NorthCrest Asset Manangement LLC Has $6.86 Million Stake in Qorvo, Inc. (NASDAQ:QRVO)

NorthCrest Asset Manangement LLC lowered its position in shares of Qorvo, Inc. (NASDAQ:QRVO) by 0.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 59,077 shares of the semiconductor company’s stock after selling 115 shares during the period. NorthCrest Asset Manangement LLC owned 0.06% of Qorvo worth $6,855,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Qorvo during the 2nd quarter worth approximately $29,000. Park Place Capital Corp grew its position in Qorvo by 398.1% during the first quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock worth $30,000 after buying an additional 207 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in Qorvo by 81.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock worth $30,000 after acquiring an additional 115 shares during the period. Versant Capital Management Inc raised its holdings in Qorvo by 9,333.3% in the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock valued at $33,000 after acquiring an additional 280 shares in the last quarter. Finally, Riverview Trust Co acquired a new position in Qorvo in the 1st quarter valued at $40,000. 88.57% of the stock is owned by institutional investors and hedge funds.

Qorvo Stock Down 1.4 %

Shares of NASDAQ:QRVO traded down $1.59 during midday trading on Wednesday, reaching $109.42. The company’s stock had a trading volume of 113,247 shares, compared to its average volume of 1,369,584. Qorvo, Inc. has a fifty-two week low of $80.62 and a fifty-two week high of $130.99. The company has a quick ratio of 1.36, a current ratio of 1.95 and a debt-to-equity ratio of 0.44. The firm has a 50 day moving average price of $114.77 and a two-hundred day moving average price of $110.86.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.16. Qorvo had a negative net margin of 0.66% and a positive return on equity of 14.92%. The business had revenue of $886.70 million for the quarter, compared to analyst estimates of $851.95 million. During the same period in the prior year, the firm earned $0.03 earnings per share. Qorvo’s revenue was up 36.2% on a year-over-year basis. As a group, equities analysts forecast that Qorvo, Inc. will post 4.84 earnings per share for the current fiscal year.

Analysts Set New Price Targets

QRVO has been the topic of a number of analyst reports. StockNews.com downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. The Goldman Sachs Group lifted their price objective on shares of Qorvo from $105.00 to $118.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. Raymond James boosted their price objective on shares of Qorvo from $115.00 to $135.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. Piper Sandler reaffirmed a “neutral” rating and issued a $120.00 target price (up previously from $105.00) on shares of Qorvo in a report on Wednesday, July 31st. Finally, Barclays upped their price objective on Qorvo from $100.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Qorvo currently has an average rating of “Hold” and an average target price of $121.00.

Insider Buying and Selling at Qorvo

In other news, CEO Robert A. Bruggeworth sold 4,721 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $100.00, for a total transaction of $472,100.00. Following the transaction, the chief executive officer now directly owns 205,440 shares of the company’s stock, valued at $20,544,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Qorvo news, CEO Robert A. Bruggeworth sold 15,279 shares of Qorvo stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $100.00, for a total transaction of $1,527,900.00. Following the transaction, the chief executive officer now directly owns 190,161 shares of the company’s stock, valued at approximately $19,016,100. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert A. Bruggeworth sold 4,721 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $100.00, for a total value of $472,100.00. Following the completion of the transaction, the chief executive officer now owns 205,440 shares in the company, valued at approximately $20,544,000. The disclosure for this sale can be found here. Insiders own 0.46% of the company’s stock.

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.