AQR Capital Management LLC Grows Holdings in Qorvo, Inc. (NASDAQ:QRVO)

AQR Capital Management LLC increased its position in shares of Qorvo, Inc. (NASDAQ:QRVO) by 78.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 287,596 shares of the semiconductor company’s stock after purchasing an additional 126,170 shares during the quarter. AQR Capital Management LLC’s holdings in Qorvo were worth $32,737,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in QRVO. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Qorvo during the second quarter worth about $29,000. Park Place Capital Corp boosted its holdings in Qorvo by 398.1% during the first quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 207 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings 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 purchasing an additional 115 shares during the last quarter. Versant Capital Management Inc boosted its holdings in Qorvo by 9,333.3% during the second quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 280 shares during the last quarter. Finally, New Millennium Group LLC purchased a new position in Qorvo during the second quarter worth about $34,000. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on QRVO shares. Piper Sandler reiterated a “neutral” rating and issued a $120.00 target price (up from $105.00) on shares of Qorvo in a research note on Wednesday, July 31st. Raymond James boosted their target price on shares of Qorvo from $115.00 to $135.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. The Goldman Sachs Group boosted their target price on shares of Qorvo from $105.00 to $118.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. Barclays boosted their target price on shares of Qorvo from $100.00 to $125.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 30th. Finally, Craig Hallum boosted their target price on shares of Qorvo from $124.00 to $142.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Qorvo presently has a consensus rating of “Hold” and a consensus price target of $121.00.

Insider Buying and Selling

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 sale, the vice president now owns 21,601 shares of the company’s stock, valued at approximately $2,325,779.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.46% of the stock is currently owned by insiders.

Qorvo Stock Performance

Qorvo stock opened at $103.60 on Monday. The firm’s 50 day simple moving average is $109.83 and its 200 day simple moving average is $109.85. The company has a current ratio of 1.95, a quick ratio of 1.36 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $9.83 billion, a PE ratio of -141.92, a price-to-earnings-growth ratio of 1.24 and a beta of 1.46. Qorvo, Inc. has a 1-year low of $80.62 and a 1-year high of $130.99.

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

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.