Petrus Trust Company LTA Boosts Stock Position in Qorvo, Inc. (NASDAQ:QRVO)

Petrus Trust Company LTA raised its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 74.0% in the third quarter, Holdings Channel reports. The institutional investor owned 9,810 shares of the semiconductor company’s stock after buying an additional 4,172 shares during the quarter. Petrus Trust Company LTA’s holdings in Qorvo were worth $1,013,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in QRVO. Point72 DIFC Ltd purchased a new position in Qorvo in the third quarter worth about $151,000. Investment Management Corp of Ontario increased its position in shares of Qorvo by 46.2% during the third quarter. Investment Management Corp of Ontario now owns 3,164 shares of the semiconductor company’s stock valued at $327,000 after acquiring an additional 1,000 shares in the last quarter. Centiva Capital LP raised its holdings in Qorvo by 338.0% in the 3rd quarter. Centiva Capital LP now owns 13,696 shares of the semiconductor company’s stock worth $1,415,000 after acquiring an additional 10,569 shares during the last quarter. Paloma Partners Management Co bought a new position in Qorvo in the 3rd quarter valued at approximately $5,165,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in Qorvo during the 3rd quarter valued at $226,000. 88.57% of the stock is owned by institutional investors.

Qorvo Price Performance

NASDAQ QRVO opened at $70.43 on Wednesday. The business’s fifty day moving average is $85.56 and its 200 day moving average is $101.70. Qorvo, Inc. has a fifty-two week low of $64.98 and a fifty-two week high of $130.99. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90. The company has a market capitalization of $6.66 billion, a PE ratio of -48.24, a price-to-earnings-growth ratio of 5.67 and a beta of 1.42.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.03. The firm 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%. The business’s quarterly revenue was down 5.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.99 EPS. Sell-side analysts predict that Qorvo, Inc. will post 3.37 earnings per share for the current year.

Insider Buying and Selling at Qorvo

In related news, VP Gina Harrison sold 689 shares of the stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $107.67, for a total transaction of $74,184.63. Following the completion of the sale, the vice president now 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 SEC, which can be accessed through this hyperlink. Insiders own 0.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on QRVO. Barclays decreased their price target on Qorvo from $120.00 to $90.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 30th. Susquehanna lowered their target price on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 30th. Morgan Stanley lowered shares of Qorvo from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $130.00 to $120.00 in a research note on Friday, October 11th. BNP Paribas cut shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price objective for the company. in a report on Wednesday, October 30th. Finally, Piper Sandler dropped their target price on shares of Qorvo from $120.00 to $100.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $102.88.

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.