Tower Research Capital LLC TRC has significantly reduced its holdings in Qorvo, Inc. (NASDAQ:QRVO) during the first quarter of this year, according to the company’s recent 13F filing with the Securities & Exchange Commission. The firm sold 14,389 shares, resulting in a 90.9% reduction in its holdings. Tower Research Capital LLC TRC now owns 1,446 shares of Qorvo stock, which are valued at $147,000 as of the end of the reporting period.
Qorvo (NASDAQ:QRVO) recently released its quarterly earnings data on August 2nd. The semiconductor company reported earnings per share (EPS) of $0.03 for the quarter, surpassing the consensus estimate by $0.07. This positive result is noteworthy considering that analysts had expected Qorvo to report an EPS of ($0.04). The company also generated revenue of $651.16 million during the quarter compared to the consensus estimate of $639.84 million.
Despite a narrow net margin of -0.29%, Qorvo exhibited a positive return on equity (ROE) at 7.89%. Analysts have predicted that Qorvo, Inc.’s EPS for this year will reach 4.03.
In additional news involving Qorvo, senior vice president Paul J. Fego sold 4,208 shares on August 15th at an average price of $102.02 per share, amounting to a total transaction value of $429,300.16. Following this sale, Fego now holds 26,707 shares worth approximately $2,724,648.14.
Similarly on August 15th,the CFO Grant Brown disposed off 6,679 shares at an average price of $102.02 per share for a total value of $681,391.58.With this sale Brown now holds 21,217 shares of Qorvo shares and the value stands at $2,164,558.34.
It is stated in a legal filing with the Securities & Exchange Commission that Fego also sold 4,208 shares on August 15th for an average price of $102.02 per share, generating a total transaction value of $429,300.16.Upon completion of the sale,Fego now holds 26,707 shares valued at approximately $2,724,648.14.
These insider transactions have contributed to a total of 38,183 shares being sold by corporate insiders over the past ninety days. The value of these sales amounts to $3,889,782. As a result of these transactions,courporate insiders now own approximately 0.43% of the company’s stock.
Reference Date: August 31st ,2023
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Qorvo’s Stake Acquisitions and Reductions: Hedge Funds Take Notice
August 31, 2023 – Qorvo’s Recent Stake Acquisitions and Reductions Draw Attention from Hedge Funds
In recent months, a number of hedge funds have made strategic moves with regards to their stakes in semiconductor company, Qorvo. Several firms have either added to or reduced their positions in the company, sparking intrigue in the investment community.
US Bancorp DE increased its stake in Qorvo by 3.8% during the first quarter of this year. The firm now owns 4,397 shares of Qorvo’s stock, valued at $447,000 after acquiring an additional 162 shares in the last quarter. Meanwhile, Y Intercept Hong Kong Ltd raised its position in Qorvo by an impressive 95.7% during the same period. The firm now holds 17,132 shares of the semiconductor company’s stock, worth approximately $1.74 million after purchasing an additional 8,377 shares.
Another notable hedge fund that showed interest in Qorvo is Russell Investments Group Ltd., which increased its position by 4.1% during the first quarter as well. Currently owning 273,288 shares of the company’s stock valued at $27.76 million after purchasing an additional 10,769 shares.
Banco Bilbao Vizcaya Argentaria also lifted its stake in Qorvo by an astonishing 122.8% during the first quarter of this year. The firm now holds a total of 50,780 shares worth $5.14 million after acquiring an additional 27,986 shares.
Lastly, New York Life Investment Management LLC increased its position in Qorvo by 11.6% during the first quarter and currently owns 16,291 shares worth $1.66 million after acquiring an additional 1,690 shares.
Overall, institutional investors now hold ownership of approximately 85.60% of Qorvo’s stock.
On Thursday, QRVO stock opened at $106.46. The company has a market capitalization of $10.42 billion with a price-to-earnings (PE) ratio of -626.24 and a price-to-earnings-growth (PEG) ratio of 2.58. Additionally, it has a beta value of 1.43 and a debt-to-equity ratio of 0.54.
With regards to the company’s financial indicators, Qorvo boasts a quick ratio of 1.83 and a current ratio of 3.27. Its fifty-day moving average stands at $103.50, while its two hundred-day moving average is recorded at $99.53.
In terms of analysts’ opinions on QRVO stock, several research firms have shared their insights recently. UBS Group raised the target price from $110 to $115 in their research report on August 3rd, while BMO Capital Markets raised the target price from $105 to $110 in their May 4th report.
Moreover, Summit Insights upgraded Qorvo from hold to buy in their May 4th research report as well.
Morgan Stanley also expressed positive sentiments towards Qorvo by increasing their target price from $111 to $116 in an August 3rd research report and giving the company an “equal weight” rating.
Finally, Raymond James raised the price target from $120 to $125 and assigned an “outperform” rating on August 3rd.
In conclusion, hedge funds have been active in adjusting their stakes in Qorvo recently, drawing attention from investors and analysts alike. With various firms increasing or reducing their positions, it will be interesting to observe how this affects the semiconductor company’s overall performance moving forward.
Please note that all information mentioned here was accurate as of August 31, 2023, based on available data sourced from reliable sources such as Bloomberg.com.
