Qorvo, Inc. (NASDAQ:QRVO) Stake Lessened by Fifth Third Bancorp

Fifth Third Bancorp lessened its stake in Qorvo, Inc. (NASDAQ:QRVO – Get Rating) by 3.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 38,468 shares of the semiconductor company’s stock after selling 1,387 shares during the period. Fifth Third Bancorp’s holdings in Qorvo were worth $6,016,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of QRVO. Lindbrook Capital LLC increased its stake in Qorvo by 956.7% during the fourth quarter. Lindbrook Capital LLC now owns 317 shares of the semiconductor company’s stock valued at $50,000 after purchasing an additional 287 shares during the last quarter. Trustcore Financial Services LLC increased its stake in Qorvo by 3,655.6% during the third quarter. Trustcore Financial Services LLC now owns 338 shares of the semiconductor company’s stock valued at $57,000 after purchasing an additional 329 shares during the last quarter. Concord Wealth Partners increased its stake in Qorvo by 1,600.0% during the fourth quarter. Concord Wealth Partners now owns 408 shares of the semiconductor company’s stock valued at $64,000 after purchasing an additional 384 shares during the last quarter. Allworth Financial LP grew its position in shares of Qorvo by 263.8% during the third quarter. Allworth Financial LP now owns 462 shares of the semiconductor company’s stock worth $77,000 after acquiring an additional 335 shares during the last quarter. Finally, Ahrens Investment Partners LLC bought a new position in shares of Qorvo during the fourth quarter worth about $79,000. Institutional investors and hedge funds own 83.49% of the company’s stock.

Shares of Qorvo stock opened at $114.43 on Monday. The stock has a market capitalization of $12.41 billion, a P/E ratio of 11.56, a PEG ratio of 0.93 and a beta of 1.37. The company has a quick ratio of 2.58, a current ratio of 3.63 and a debt-to-equity ratio of 0.44. The stock has a 50 day moving average price of $129.18 and a two-hundred day moving average price of $146.81. Qorvo, Inc. has a 12-month low of $111.74 and a 12-month high of $201.68.

Qorvo (NASDAQ:QRVO – Get Rating) last posted its quarterly earnings data on Wednesday, February 2nd. The semiconductor company reported $2.81 earnings per share for the quarter, beating the consensus estimate of $2.53 by $0.28. Qorvo had a return on equity of 27.27% and a net margin of 24.60%. The company had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same period in the prior year, the business earned $2.95 earnings per share. Qorvo’s revenue for the quarter was up 1.8% compared to the same quarter last year. Sell-side analysts anticipate that Qorvo, Inc. will post 11.25 earnings per share for the current year.

In related news, VP Paul J. Fego sold 861 shares of the firm’s stock in a transaction on Tuesday, February 15th. The stock was sold at an average price of $131.78, for a total value of $113,462.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.52% of the stock is owned by company insiders.

Several equities research analysts recently weighed in on the stock. Rosenblatt Securities reduced their price objective on shares of Qorvo from $190.00 to $170.00 and set a “neutral” rating for the company in a report on Thursday, February 3rd. Citigroup reduced their price objective on shares of Qorvo from $144.00 to $142.00 and set a “neutral” rating for the company in a report on Tuesday, March 22nd. StockNews.com assumed coverage on shares of Qorvo in a report on Thursday, March 31st. They issued a “hold” rating for the company. Piper Sandler reduced their price objective on shares of Qorvo from $200.00 to $190.00 and set an “overweight” rating for the company in a report on Thursday, February 3rd. Finally, Bank of America cut their price target on shares of Qorvo from $180.00 to $165.00 and set a “neutral” rating for the company in a report on Thursday, February 3rd. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $180.96.

Qorvo Company Profile (Get Rating)

Qorvo, Inc develops and commercializes technologies and products for wireless and wired connectivity worldwide. The company operates through two segments, Mobile Products, and Infrastructure and Defense Products. The company offers integrated modules incorporating switches, power amplifiers, filters, multiplexers and other components, radio frequency (RF) power management integrated circuits, antenna tuners, antenna-plexers, discrete filters and duplexers, discrete switches, and ultra-wideband (UWB) system solutions.

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