Quest Partners LLC Takes Position in Qorvo, Inc. (NASDAQ:QRVO)

Quest Partners LLC purchased a new stake in Qorvo, Inc. (NASDAQ:QRVO) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 1,918 shares of the semiconductor company’s stock, valued at approximately $223,000.

Other hedge funds have also made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Qorvo in the 2nd quarter valued at approximately $29,000. Park Place Capital Corp grew its stake in shares of Qorvo by 398.1% in the 1st quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 207 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of Qorvo by 81.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 115 shares during the period. Versant Capital Management Inc grew its stake in shares of Qorvo by 9,333.3% in the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 280 shares during the period. Finally, New Millennium Group LLC purchased a new stake in shares of Qorvo in the 2nd quarter valued at approximately $34,000. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Qorvo Stock Up 1.9 %

Shares of NASDAQ:QRVO opened at $107.65 on Friday. The firm’s 50-day simple moving average is $114.12 and its 200-day simple moving average is $110.92. The company has a quick ratio of 1.36, a current ratio of 1.95 and a debt-to-equity ratio of 0.44. The company has a market cap of $10.21 billion, a price-to-earnings ratio of -147.47, a PEG ratio of 1.30 and a beta of 1.46. Qorvo, Inc. has a fifty-two week low of $80.62 and a fifty-two week high of $130.99.

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

Insider Activity

In other news, VP Gina Harrison sold 689 shares of the company’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $107.67, for a total value of $74,184.63. Following the completion of the transaction, the vice president now directly owns 21,601 shares in the company, valued at $2,325,779.67. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.46% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. JPMorgan Chase & Co. increased their price target on shares of Qorvo from $100.00 to $115.00 and gave the company an “underweight” rating in a research note on Wednesday, July 31st. Barclays increased their price objective on shares of Qorvo from $100.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. StockNews.com cut shares of Qorvo from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Rosenblatt Securities increased their price objective on shares of Qorvo from $105.00 to $120.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. Finally, Raymond James increased their price objective on shares of Qorvo from $115.00 to $135.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $121.00.

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.