Point72 Hong Kong Ltd Purchases Shares of 116,272 Qorvo, Inc. (NASDAQ:QRVO)

Point72 Hong Kong Ltd acquired a new position in shares of Qorvo, Inc. (NASDAQ:QRVO) during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 116,272 shares of the semiconductor company’s stock, valued at approximately $12,011,000.

Several other hedge funds have also modified their holdings of QRVO. Vulcan Value Partners LLC increased its position in Qorvo by 35.0% in the second quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock worth $246,665,000 after purchasing an additional 550,111 shares during the last quarter. Pacer Advisors Inc. increased its holdings in shares of Qorvo by 7.1% in the 3rd quarter. Pacer Advisors Inc. now owns 1,528,748 shares of the semiconductor company’s stock worth $157,920,000 after buying an additional 101,742 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Qorvo by 0.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,323,463 shares of the semiconductor company’s stock worth $153,558,000 after buying an additional 4,386 shares during the last quarter. Thrivent Financial for Lutherans raised its position in shares of Qorvo by 140.2% during the 3rd quarter. Thrivent Financial for Lutherans now owns 835,336 shares of the semiconductor company’s stock valued at $86,290,000 after buying an additional 487,621 shares in the last quarter. Finally, Van ECK Associates Corp lifted its holdings in shares of Qorvo by 23.9% in the 3rd quarter. Van ECK Associates Corp now owns 832,292 shares of the semiconductor company’s stock valued at $83,429,000 after acquiring an additional 160,534 shares during the last quarter. 88.57% of the stock is owned by hedge funds and other institutional investors.

Qorvo Price Performance

Shares of NASDAQ:QRVO opened at $69.05 on Friday. The firm’s 50 day simple moving average is $86.84 and its 200-day simple moving average is $102.06. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45. Qorvo, Inc. has a one year low of $64.98 and a one year high of $130.99.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, topping the consensus estimate of $1.85 by $0.03. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period last year, the business posted $1.99 EPS. Analysts forecast that Qorvo, Inc. will post 3.37 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Morgan Stanley cut Qorvo from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $130.00 to $120.00 in a research note on Friday, October 11th. BNP Paribas downgraded Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 target price on the stock. in a research report on Wednesday, October 30th. TD Cowen lowered their price target on Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a research report on Wednesday, October 30th. Loop Capital assumed coverage on shares of Qorvo in a research report on Monday, November 11th. They set a “hold” rating and a $73.00 price objective on the stock. Finally, Piper Sandler lowered their target price on shares of Qorvo from $120.00 to $100.00 and set a “neutral” rating for the company in a report on Friday, October 25th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, Qorvo presently has an average rating of “Hold” and a consensus price target of $102.88.

Insider Activity

In other news, VP Gina Harrison sold 689 shares of the stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $107.67, for a total transaction of $74,184.63. Following the transaction, the vice president now directly owns 21,601 shares in the company, valued at approximately $2,325,779.67. This trade represents a 3.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.46% of the company’s stock.

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.