Qorvo, Inc. (NASDAQ:QRVO) has been garnering a lot of attention lately, and for good reason. The semiconductor company, which provides cutting-edge solutions for RF and power, has been making waves in the tech industry due to its innovative products, technology expertise and global manufacturing scale. Qorvo’s products are widely used in various growth sectors such as consumer electronics, smart home/IoT, automotive, EVs, battery-powered appliances, network infrastructure, healthcare, and aerospace/defense.
Recent Form 13F filings with the SEC indicate that Point72 Asset Management L.P., an institutional investor with a reputation for savvy stock picks, has acquired a significant stake in Qorvo. According to their filing; Point72 Asset Management L.P. bought 1,274,670 shares of the company’s stock during Q4 2020 at an approximate value of $115 million dollars. As a result of this purchase – Point72 now owns approximately 1.28% of Qorvo.
The timing of Point72’s acquisition could not have been more appropriate; NASDAQ:QRVO opened at $100.60 on Tuesday morning with a market cap of around $9.93 billion dollars. With a price-to-earnings ratio of 109.35 and a relatively high price-to-earnings-growth ratio of 3.91 – Qorvo is positioned to be one of the most lucrative investments for anyone seeking exposure to growth stocks with high market potential.
Furthermore – investors will be heartened by the robust financials underlying Qorvo’s current valuation metrics; indeed QRVO boasts an impressive current ratio 3.65 indicating strong liquidity levels as well as a quick ratio of 2.22 demonstrating short-term solvency levels remain healthy despite volatile economic conditions globally.
In conclusion – it is fair to say that Qorvo remains an enticing prospect for savvy investors seeking significant returns in a buoyant tech sector. With fresh interest from leading institutional investors, strong financials, and an already successful range of products – it is no wonder this semiconductor firm continues to grow faster than many analysts anticipated.
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Institutional Investors Make Significant Changes to Qorvo Holdings While CEO Sells Shares
Institutional investors recently made significant changes to their holdings in Qorvo, Inc. The semiconductor solutions provider saw a spike in the number of shares held by Ronald Blue Trust Inc., which saw a 267.8% increase during the fourth quarter, now owning 320 shares valued at $26,000. Similarly, Parkside Financial Bank & Trust’s Qorvo holdings increased by 106.4% in the first quarter and International Assets Investment Management LLC purchased a new stake in Qorvo worth approximately $40,000 during the same period.
Zions Bancorporation N.A.’s increase of 3,833.3% saw it acquire an additional 460 shares whilst Sentry Investment Management LLC’s position surged by 26.3%.
Notably CEO Robert A.Bruggeworth sold 17,063 shares on May 17th for $90.73 per share in a transaction resulting in earnings of over US$1.5m and leaving him with a remaining total of around US$17m – this after a flurry of trades that included Chairman Ralph Quinsey also selling an insider block of nearly $392k worth of stock earlier last month.
Qorvo provides chips for RF and power solutions to some leading tech companies such as Apple and Samsung among others from diverse industries such as consumer electronics, smart home/IoT, automotive etc.The company announced its quarterly results on May 3rd this year where it reported that it outperformed analyst estimates with revenues at USD$632.70mn.However,the business revenue was down nearly half of what was recorded same period previous year.
Despite good quarterly performance analysts are divided about Qorvo’s target price with Needham & Company LLC increasing to USD140.00 whilst two having rated stock as sell among many others who listed it as hold or buy.But considering last year’s EPS level they are optimistic about its net profitability even as it continues to face stiff competition in the semiconductor industry.