Korea Investment CORP, a South Korean sovereign wealth fund, has increased its position in Qorvo, Inc. (NASDAQ:QRVO) by an astonishing 556.3% during the first quarter of this year. According to their disclosure with the Securities and Exchange Commission, the firm now owns 231,998 shares of Qorvo’s stock after acquiring an additional 196,648 shares. At the end of the reporting period, Korea Investment CORP’s stake in Qorvo was estimated to be worth $23,564,000.
Qorvo recently announced its quarterly earnings results on August 2nd. The semiconductor company reported earnings per share (EPS) of $0.03 for the quarter, surpassing the consensus estimate of ($0.04) by $0.07. Moreover, Qorvo’s revenue stood at $651.16 million for the quarter, exceeding analyst estimates of $639.84 million. Despite a negative net margin of 0.29%, Qorvo managed to maintain a positive return on equity of 7.89%. It is anticipated that Qorvo will post EPS of 4.03 for the current fiscal year.
In other news related to Qorvo, Director Roderick Nelson recently sold 2,067 shares of the company’s stock in a transaction conducted on August 30th at an average price of $106.60 per share. The total transaction value amounted to $220,342.20. Following this sale, Nelson now holds 7,727 shares valued at $823,698.20.
Separately on August 30th, CEO Robert A Bruggeworth sold 8,689 shares of Qorvo stock at an average price of $101.37 per share amounting to a total transaction value of $880,803.93. As a result of this sale, Bruggeworth now owns 193,994 shares in the company valued at $19,665,171.78.
Throughout the past three months, insiders at Qorvo have sold a total of 40,250 shares of company stock valued at $4,110,124. Presently, company insiders own approximately 0.43% of Qorvo’s stock.
It is worth noting that the above-mentioned transactions were disclosed in legal filings with the Securities & Exchange Commission which can be accessed through relevant hyperlinks provided.
These developments indicate significant activity within Qorvo and demonstrate investor confidence in the semiconductor company’s future prospects. As such, it will be interesting to track how these transactions affect Qorvo’s performance in the market moving forward.
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Institutional Investors and Hedge Funds Increase Holdings in Qorvo as Company Shows Strong Potential
Institutional investors and hedge funds have made significant modifications to their holdings of Qorvo, a semiconductor company. ProShare Advisors LLC, for instance, has increased its stake in the company by 7.7% during the first quarter, now owning 33,247 shares worth $3,377,000. Profund Advisors LLC has also boosted its position in Qorvo by 24.5%, owning 4,967 shares valued at $504,000. Similarly, Nomura Asset Management Co. Ltd. increased its stake by 7.5%, now holding 27,688 shares worth $2,812,000.
Joining these investors is BOKF NA with a raised position of 2.4% in the first quarter; it now owns 30,706 shares worth $3,119,000. Additionally FIL Ltd lifted its stake in Qorvo by an impressive 23.3% during the first quarter and now owns a total of 2,459,469 shares valued at $249,808,000.
It is important to note that a staggering 85.60% of the stock is currently owned by institutional investors.
As of Friday’s opening at NASDAQ QRVO for Qorvo Inc., shares were priced at $107.39. Over the past yearnQorvo has seen a fluctuation between prices varying from a low of $75.38 to a high of $114.59,
With regards to financial figures surrounding the company itself: Qorvo Inc.’s current ratio stands at an astonishingly healthy figure of 3.27 and boasts a quick ratio of 1.83; thus displaying strong liquidity measures should they be required in future dealings or investments.
Market capitalization reveals that Qorvo Inc.’s stocks amount to approximately $10.51 billion while comparing this with price-earnings ratios shows relatively high volatility with a current reading of -631.71 and a P/E/G ratio of 2.58. Additionally, beta reflects both the company’s risk and opportunity with a value of 1.43.
Discussing analyst reports on Qorvo, Wolfe Research has rated the company as “outperform” along with issuing at $125.00 price objective according to their research note dated July 19th. UBS Group also raised their target price from $110.00 to $115.00 on August 3rd. Needham & Company LLC shares these positive sentiments and reiterated that Qorvo is a “buy” with a target price of $125, while Rosenblatt Securities considers it “neutral” with a target of $95.
According to Bloomberg.com, the consensus rating for Qorvo amongst analysts is “Hold,” along with an estimated consensus price target totalling an impressive amount of $112.67.
In conclusion, Qorvo continues to attract institutional investors and hedge funds who have modified their holdings in various ways, reflecting confidence in the future prospects of this semiconductor company. With positive ratings from multiple analysts and favorable financial indicators such as strong liquidity measures and market capitalization, Qorvo appears poised for continued success in the market.
