Allspring Global Investments Holdings LLC Buys 13,072 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Allspring Global Investments Holdings LLC lifted its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 21.2% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 74,722 shares of the semiconductor company’s stock after purchasing an additional 13,072 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Qorvo were worth $7,719,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Qorvo in the 2nd quarter valued at $29,000. Park Place Capital Corp grew its position in Qorvo by 398.1% in the first quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock valued at $30,000 after acquiring an additional 207 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in Qorvo by 81.0% during the first quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock worth $30,000 after acquiring an additional 115 shares in the last quarter. Versant Capital Management Inc lifted its holdings in shares of Qorvo by 9,333.3% in the second quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock worth $33,000 after acquiring an additional 280 shares during the last quarter. Finally, New Millennium Group LLC bought a new position in shares of Qorvo in the second quarter worth about $34,000. Institutional investors own 88.57% of the company’s stock.

Qorvo Stock Down 0.5 %

Shares of NASDAQ:QRVO opened at $99.01 on Monday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.36 and a current ratio of 1.95. Qorvo, Inc. has a 52-week low of $80.62 and a 52-week high of $130.99. The business’s 50 day simple moving average is $105.32 and its two-hundred day simple moving average is $108.17. The firm has a market cap of $9.41 billion, a P/E ratio of -135.63, a PEG ratio of 1.22 and a beta of 1.45.

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. JPMorgan Chase & Co. upped their price objective on shares of Qorvo from $100.00 to $115.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 31st. Craig Hallum upped their price target on shares of Qorvo from $124.00 to $142.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Susquehanna cut their price objective on Qorvo from $135.00 to $115.00 and set a “neutral” rating on the stock in a report on Monday, October 21st. Needham & Company LLC upped their target price on Qorvo from $110.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Finally, Rosenblatt Securities lifted their price target on Qorvo from $105.00 to $120.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Qorvo presently has a consensus rating of “Hold” and an average price target of $119.86.

Insider Buying and Selling at Qorvo

In other 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 transaction, the vice president now directly owns 21,601 shares in the company, valued at approximately $2,325,779.67. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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.