Daiwa Securities Group Inc. Acquires 6,644 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Daiwa Securities Group Inc. increased its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 51.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,442 shares of the semiconductor company’s stock after buying an additional 6,644 shares during the period. Daiwa Securities Group Inc.’s holdings in Qorvo were worth $2,008,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Piper Sandler decreased their price objective 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. Needham & Company LLC initiated coverage on shares of Qorvo in a report on Monday, October 28th. They issued a “buy” rating and a $135.00 price target for the company. Craig Hallum reduced their price target on shares of Qorvo from $142.00 to $105.00 and set a “buy” rating for the company in a report on Wednesday, October 30th. Benchmark cut shares of Qorvo from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Finally, StockNews.com cut shares of Qorvo from a “buy” rating to a “hold” rating in a report on Thursday, October 31st. 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 company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $102.88.

Qorvo Trading Up 0.4 %

QRVO stock opened at $68.40 on Friday. 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’s 50-day simple moving average is $88.20 and its 200 day simple moving average is $102.50. Qorvo, Inc. has a 52 week low of $64.98 and a 52 week high of $130.99. The company has a market capitalization of $6.47 billion, a PE ratio of -46.85, a price-to-earnings-growth ratio of 5.59 and a beta of 1.49.

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

Insider Activity at Qorvo

In other Qorvo news, VP Gina Harrison sold 689 shares of the stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $107.67, for a total transaction of $74,184.63. Following the sale, the vice president now directly owns 21,601 shares in the company, valued at $2,325,779.67. This represents a 3.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.46% of the stock is currently owned by corporate insiders.

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.