Pinnacle Associates Ltd buys $96.6 Million stake in Qorvo Inc (QRVO)

Qorvo Inc (QRVO) : Pinnacle Associates Ltd scooped up 256,929 additional shares in Qorvo Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 2,148,145 shares of Qorvo Inc which is valued at $96.6 Million.Qorvo Inc makes up approximately 2.16% of Pinnacle Associates Ltd’s portfolio.

Other Hedge Funds, Including , Public Sector Pension Investment Board reduced its stake in QRVO by selling 15,000 shares or 41.9% in the most recent quarter. The Hedge Fund company now holds 20,800 shares of QRVO which is valued at $935,792. Qorvo Inc makes up approx 0.01% of Public Sector Pension Investment Board’s portfolio.Raymond James Associates reduced its stake in QRVO by selling 73,960 shares or 48.66% in the most recent quarter. The Hedge Fund company now holds 78,047 shares of QRVO which is valued at $3.5 Million. Qorvo Inc makes up approx 0.01% of Raymond James Associates’s portfolio. Argent Capital Management sold out all of its stake in QRVO during the most recent quarter. The investment firm sold 29,083 shares of QRVO which is valued $1.3 Million. Fdo Partners added QRVO to its portfolio by purchasing 5,590 company shares during the most recent quarter which is valued at $251,494. Qorvo Inc makes up approx 0.16% of Fdo Partners’s portfolio.State Of Wisconsin Investment Board boosted its stake in QRVO in the latest quarter, The investment management firm added 100,920 additional shares and now holds a total of 150,630 shares of Qorvo Inc which is valued at $6.9 Million. Qorvo Inc makes up approx 0.03% of State Of Wisconsin Investment Board’s portfolio.

Qorvo Inc closed down -0.33 points or -0.65% at $50.65 with 9,65,491 shares getting traded on Wednesday. Post opening the session at $50.97, the shares hit an intraday low of $50.24 and an intraday high of $51.45 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

On the company’s financial health, Qorvo Inc reported $1.04 EPS for the quarter, beating the analyst consensus estimate by $ 0.12 according to the earnings call on May 4, 2016. Analyst had a consensus of $0.92. The company had revenue of $608.10 million for the quarter, compared to analysts expectations of $599.32 million. The company’s revenue was down -4.2 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.11 EPS.

Many Wall Street Analysts have commented on Qorvo Inc. Qorvo Inc was Initiated by Credit Agricole to “Underperform” on May 25, 2016. Company shares were Reiterated by Cowen on May 5, 2016 to “Outperform”, Firm has raised the Price Target to $ 55 from a previous price target of $50 .Company shares were Reiterated by Needham on May 5, 2016 to “Buy”, Firm has raised the Price Target to $ 53 from a previous price target of $50 .

Qorvo Inc. provides core technologies and radio frequency (RF) solutions for mobile infrastructure and defense and aerospace applications. The Company offers amplification filtering and switching products for RF microwave and millimeter-wave applications. It serves the mobile device networks infrastructure and defense and aerospace markets. It designs develops manufactures and markets its products to the United States and international original equipment manufacturers and original design manufacturers. Its operating segments include Mobile Products (MP) and Infrastructure and Defense Products (IDP). The MP segment supplies RF solutions that perform various functions in the complex cellular radio front end section of smartphones and other cellular devices. The IDP segment supplies an array of RF solutions to wireless network infrastructure defense and aerospace markets and short-range connectivity applications for commercial consumer industrial and automotive markets.

Leave a Reply

Qorvo Inc - Is it time to Sell?

Top Brokerage Firms are advising their investors on Qorvo Inc. Subscribe to MoneyFlowIndex.Org Pre-Market Alerts, You will be the first to know the street buzz.