As of the second quarter of 2023, Nordea Investment Management AB has increased its position in Qorvo, Inc. by a significant margin. According to its most recent 13F filing with the Securities and Exchange Commission (SEC), the firm now owns 240,292 shares of Qorvo stock, representing a 498.7% increase from the previous quarter. This translates to an additional purchase of 200,154 shares during this period. At the end of the reporting period, the value of Nordea Investment Management AB’s holdings in Qorvo reached $24,510,000.
In recent news pertaining to insider trading activity, SVP Paul J. Fego sold 4,208 shares of Qorvo stock on August 15th at an average price of $102.02 per share. The total transaction amount was $429,300.16. Following this transaction, Fego now holds a total of 26,707 shares in the company valued at approximately $2,724,648.14. The details of this sale were disclosed in a filing with the SEC available through an accessible link.
Furthermore, another transaction involving SVP Paul J. Fego has been reported on August 15th wherein he sold an additional 4,208 shares of Qorvo stock for an average price of $102.02 per share totaling $429,300.16 in value. As a result of this sale completion, Fego possesses a total number of 26,707 shares valued at $2,724,648.14 based on current market prices.
Additionally worth noting is CEO Robert A. Bruggeworth’s recent sale transaction where he disposed off 8,689 shares of Qorvo stock on August 22nd at an average price per share amounting to $101.37 which accumulated to a total value worth $880,803.93 within that transaction. Following the completion of this sale, Bruggeworth now holds 193,994 shares in Qorvo, valued at $19,665,171.78.
It is also important to mention that insiders of the company have sold a total of 40,250 shares of Qorvo stock with a combined value of $4,110,124 within the past ninety days. This amounts to approximately 0.43% ownership of Qorvo’s outstanding shares being held by these company insiders.
These recent developments shed light on the investment and trading activities conducted by Nordea Investment Management AB as well as key insiders within Qorvo, Inc. Investors and market observers may find these transactions noteworthy as they provide insight into the company’s evolving ownership structure and potential market trends.
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Qorvo, Inc.: Garnering Attention from Hedge Funds and Institutional Investors
Qorvo, Inc. (NASDAQ:QRVO) has garnered significant attention from hedge funds and institutional investors in recent months. Several hedge funds have bought and sold shares of QRVO, indicating a growing interest in the semiconductor company.
International Assets Investment Management LLC made a new investment in Qorvo during the first quarter, acquiring a stake valued at roughly $40,000. This move demonstrates confidence in the company’s potential for growth and success.
AlphaCrest Capital Management LLC also increased its holdings in Qorvo by 23.2% during the same period. The firm now owns 3,640 shares of the semiconductor company’s stock worth approximately $452,000, after adding an additional 685 shares last quarter.
Commonwealth of Pennsylvania Public School Empls Retrmt SYS followed suit by boosting its position in Qorvo by 4.9% during the first quarter, acquiring an additional 673 shares valued at around $1.8 million. This strategic move enhances their portfolio diversification within the technology sector.
Cibc World Market Inc., on the other hand, increased their position in Qorvo by 10.4% during the same period. With an additional purchase of 843 shares worth approximately $1.1 million, Cibc World Market Inc. considers Qorvo as a valuable long-term investment opportunity.
Finally, Sei Investments Co., showing trust in Qorvo’s potential for growth and profitability, increased its holdings by 18.0% during the first quarter, adding an impressive 18,397 shares to their portfolio.
Overall, institutional investors now own approximately 85.60% of Qorvo’s stock — an indication of mounting interest among major players within the investment community.
These developments have not gone unnoticed by research analysts who closely follow market trends and evaluate companies’ performances against industry benchmarks.
Morgan Stanley recently revised its price objective for Qorvo from $111.00 to $116.00 and maintained an “equal weight” rating for the stock. This update reflects Morgan Stanley’s analysis of Qorvo’s position within the semiconductor industry.
Mizuho, a prominent financial institution, also revised its price objective for Qorvo from $102.00 to $107.00, indicating its positive outlook on the company’s potential growth prospects.
Furthermore, BNP Paribas upgraded Qorvo from a “neutral” rating to an “outperform” rating, setting a price target of $135.00 on the stock. This upgrade underlines their belief in Qorvo’s ability to outperform market expectations.
Wolfe Research initiated coverage on Qorvo and assigned an “outperform” rating with a target price of $125.00, highlighting their optimism regarding the company’s future prospects.
Finally, UBS Group raised its price objective from $110.00 to $115.00, further bolstering confidence in Qorvo and its strong performance within the semiconductor industry.
According to Bloomberg, research analysts currently assign an average rating of “Hold” to Qorvo with an average target price of approximately $112.67 per share.
On September 18th, NASDAQ QRVO opened at $95.93, with a market capitalization of around $9.39 billion. The company has experienced fluctuations between a 12-month low of $75.38 and a 12-month high of $114.59 — indicative of both opportunities and risks associated with investing in this sector.
Qorvo’s financials have not disappointed investors either as it reported earnings results on August 2nd that surpassed analysts’ consensus estimates. The company reported earnings per share (EPS) of $0.03 for the quarter, exceeding expectations by $0.07 despite challenging economic conditions caused by the global pandemic.
The semiconductor giant also demonstrated a positive return on equity of 7.89% along with a slight net margin improvement. Furthermore, Qorvo achieved a revenue figure of $651.16 million, surpassing the consensus estimate of $639.84 million.
Looking ahead, equities research analysts predict that Qorvo will post earnings per share of $4.03 for the current year — a promising outlook for investors considering adding this stock to their portfolios.
In conclusion, Qorvo has attracted significant attention from hedge funds and institutional investors due to its strong performance in the semiconductor industry. Analysts’ ratings reflect optimism regarding its future prospects amidst economic uncertainties. Investors would be wise to monitor developments closely and consider the potential benefits of adding Qorvo to their investment portfolios.
Please note: The article provided above is purely for informational purposes only and should not be considered as financial advice or a recommendation to buy or sell any securities mentioned above.
