Frontier Capital Management Co. LLC Buys 62,350 Shares of Qorvo Inc (QRVO)

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Frontier Capital Management Co. LLC raised its stake in shares of Qorvo Inc (NASDAQ:QRVO) by 2.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,483,626 shares of the semiconductor company’s stock after buying an additional 62,350 shares during the period. Qorvo comprises approximately 1.2% of Frontier Capital Management Co. LLC’s holdings, making the stock its 7th largest position. Frontier Capital Management Co. LLC owned approximately 1.98% of Qorvo worth $190,966,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in QRVO. Iridian Asset Management LLC CT raised its stake in Qorvo by 108.0% during the 2nd quarter. Iridian Asset Management LLC CT now owns 2,569,085 shares of the semiconductor company’s stock valued at $205,964,000 after buying an additional 1,334,035 shares during the last quarter. Vulcan Value Partners LLC increased its stake in shares of Qorvo by 16.2% in the 2nd quarter. Vulcan Value Partners LLC now owns 7,798,102 shares of the semiconductor company’s stock worth $625,174,000 after purchasing an additional 1,087,335 shares in the last quarter. Millennium Management LLC increased its stake in shares of Qorvo by 207.7% in the 2nd quarter. Millennium Management LLC now owns 1,310,508 shares of the semiconductor company’s stock worth $105,063,000 after purchasing an additional 884,601 shares in the last quarter. Advisors Asset Management Inc. increased its stake in shares of Qorvo by 4,338.5% in the 2nd quarter. Advisors Asset Management Inc. now owns 682,949 shares of the semiconductor company’s stock worth $1,282,000 after purchasing an additional 667,562 shares in the last quarter. Finally, BlackRock Inc. increased its stake in shares of Qorvo by 3.2% in the 2nd quarter. BlackRock Inc. now owns 9,015,930 shares of the semiconductor company’s stock worth $722,806,000 after purchasing an additional 275,764 shares in the last quarter. Institutional investors and hedge funds own 94.06% of the company’s stock.

In other Qorvo news, VP Gina Harrison sold 1,016 shares of the stock in a transaction on Friday, September 7th. The stock was sold at an average price of $74.00, for a total value of $75,184.00. Following the completion of the sale, the vice president now owns 18,381 shares in the company, valued at approximately $1,360,194. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Robert A. Bruggeworth sold 5,000 shares of the stock in a transaction dated Monday, October 15th. The shares were sold at an average price of $72.65, for a total transaction of $363,250.00. Following the transaction, the insider now directly owns 180,572 shares of the company’s stock, valued at approximately $13,118,555.80. The disclosure for this sale can be found here. Insiders sold a total of 45,608 shares of company stock valued at $3,635,256 in the last quarter. 0.85% of the stock is currently owned by company insiders.

Several equities research analysts have recently commented on QRVO shares. Morgan Stanley reduced their price objective on Qorvo from $75.00 to $72.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 3rd. BidaskClub lowered Qorvo from a “hold” rating to a “sell” rating in a research note on Friday, July 27th. Zacks Investment Research lowered Qorvo from a “buy” rating to a “hold” rating in a research note on Tuesday, July 24th. BMO Capital Markets upped their price objective on Qorvo from $67.00 to $75.00 and gave the stock a “market perform” rating in a research note on Thursday, August 2nd. They noted that the move was a valuation call. Finally, KeyCorp upgraded Qorvo from a “sector weight” rating to an “overweight” rating and set a $80.00 price objective for the company in a research note on Thursday, July 5th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and twelve have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $83.43.

QRVO stock traded up $1.47 during trading on Tuesday, reaching $70.79. The company’s stock had a trading volume of 7,584 shares, compared to its average volume of 1,090,237. Qorvo Inc has a 1 year low of $64.53 and a 1 year high of $86.84. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.15 and a current ratio of 3.39. The firm has a market capitalization of $8.76 billion, a PE ratio of 14.78, a PEG ratio of 1.07 and a beta of 0.96.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Wednesday, August 1st. The semiconductor company reported $0.96 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.76 by $0.20. Qorvo had a positive return on equity of 12.85% and a negative net margin of 1.31%. The business had revenue of $692.70 million during the quarter, compared to analyst estimates of $656.97 million. During the same quarter in the prior year, the business posted $0.87 EPS. Qorvo’s revenue for the quarter was up 8.3% compared to the same quarter last year. On average, sell-side analysts forecast that Qorvo Inc will post 5.46 EPS for the current fiscal year.

Qorvo Company Profile

Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.

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Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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