Lecap Asset Management Ltd. Acquires New Stake in Qorvo, Inc. (NASDAQ:QRVO)

Lecap Asset Management Ltd. acquired a new position in shares of Qorvo, Inc. (NASDAQ:QRVO) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 15,187 shares of the semiconductor company’s stock, valued at approximately $1,569,000.

Other hedge funds also recently made changes to their positions in the company. Narwhal Capital Management raised its stake in shares of Qorvo by 7.7% during the 3rd quarter. Narwhal Capital Management now owns 2,240 shares of the semiconductor company’s stock worth $231,000 after buying an additional 160 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Qorvo by 21.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 74,722 shares of the semiconductor company’s stock worth $7,719,000 after acquiring an additional 13,072 shares during the period. Resonant Capital Advisors LLC lifted its holdings in Qorvo by 9.4% in the third quarter. Resonant Capital Advisors LLC now owns 3,059 shares of the semiconductor company’s stock valued at $316,000 after acquiring an additional 264 shares during the period. Blue Trust Inc. boosted its position in shares of Qorvo by 307.8% during the 3rd quarter. Blue Trust Inc. now owns 1,407 shares of the semiconductor company’s stock worth $145,000 after purchasing an additional 1,062 shares in the last quarter. Finally, V Square Quantitative Management LLC grew its stake in shares of Qorvo by 5.0% during the 3rd quarter. V Square Quantitative Management LLC now owns 2,233 shares of the semiconductor company’s stock worth $231,000 after purchasing an additional 107 shares during the period. Institutional investors and hedge funds own 88.57% of the company’s stock.

Wall Street Analysts Forecast Growth

QRVO has been the subject of several recent analyst reports. Morgan Stanley cut shares of Qorvo from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $130.00 to $120.00 in a research note on Friday, October 11th. Susquehanna lowered their price target on Qorvo from $135.00 to $115.00 and set a “neutral” rating on the stock in a report on Monday. TD Cowen raised Qorvo to a “hold” rating in a research note on Monday, September 16th. Raymond James boosted their target price on Qorvo from $115.00 to $135.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Finally, StockNews.com cut Qorvo from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $121.29.

Qorvo Stock Down 0.6 %

QRVO stock opened at $100.24 on Thursday. The company has a 50 day moving average price of $105.82 and a two-hundred day moving average price of $108.43. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.36 and a current ratio of 1.95. The stock has a market capitalization of $9.51 billion, a P/E ratio of -345.66, a PEG ratio of 1.26 and a beta of 1.45. Qorvo, Inc. has a one year low of $80.62 and a one year high of $130.99.

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

Insider Transactions at Qorvo

In related news, VP Gina Harrison sold 689 shares of the company’s 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 completion of the transaction, the vice president now owns 21,601 shares of the company’s stock, valued at approximately $2,325,779.67. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.46% of the company’s stock.

Qorvo Company 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.