo from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 30th. Morgan Stanley lowered Qorvo from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $130.00 to $120.00 in a report on Friday, October 11th. Loop Capital started coverage on Qorvo in a report on Monday, November 11th. They issued a “hold” rating and a $73.00 price objective on the stock. Needham & Company LLC started coverage on Qorvo in a report on Monday, October 28th. They set a “buy” rating and a $135.00 target price on the stock. Finally, Barclays reduced their target price on Qorvo from $120.00 to $90.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 30th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Qorvo currently has a consensus rating of “Hold” and an average target price of $102.88.

Qorvo Company 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.