Liberty Mutual Group Asset Management Inc. cut its stake in Qorvo, Inc. (NASDAQ:QRVO) by 26.4% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 6,956 shares of the semiconductor company’s stock after selling 2,489 shares during the period. Liberty Mutual Group Asset Management Inc.’s holdings in Qorvo were worth $476,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Russell Investments Group Ltd. acquired a new position in Qorvo during the fourth quarter valued at about $574,000. First Republic Investment Management Inc. boosted its position in Qorvo by 36.1% in the fourth quarter. First Republic Investment Management Inc. now owns 6,727 shares of the semiconductor company’s stock valued at $354,000 after buying an additional 1,785 shares during the last quarter. Janus Capital Management LLC boosted its position in Qorvo by 428.9% in the fourth quarter. Janus Capital Management LLC now owns 243,235 shares of the semiconductor company’s stock valued at $12,826,000 after buying an additional 197,243 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Qorvo by 59.5% in the fourth quarter. AQR Capital Management LLC now owns 218,480 shares of the semiconductor company’s stock valued at $11,520,000 after buying an additional 81,467 shares during the period. Finally, Cigna Investments Inc. New purchased a new stake in shares of Qorvo during the fourth quarter valued at $247,000. 96.38% of the stock is owned by institutional investors.
Shares of Qorvo, Inc. (NASDAQ:QRVO) opened at 69.29 on Friday. The stock’s market capitalization is $8.81 billion. The company has a 50-day moving average price of $69.98 and a 200 day moving average price of $67.75. Qorvo, Inc. has a 52 week low of $48.28 and a 52 week high of $79.34.
Qorvo (NASDAQ:QRVO) last posted its earnings results on Wednesday, May 3rd. The semiconductor company reported $0.74 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.74. The firm had revenue of $643 million for the quarter, compared to analyst estimates of $632.12 million. Qorvo had a positive return on equity of 10.39% and a negative net margin of 0.55%. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.04 earnings per share. Analysts forecast that Qorvo, Inc. will post $5.60 earnings per share for the current fiscal year.
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Several brokerages have recently weighed in on QRVO. Zacks Investment Research lowered Qorvo from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 21st. Raymond James Financial, Inc. began coverage on Qorvo in a report on Friday, June 16th. They issued an “outperform” rating and a $87.00 price objective for the company. Needham & Company LLC restated a “buy” rating and issued a $70.00 price objective on shares of Qorvo in a report on Thursday, May 4th. Cowen and Company restated a “market perform” rating and issued a $74.00 price objective (up previously from $60.00) on shares of Qorvo in a report on Thursday, May 4th. Finally, MKM Partners restated a “buy” rating and issued a $90.00 price objective (up previously from $78.00) on shares of Qorvo in a report on Tuesday, May 30th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and twelve have given a buy rating to the company. Qorvo has an average rating of “Hold” and a consensus price target of $70.00.
In other news, Director Roderick Nelson sold 2,000 shares of the business’s stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $74.41, for a total value of $148,820.00. Following the sale, the director now directly owns 5,907 shares in the company, valued at $439,539.87. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP James L. Klein sold 2,600 shares of the business’s stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $78.69, for a total value of $204,594.00. Following the completion of the sale, the vice president now owns 40,058 shares in the company, valued at $3,152,164.02. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 139,586 shares of company stock worth $10,034,869. Corporate insiders own 0.91% of the company’s stock.
Qorvo Company Profile
Qorvo, Inc is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs).
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