Pzena Investment Management LLC Increases Stake in Qorvo, Inc. (NASDAQ:QRVO)

Pzena Investment Management LLC grew its position in shares of Qorvo, Inc. (NASDAQ:QRVO) by 26.4% in the second quarter, according to its most recent filing with the SEC. The fund owned 4,356 shares of the semiconductor company’s stock after acquiring an additional 910 shares during the quarter. Pzena Investment Management LLC’s holdings in Qorvo were worth $505,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of QRVO. International Assets Investment Management LLC bought a new position in shares of Qorvo during the 4th quarter valued at approximately $1,319,000. Victory Capital Management Inc. boosted its position in shares of Qorvo by 14.5% during the 4th quarter. Victory Capital Management Inc. now owns 45,743 shares of the semiconductor company’s stock valued at $5,151,000 after acquiring an additional 5,810 shares during the last quarter. Natixis Advisors L.P. boosted its position in shares of Qorvo by 1.9% during the 4th quarter. Natixis Advisors L.P. now owns 49,076 shares of the semiconductor company’s stock valued at $5,526,000 after acquiring an additional 923 shares during the last quarter. Private Advisor Group LLC bought a new stake in Qorvo in the fourth quarter worth $227,000. Finally, Apollon Wealth Management LLC bought a new stake in Qorvo in the fourth quarter worth $354,000. 88.57% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

QRVO has been the subject of a number of analyst reports. Craig Hallum raised their price target on Qorvo from $124.00 to $142.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. raised their price target on Qorvo from $100.00 to $115.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 31st. StockNews.com downgraded Qorvo from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Rosenblatt Securities raised their price target on Qorvo from $105.00 to $120.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. Finally, The Goldman Sachs Group raised their price target on Qorvo from $105.00 to $118.00 and gave the stock a “neutral” rating in a research 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 assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $121.00.

Qorvo Stock Performance

Shares of Qorvo stock opened at $108.85 on Thursday. The firm has a market cap of $10.33 billion, a P/E ratio of -149.11, a P/E/G ratio of 1.40 and a beta of 1.46. The company has a current ratio of 1.95, a quick ratio of 1.36 and a debt-to-equity ratio of 0.44. Qorvo, Inc. has a 12 month low of $80.62 and a 12 month high of $130.99. The stock’s fifty day moving average price is $115.63 and its 200-day moving average price is $111.24.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 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 analyst estimates of $851.95 million. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The business’s revenue for the quarter was up 36.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.03 earnings per share. On average, equities research analysts expect 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.