Daiwa Securities Group Inc. Has $2.01 Million Stake in Qorvo, Inc. (NASDAQ:QRVO)

Daiwa Securities Group Inc. boosted its position in shares of Qorvo, Inc. (NASDAQ:QRVO) by 51.9% during the third quarter, HoldingsChannel reports. The institutional investor owned 19,442 shares of the semiconductor company’s stock after purchasing an additional 6,644 shares during the period. Daiwa Securities Group Inc.’s holdings in Qorvo were worth $2,008,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in QRVO. Pacer Advisors Inc. boosted its stake in shares of Qorvo by 17,255.9% in the 2nd quarter. Pacer Advisors Inc. now owns 1,427,006 shares of the semiconductor company’s stock valued at $165,590,000 after purchasing an additional 1,418,784 shares in the last quarter. Vulcan Value Partners LLC boosted its stake in shares of Qorvo by 35.0% in the 2nd quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock valued at $246,665,000 after purchasing an additional 550,111 shares in the last quarter. Thrivent Financial for Lutherans boosted its stake in shares of Qorvo by 140.2% in the 3rd quarter. Thrivent Financial for Lutherans now owns 835,336 shares of the semiconductor company’s stock valued at $86,290,000 after purchasing an additional 487,621 shares in the last quarter. Caxton Associates LP acquired a new stake in shares of Qorvo in the 2nd quarter valued at approximately $34,812,000. Finally, Robeco Institutional Asset Management B.V. boosted its stake in shares of Qorvo by 78.6% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock valued at $55,548,000 after purchasing an additional 236,590 shares in the last quarter. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on QRVO. Piper Sandler reduced their price target on shares of Qorvo from $120.00 to $100.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th. TD Cowen reduced their price target on shares of Qorvo from $125.00 to $85.00 and set a “hold” rating on the stock in a research note on Wednesday, October 30th. StockNews.com lowered shares of Qorvo from a “buy” rating to a “hold” rating in a report on Thursday, October 31st. JPMorgan Chase & Co. dropped their price objective on shares of Qorvo from $115.00 to $95.00 and set an “underweight” rating for the company in a report on Wednesday, October 30th. Finally, Raymond James lowered shares of Qorvo from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 30th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $102.88.

Insider Transactions at Qorvo

In other news, VP Gina Harrison sold 689 shares of the firm’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 sale, the vice president now owns 21,601 shares of the company’s stock, valued at $2,325,779.67. This trade represents a 3.09 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.46% of the company’s stock.

Qorvo Stock Up 0.4 %

Qorvo stock opened at $68.40 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90. Qorvo, Inc. has a 52-week low of $64.98 and a 52-week high of $130.99. The firm has a 50 day moving average price of $88.20 and a two-hundred day moving average price of $102.50. The firm has a market cap of $6.47 billion, a price-to-earnings ratio of -46.85, a PEG ratio of 5.59 and a beta of 1.49.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, topping the consensus estimate of $1.85 by $0.03. The company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The company’s quarterly revenue was down 5.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.99 EPS. Equities analysts predict that Qorvo, Inc. will post 3.37 EPS for the current year.

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.