SSgA Funds Management, Inc. has recently announced that it has increased stake in Qorvo Inc. (NASDAQ:QRVO) by 2.92%. After grabbing 4.68 million shares, the institutional investor is now in possession of 0.13 million shares of the Technology Company. The new investment brought the stake of investor firm to 4.69% having worth around $431.19 million. Moreover, FIL Investment Advisors increased its share by 0.46 million to have a control over 2.46 million shares. And Geode Capital Management LLC raised its holdings to 5396.0 shares by acquiring 2.15 million shares or 2.15% of the stake.
Qorvo Inc. (QRVO) concluded trading on 05/24/23 at a closing price of $93.75, with 1.1 million shares of worth about $103.48 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -1.14% during that period and on Wednesday the price saw a loss of about -0.39%. Currently the company’s common shares owned by public are about 100.94M shares, out of which, 99.28M shares are available for trading.
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According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 63 times over the past 12 months. They bought 116,429 shares in 22 of the transactions. In 41 selling transactions, insiders dumped 67,692 shares.
American Funds AMCAP Fund, Vanguard Total Stock Market ETF, and Vanguard 500 Index Fund are the top 3 mutual funds which are holding stakes in Qorvo Inc. American Funds AMCAP Fund is currently holding 4.04 million shares of worth totaling $372.32 million. The company recently came buying 0.0 shares which brought its stake up to 4.05% of the company’s outstanding shares. Vanguard Total Stock Market ETF bought 8920.0 shares, after which its hold over company’s outstanding shares expand to 3.10%, leaving 3.1 million shares with the mutual fund that have a worth of about $285.4 million. Vanguard 500 Index Fund, after buying 2.34 million shares, have now control over 2.35% of the stake in the company. It holds 12408.0 shares of worth $215.87 million.
Qorvo Inc. (NASDAQ: QRVO) started trading at $92.56, below -$1.56 from concluding price of the previous day. However, the stock later moved at a day high price of 93.97, or with a loss of -0.39%. Stock saw a price change of 1.37% in past 5 days and over the past one month there was a price change of 4.53%. Year-to-date (YTD), QRVO shares are showing a performance of 3.43% which decreased to -11.50% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $75.38 but also hit the highest price of $114.59 during that period. The average intraday trading volume for Qorvo Inc. shares is 1.24 million. The stock is currently trading 1.02% above its 20-day simple moving average (SMA20), while that difference is down -1.28% for SMA50 and it goes to -1.27% lower than SMA200.
SSgA Funds Management, Inc. acquired 4.68 million shares of Qorvo Inc. having value of about $431.19 million. Data submitted at the U.S SEC by SSgA Funds Management, Inc. revealed that the firm now holds 0.13 million shares in the company valued at close to $12441562.5, or have control over 2.92% stake in the company. Qorvo Inc. (NASDAQ: QRVO) currently have 100.94M outstanding shares and institutions hold larger chunk of about 89.40% of that. Holding of mutual funds in the company is about 39.09% while other institutional holders and individual stake holders have control over 50.11% and 0.89% of the stake respectively.
The stock has a current market capitalization of $9.36B and its 3Y-monthly beta is at 1.43. PE ratio of stock for trailing 12 months is 101.90, while it has posted earnings per share of $0.92 in the same period. Its PEG reads 10.19 and has Quick Ratio of 2.30 while making debt-to-equity ratio of 0.00. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for QRVO, volatility over the week remained 2.54% while standing at 3.10% over the month.
Analysts are in expectations that Qorvo Inc. (QRVO) stock would likely to be making an EPS of $0.15 in the current quarter, while forecast for next quarter EPS is $1.59 and it is $7.35 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.13 which is $0.2 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $2.25 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 46.50% while it is estimated to increase by 63.07% in next year. EPS is likely to shrink at an annualized rate of 10.00% for next 5-years, compared to annual growth of 135.90% made by the stock over the past 5-years.
Analysts at 26 brokerage firms have issued recommendations for the Qorvo Inc. (QRVO)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.90. Out of those 26 Wall Street analysts, 4 recommended a “Buy” rating, while 18 were in favor recommending the stock as a “Hold” and 1 analyst recommended the stock as “Sell”.
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