State of Michigan Retirement System Grows Stock Position in Qorvo, Inc. (NASDAQ:QRVO)

State of Michigan Retirement System increased its position in shares of Qorvo, Inc. (NASDAQ:QRVO) by 0.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 32,619 shares of the semiconductor company’s stock after buying an additional 200 shares during the period. State of Michigan Retirement System’s holdings in Qorvo were worth $3,785,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Verdence Capital Advisors LLC boosted its position in shares of Qorvo by 11.9% during the 2nd quarter. Verdence Capital Advisors LLC now owns 3,744 shares of the semiconductor company’s stock worth $434,000 after acquiring an additional 397 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Qorvo by 5.4% in the second quarter. Bank of New York Mellon Corp now owns 691,229 shares of the semiconductor company’s stock valued at $80,210,000 after purchasing an additional 35,232 shares in the last quarter. New Millennium Group LLC purchased a new position in Qorvo in the second quarter valued at approximately $34,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors raised its holdings in Qorvo by 12.9% during the second quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 2,061 shares of the semiconductor company’s stock worth $239,000 after purchasing an additional 236 shares in the last quarter. Finally, Fifth Third Bancorp increased its position in shares of Qorvo by 9.5% during the second quarter. Fifth Third Bancorp now owns 6,947 shares of the semiconductor company’s stock worth $806,000 after purchasing an additional 600 shares in the last quarter. Institutional investors and hedge funds own 88.57% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on QRVO shares. The Goldman Sachs Group boosted their price objective on shares of Qorvo from $105.00 to $118.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. Mizuho cut their price target on shares of Qorvo from $115.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, May 2nd. Piper Sandler reaffirmed a “neutral” rating and issued a $120.00 price objective (up previously from $105.00) on shares of Qorvo in a report on Wednesday, July 31st. StockNews.com cut Qorvo from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, Craig Hallum boosted their price objective on shares of Qorvo from $124.00 to $142.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $121.00.

Insider Transactions at Qorvo

In other Qorvo news, CEO Robert A. Bruggeworth sold 15,279 shares of Qorvo stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $100.00, for a total transaction of $1,527,900.00. Following the sale, 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 Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.46% of the company’s stock.

Qorvo Stock Down 0.2 %

NASDAQ:QRVO traded down $0.18 during trading hours on Tuesday, hitting $112.21. The stock had a trading volume of 26,162 shares, compared to its average volume of 1,352,875. The company has a market cap of $10.66 billion, a PE ratio of -153.96, a price-to-earnings-growth ratio of 1.34 and a beta of 1.46. The business has a 50 day simple moving average of $115.83 and a two-hundred day simple moving average of $111.25. Qorvo, Inc. has a 1-year low of $80.62 and a 1-year high of $130.99. The company has a current ratio of 1.95, a quick ratio of 1.36 and a debt-to-equity ratio of 0.44.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.16. Qorvo had a negative net margin of 0.66% and a positive return on equity of 14.92%. The business had revenue of $886.70 million during the quarter, compared to analyst estimates of $851.95 million. During the same period last year, the business earned $0.03 EPS. The business’s revenue was up 36.2% on a year-over-year basis. Analysts predict that Qorvo, Inc. will post 4.84 EPS for the current year.

About Qorvo

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.