Parallel Advisors LLC Acquires 212 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Posted by on May 2nd, 2023

Parallel Advisors LLC boosted its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO – Get Rating) by 16.3% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,511 shares of the semiconductor company’s stock after buying an additional 212 shares during the period. Parallel Advisors LLC’s holdings in Qorvo were worth $137,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in QRVO. Martingale Asset Management L P lifted its stake in Qorvo by 9.5% during the third quarter. Martingale Asset Management L P now owns 12,740 shares of the semiconductor company’s stock worth $1,012,000 after purchasing an additional 1,103 shares during the last quarter. Ethic Inc. bought a new stake in Qorvo during the third quarter worth about $310,000. Mercer Global Advisors Inc. ADV lifted its stake in Qorvo by 6.7% during the third quarter. Mercer Global Advisors Inc. ADV now owns 71,095 shares of the semiconductor company’s stock worth $5,646,000 after purchasing an additional 4,473 shares during the last quarter. Brinker Capital Investments LLC lifted its stake in Qorvo by 9.9% during the third quarter. Brinker Capital Investments LLC now owns 29,811 shares of the semiconductor company’s stock worth $2,367,000 after purchasing an additional 2,687 shares during the last quarter. Finally, Fisher Asset Management LLC lifted its stake in Qorvo by 1.4% during the fourth quarter. Fisher Asset Management LLC now owns 670,104 shares of the semiconductor company’s stock worth $60,738,000 after purchasing an additional 9,336 shares during the last quarter. Institutional investors own 86.47% of the company’s stock.

Qorvo Stock Performance

Shares of QRVO opened at $92.84 on Tuesday. The company has a quick ratio of 2.28, a current ratio of 3.68 and a debt-to-equity ratio of 0.49. The business’s 50 day moving average price is $97.02 and its 200-day moving average price is $96.37. Qorvo, Inc. has a 52 week low of $75.38 and a 52 week high of $121.27. The stock has a market cap of $9.27 billion, a P/E ratio of 21.79, a P/E/G ratio of 4.05 and a beta of 1.45.

Qorvo (NASDAQ:QRVO – Get Rating) last issued its quarterly earnings results on Wednesday, February 1st. The semiconductor company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.12. Qorvo had a return on equity of 19.41% and a net margin of 11.06%. The firm had revenue of $743.30 million for the quarter, compared to analysts’ expectations of $726.33 million. During the same period in the previous year, the firm posted $2.81 EPS. The business’s revenue for the quarter was down 33.3% compared to the same quarter last year. Equities research analysts anticipate that Qorvo, Inc. will post 4.9 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on QRVO shares. Susquehanna lifted their price target on Qorvo from $95.00 to $100.00 and gave the stock a “neutral” rating in a research note on Thursday, February 2nd. Mizuho lifted their price objective on Qorvo from $93.00 to $100.00 and gave the stock a “neutral” rating in a report on Thursday, February 2nd. Raymond James assumed coverage on Qorvo in a report on Wednesday, March 1st. They issued an “outperform” rating and a $120.00 price objective on the stock. Piper Sandler lifted their price objective on Qorvo from $100.00 to $120.00 and gave the stock an “overweight” rating in a report on Thursday, February 2nd. Finally, StockNews.com assumed coverage on Qorvo in a report on Thursday, March 16th. They issued a “hold” rating on the stock. Two investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Qorvo currently has an average rating of “Hold” and a consensus target price of $107.83.

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.

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Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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