Y Intercept Hong Kong Ltd Makes New Investment in Qorvo, Inc. (NASDAQ:QRVO)

Y Intercept Hong Kong Ltd bought a new stake in Qorvo, Inc. (NASDAQ:QRVO) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 17,834 shares of the semiconductor company’s stock, valued at approximately $1,842,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Larson Financial Group LLC grew its position in Qorvo by 163.4% in the 3rd quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 201 shares during the last quarter. New Millennium Group LLC bought a new position in Qorvo in the 2nd quarter worth approximately $34,000. Blue Trust Inc. increased its position in Qorvo by 241.6% in 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. Livforsakringsbolaget Skandia Omsesidigt bought a new stake in Qorvo during the 3rd quarter valued at $41,000. Finally, Farther Finance Advisors LLC boosted its position in Qorvo by 33.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock worth $43,000 after acquiring an additional 104 shares during the period. Institutional investors and hedge funds own 88.57% of the company’s stock.

Qorvo Trading Down 1.3 %

Qorvo stock opened at $68.60 on Wednesday. The company has a 50 day moving average price of $82.18 and a 200 day moving average price of $100.67. 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 52 week low of $64.54 and a 52 week high of $130.99. The firm has a market capitalization of $6.48 billion, a price-to-earnings ratio of -46.99, a P/E/G ratio of 5.48 and a beta of 1.42.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the company earned $1.99 EPS. The firm’s quarterly revenue was down 5.2% on a year-over-year basis. Research analysts forecast that Qorvo, Inc. will post 3.37 EPS for the current year.

Insider Transactions at Qorvo

In other news, SVP Philip Chesley sold 4,045 shares of the business’s stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $70.15, for a total value of $283,756.75. Following the completion of the sale, the senior vice president now directly owns 30,261 shares in the company, valued at approximately $2,122,809.15. The trade was a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.46% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Bank of America cut their price objective on shares of Qorvo from $115.00 to $80.00 and set an “underperform” rating on the stock in a research note on Wednesday, October 30th. Loop Capital initiated coverage on shares of Qorvo in a research note on Monday, November 11th. They issued a “hold” rating and a $73.00 price target for the company. Raymond James cut shares of Qorvo from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 30th. Susquehanna dropped their target price on Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a report on Wednesday, October 30th. Finally, UBS Group decreased their price target on Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research note on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $102.88.

Qorvo 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.