Maverick Capital Ltd. Invests $2.08 Million in Qorvo, Inc. (NASDAQ:QRVO)

Maverick Capital Ltd. purchased a new position in Qorvo, Inc. (NASDAQ:QRVO) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 17,887 shares of the semiconductor company’s stock, valued at approximately $2,076,000.

Other large investors also recently bought and sold shares of the company. Corient Private Wealth LLC increased its stake in shares of Qorvo by 12.0% during the fourth quarter. Corient Private Wealth LLC now owns 15,341 shares of the semiconductor company’s stock valued at $1,728,000 after purchasing an additional 1,644 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of Qorvo by 2.4% in the 4th quarter. Franklin Resources Inc. now owns 34,229 shares of the semiconductor company’s stock worth $3,855,000 after buying an additional 792 shares during the last quarter. Orion Portfolio Solutions LLC increased its position in Qorvo by 48.1% during the 4th quarter. Orion Portfolio Solutions LLC now owns 15,184 shares of the semiconductor company’s stock valued at $1,600,000 after buying an additional 4,931 shares in the last quarter. Intech Investment Management LLC raised its stake in Qorvo by 124.5% during the fourth quarter. Intech Investment Management LLC now owns 5,871 shares of the semiconductor company’s stock valued at $661,000 after buying an additional 3,256 shares during the last quarter. Finally, TD Asset Management Inc raised its stake in Qorvo by 7.1% during the fourth quarter. TD Asset Management Inc now owns 26,511 shares of the semiconductor company’s stock valued at $2,985,000 after buying an additional 1,761 shares during the last quarter. 88.57% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Qorvo

In other Qorvo 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 sale, the vice president now owns 21,601 shares in the company, valued at approximately $2,325,779.67. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.46% of the company’s stock.

Analysts Set New Price Targets

QRVO has been the subject of several analyst reports. Barclays raised their price target on Qorvo from $100.00 to $125.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. Needham & Company LLC lifted their target price on shares of Qorvo from $110.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Rosenblatt Securities increased their price target on shares of Qorvo from $105.00 to $120.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. JPMorgan Chase & Co. boosted their price objective on shares of Qorvo from $100.00 to $115.00 and gave the stock an “underweight” rating in a report on Wednesday, July 31st. Finally, Craig Hallum increased their target price on 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 stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $121.00.

Qorvo Price Performance

NASDAQ QRVO opened at $104.96 on Friday. The company has a 50-day moving average price of $110.19 and a 200-day moving average price of $110.06. Qorvo, Inc. has a 52 week low of $80.62 and a 52 week high of $130.99. 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 firm has a market capitalization of $9.97 billion, a P/E ratio of -143.78, a PEG ratio of 1.24 and a beta of 1.46.

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