Systematic Financial Management LP Purchases 15,093 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Systematic Financial Management LP lifted its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 8.6% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 189,967 shares of the semiconductor company’s stock after acquiring an additional 15,093 shares during the period. Systematic Financial Management LP owned 0.20% of Qorvo worth $19,624,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its position in shares of Qorvo by 81.0% during the 1st 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 period. New Millennium Group LLC acquired a new position in shares of Qorvo during the 2nd quarter valued at $34,000. Larson Financial Group LLC lifted its position in shares of Qorvo by 163.4% during the 3rd quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock valued at $33,000 after acquiring an additional 201 shares during the period. Blue Trust Inc. lifted its position in shares of Qorvo by 241.6% during the 2nd quarter. Blue Trust Inc. now owns 345 shares of the semiconductor company’s stock valued at $40,000 after acquiring an additional 244 shares during the period. Finally, Livforsakringsbolaget Skandia Omsesidigt acquired a new position in shares of Qorvo during the 3rd quarter valued at $41,000. Institutional investors and hedge funds own 88.57% of the company’s stock.

Qorvo Stock Performance

QRVO opened at $70.08 on Thursday. The firm has a 50-day moving average of $84.91 and a 200 day moving average of $101.47. 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 fifty-two week low of $64.98 and a fifty-two week high of $130.99.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.03. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The firm’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.99 earnings per share. As a group, sell-side analysts forecast that Qorvo, Inc. will post 3.37 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. dropped 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. Loop Capital initiated coverage on shares of Qorvo in a report on Monday, November 11th. They set a “hold” rating and a $73.00 price objective on the stock. Craig Hallum lowered their price objective on shares of Qorvo from $142.00 to $105.00 and set a “buy” rating on the stock in a report on Wednesday, October 30th. Barclays lowered their price objective on shares of Qorvo from $120.00 to $90.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 30th. Finally, Bank of America lowered their price objective on shares of Qorvo from $115.00 to $80.00 and set an “underperform” rating on the stock in a report on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Qorvo presently has an average rating of “Hold” and an average price target of $102.88.

Insiders Place Their Bets

In other Qorvo news, VP Gina Harrison sold 689 shares of the stock in a transaction dated 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 owns 21,601 shares in the company, valued at $2,325,779.67. This trade represents a 3.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.46% of the company’s stock.

Qorvo Company Profile

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.