Qorvo, Inc. (NASDAQ:QRVO) Shares Purchased by Assenagon Asset Management S.A.

Posted by on Mar 23rd, 2023

Assenagon Asset Management S.A. lifted its position in Qorvo, Inc. (NASDAQ:QRVO – Get Rating) by 191.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 170,689 shares of the semiconductor company’s stock after acquiring an additional 112,075 shares during the quarter. Assenagon Asset Management S.A. owned 0.17% of Qorvo worth $15,471,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Parkside Financial Bank & Trust boosted its holdings in Qorvo by 106.4% in the first quarter. Parkside Financial Bank & Trust now owns 225 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 116 shares during the period. Condor Capital Management grew its position in shares of Qorvo by 1.0% during the 3rd quarter. Condor Capital Management now owns 12,208 shares of the semiconductor company’s stock valued at $969,000 after buying an additional 125 shares during the last quarter. LPL Financial LLC raised its stake in Qorvo by 0.5% during the second quarter. LPL Financial LLC now owns 27,262 shares of the semiconductor company’s stock worth $2,571,000 after acquiring an additional 127 shares during the period. B. Riley Wealth Management Inc. lifted its holdings in Qorvo by 3.3% in the second quarter. B. Riley Wealth Management Inc. now owns 4,600 shares of the semiconductor company’s stock worth $434,000 after acquiring an additional 146 shares during the last quarter. Finally, Edmond DE Rothschild Holding S.A. boosted its stake in Qorvo by 13.7% in the third quarter. Edmond DE Rothschild Holding S.A. now owns 1,264 shares of the semiconductor company’s stock valued at $100,000 after acquiring an additional 152 shares during the period. 86.47% of the stock is currently owned by institutional investors.

Qorvo Stock Performance

Shares of QRVO opened at $99.47 on Thursday. The company has a debt-to-equity ratio of 0.49, a current ratio of 3.68 and a quick ratio of 2.28. The firm’s 50 day moving average is $102.72 and its 200-day moving average is $94.26. Qorvo, Inc. has a 12-month low of $75.38 and a 12-month high of $132.73. The stock has a market capitalization of $9.94 billion, a P/E ratio of 23.35, a P/E/G ratio of 3.04 and a beta of 1.48.

Qorvo (NASDAQ:QRVO – Get Rating) last issued its earnings results on Wednesday, February 1st. The semiconductor company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.12. The firm had revenue of $743.30 million during the quarter, compared to analysts’ expectations of $726.33 million. Qorvo had a net margin of 11.06% and a return on equity of 19.41%. The firm’s revenue for the quarter was down 33.3% compared to the same quarter last year. During the same period last year, the firm posted $2.81 earnings per share. Equities research analysts anticipate that Qorvo, Inc. will post 4.91 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on QRVO shares. Raymond James assumed coverage on Qorvo in a research report on Wednesday, March 1st. They set an “outperform” rating and a $120.00 price target on the stock. Wells Fargo & Company raised their target price on Qorvo from $90.00 to $110.00 and gave the company an “equal weight” rating in a research note on Thursday, February 2nd. StockNews.com initiated coverage on shares of Qorvo in a research report on Thursday, March 16th. They set a “hold” rating for the company. Needham & Company LLC lifted their price objective on shares of Qorvo from $105.00 to $130.00 and gave the company a “buy” rating in a research report on Thursday, February 2nd. Finally, Susquehanna upped their target price on shares of Qorvo from $95.00 to $100.00 and gave the stock a “neutral” rating in a research report on Thursday, February 2nd. Two analysts have rated the stock with a sell rating, sixteen have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $109.57.

Qorvo Profile

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Qorvo, Inc engages in the provision of development and commercialization of technologies and products for wireless and wired connectivity. It operates through the following reportable segments: Mobile Products and Infrastructure & Defense Products. The Mobile Products segment is involved in supplying cellular, UWB, and Wi-Fi solutions for applications, including smartphones, wearables, laptops, tablets, and Internet of things.

Further Reading

Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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