Teacher Retirement System of Texas Raises Holdings in Qorvo Inc (QRVO)

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Teacher Retirement System of Texas grew its holdings in shares of Qorvo Inc (NASDAQ:QRVO) by 59.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 204,031 shares of the semiconductor company’s stock after purchasing an additional 76,170 shares during the period. Teacher Retirement System of Texas’ holdings in Qorvo were worth $14,635,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of QRVO. Toronto Dominion Bank grew its position in Qorvo by 16.0% in the 1st quarter. Toronto Dominion Bank now owns 80,184 shares of the semiconductor company’s stock valued at $5,750,000 after buying an additional 11,058 shares in the last quarter. Nissay Asset Management Corp Japan ADV boosted its position in shares of Qorvo by 4.3% during the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 12,351 shares of the semiconductor company’s stock valued at $886,000 after purchasing an additional 507 shares in the last quarter. Systematic Financial Management LP boosted its position in shares of Qorvo by 3.4% during the 1st quarter. Systematic Financial Management LP now owns 205,830 shares of the semiconductor company’s stock valued at $14,764,000 after purchasing an additional 6,755 shares in the last quarter. Pzena Investment Management LLC boosted its position in shares of Qorvo by 32.0% during the 1st quarter. Pzena Investment Management LLC now owns 5,100 shares of the semiconductor company’s stock valued at $366,000 after purchasing an additional 1,235 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its position in shares of Qorvo by 2,106.6% during the 1st quarter. Victory Capital Management Inc. now owns 40,889 shares of the semiconductor company’s stock valued at $2,933,000 after purchasing an additional 39,036 shares in the last quarter. 91.52% of the stock is currently owned by institutional investors.

QRVO stock traded down $2.45 during mid-day trading on Friday, reaching $65.66. 1,159,676 shares of the stock traded hands, compared to its average volume of 1,583,778. The company has a current ratio of 3.87, a quick ratio of 2.69 and a debt-to-equity ratio of 0.21. Qorvo Inc has a 52-week low of $54.74 and a 52-week high of $86.50. The firm has a market capitalization of $9.01 billion, a PE ratio of 12.51, a P/E/G ratio of 1.25 and a beta of 0.92.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Tuesday, May 7th. The semiconductor company reported $1.14 EPS for the quarter, beating analysts’ consensus estimates of $0.91 by $0.23. Qorvo had a net margin of 4.31% and a return on equity of 14.66%. The company had revenue of $680.88 million during the quarter, compared to analyst estimates of $670.59 million. During the same period in the prior year, the firm earned $1.07 earnings per share. The business’s quarterly revenue was up 2.3% on a year-over-year basis. On average, equities research analysts anticipate that Qorvo Inc will post 5.13 earnings per share for the current year.

Several research firms have recently weighed in on QRVO. Zacks Investment Research lowered shares of Qorvo from a “buy” rating to a “sell” rating in a research report on Tuesday, April 30th. DA Davidson raised their price objective on shares of Qorvo from $6.00 to $82.00 in a research report on Wednesday, May 8th. Mizuho raised their price objective on shares of Qorvo from $71.00 to $75.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. Raymond James raised their price objective on shares of Qorvo from $70.00 to $90.00 and gave the company an “outperform” rating in a research report on Wednesday, May 8th. Finally, TheStreet upgraded shares of Qorvo from a “c+” rating to a “b-” rating in a research report on Monday, March 25th. Thirteen equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $78.14.

In other news, VP James L. Klein sold 1,914 shares of the stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $77.16, for a total value of $147,684.24. Following the completion of the sale, the vice president now directly owns 45,374 shares of the company’s stock, valued at $3,501,057.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ralph Quinsey sold 209,349 shares of the stock in a transaction that occurred on Monday, February 25th. The stock was sold at an average price of $69.01, for a total transaction of $14,447,174.49. Following the completion of the sale, the director now directly owns 84,242 shares of the company’s stock, valued at $5,813,540.42. The disclosure for this sale can be found here. Insiders have sold 246,024 shares of company stock valued at $17,108,361 over the last ninety days. Insiders own 0.85% of the company’s stock.

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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.

Further Reading: Roth IRA

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Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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