Point72 Europe London LLP Makes New $7.25 Million Investment in Qorvo, Inc. (NASDAQ:QRVO)

Point72 Europe London LLP bought a new stake in shares of Qorvo, Inc. (NASDAQ:QRVO) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 70,200 shares of the semiconductor company’s stock, valued at approximately $7,252,000. Point72 Europe London LLP owned about 0.07% of Qorvo as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. GDS Wealth Management purchased a new position in Qorvo during the 3rd quarter valued at $2,171,000. Robeco Institutional Asset Management B.V. boosted its stake in shares of Qorvo by 78.6% during the third 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 during the period. Dynamic Technology Lab Private Ltd bought a new position in shares of Qorvo in the third quarter worth about $2,507,000. Quest Partners LLC grew its holdings in shares of Qorvo by 504.6% in the third quarter. Quest Partners LLC now owns 11,596 shares of the semiconductor company’s stock worth $1,198,000 after purchasing an additional 9,678 shares during the last quarter. Finally, APG Asset Management N.V. increased its stake in Qorvo by 21.9% in the 2nd quarter. APG Asset Management N.V. now owns 101,243 shares of the semiconductor company’s stock worth $10,962,000 after buying an additional 18,178 shares during the period. Institutional investors own 88.57% of the company’s stock.

Insider Buying and Selling

In related news, VP Gina Harrison sold 689 shares of the firm’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $107.67, for a total value of $74,184.63. Following the completion of the transaction, the vice president now owns 21,601 shares in the company, valued at $2,325,779.67. This trade represents a 3.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.46% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on QRVO shares. JPMorgan Chase & Co. reduced their target price on shares of Qorvo from $115.00 to $95.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 30th. Barclays reduced their price objective on Qorvo from $120.00 to $90.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 30th. Loop Capital assumed coverage on Qorvo in a report on Monday, November 11th. They issued a “hold” rating and a $73.00 target price for the company. UBS Group cut their price target on Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 30th. Finally, Raymond James lowered shares of Qorvo from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 30th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $102.88.

Qorvo Stock Performance

Shares of QRVO opened at $69.05 on Friday. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45. The firm has a market cap of $6.53 billion, a PE ratio of -47.29, a P/E/G ratio of 5.48 and a beta of 1.49. Qorvo, Inc. has a 12 month low of $64.98 and a 12 month high of $130.99. The stock has a fifty day moving average price of $87.50 and a 200-day moving average price of $102.26.

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