Mackenzie Financial Corp Acquires 5,199 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Mackenzie Financial Corp increased its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 24.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,279 shares of the semiconductor company’s stock after buying an additional 5,199 shares during the period. Mackenzie Financial Corp’s holdings in Qorvo were worth $3,049,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in QRVO. Mather Group LLC. increased its holdings in shares of Qorvo by 5.6% in the second quarter. Mather Group LLC. now owns 1,812 shares of the semiconductor company’s stock valued at $208,000 after purchasing an additional 96 shares in the last quarter. Quadrature Capital Ltd lifted its stake in shares of Qorvo by 0.4% during the fourth quarter. Quadrature Capital Ltd now owns 25,092 shares of the semiconductor company’s stock valued at $2,825,000 after acquiring an additional 103 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in Qorvo by 81.0% in the first quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after acquiring an additional 115 shares during the last quarter. Empirical Finance LLC increased its position in Qorvo by 3.2% in the first quarter. Empirical Finance LLC now owns 3,768 shares of the semiconductor company’s stock worth $433,000 after purchasing an additional 117 shares during the period. Finally, GAMMA Investing LLC raised its holdings in Qorvo by 12.9% during the 1st quarter. GAMMA Investing LLC now owns 1,040 shares of the semiconductor company’s stock worth $119,000 after purchasing an additional 119 shares during the last quarter. Institutional investors and hedge funds own 88.57% of the company’s stock.

Insider Buying and Selling 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 transaction, the vice president now directly owns 21,601 shares of the company’s stock, valued at approximately $2,325,779.67. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.46% of the company’s stock.

Analyst Upgrades and Downgrades

QRVO has been the subject of several analyst reports. Rosenblatt Securities lifted their price target 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. StockNews.com cut shares of Qorvo from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Barclays raised their price target on Qorvo from $100.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. TD Cowen upgraded Qorvo to a “hold” rating in a report on Monday, September 16th. Finally, Susquehanna reduced their target price on Qorvo from $145.00 to $135.00 and set a “neutral” rating on the stock in a report on Wednesday, July 31st. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Qorvo presently has an average rating of “Hold” and an average target price of $121.00.

Qorvo Stock Up 2.4 %

Shares of QRVO stock opened at $102.15 on Thursday. Qorvo, Inc. has a 12-month low of $80.62 and a 12-month 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 fifty day moving average of $108.88 and a 200-day moving average of $109.69. The company has a market capitalization of $9.69 billion, a price-to-earnings ratio of -139.93, a P/E/G ratio of 1.25 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 (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.16. The firm had revenue of $886.70 million for the quarter, compared to the consensus estimate of $851.95 million. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The company’s revenue for the quarter was up 36.2% on a year-over-year basis. During the same quarter last year, the business posted $0.03 EPS. As a group, equities research analysts predict that Qorvo, Inc. will post 4.84 earnings per share for the current fiscal 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.