Utah Retirement Systems Has $1.46 Million Stock Position in Qorvo, Inc. (NASDAQ:QRVO)

Posted by Defense World Staff on Mar 13th, 2023

Utah Retirement Systems reduced its holdings in Qorvo, Inc. (NASDAQ:QRVO – Get Rating) by 4.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,424 shares of the semiconductor company’s stock after selling 900 shares during the quarter. Utah Retirement Systems’ holdings in Qorvo were worth $1,463,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in shares of Qorvo by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 12,196,858 shares of the semiconductor company’s stock valued at $1,513,630,000 after purchasing an additional 58,395 shares during the period. Baupost Group LLC MA boosted its position in shares of Qorvo by 4.8% during the 2nd quarter. Baupost Group LLC MA now owns 6,967,036 shares of the semiconductor company’s stock worth $657,131,000 after acquiring an additional 321,324 shares in the last quarter. State Street Corp boosted its position in Qorvo by 0.3% in the first quarter. State Street Corp now owns 4,801,902 shares of the semiconductor company’s stock valued at $595,916,000 after buying an additional 16,097 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Qorvo by 52.6% during the first quarter. Wellington Management Group LLP now owns 1,990,306 shares of the semiconductor company’s stock worth $246,997,000 after purchasing an additional 686,046 shares during the period. Finally, LSV Asset Management raised its stake in Qorvo by 3.8% during the third quarter. LSV Asset Management now owns 1,739,829 shares of the semiconductor company’s stock worth $138,160,000 after buying an additional 64,123 shares during the last quarter. Institutional investors own 86.47% of the company’s stock.

Insider Activity at Qorvo

In related news, VP Gina Harrison sold 3,559 shares of the stock in a transaction on Tuesday, December 13th. The stock was sold at an average price of $104.00, for a total value of $370,136.00. Following the completion of the transaction, the vice president now directly owns 16,257 shares of the company’s stock, valued at approximately $1,690,728. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.45% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Needham & Company LLC boosted their price target on shares of Qorvo from $105.00 to $130.00 and gave the stock a “buy” rating in a report on Thursday, February 2nd. Citigroup increased their price target on shares of Qorvo from $94.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday, February 3rd. Credit Suisse Group assumed coverage on shares of Qorvo in a report on Tuesday, November 15th. They issued an “outperform” rating and a $120.00 price target on the stock. Raymond James assumed coverage on shares of Qorvo in a research note on Wednesday, March 1st. They issued an “outperform” rating and a $120.00 price objective for the company. Finally, BMO Capital Markets upped their price objective on shares of Qorvo from $90.00 to $105.00 and gave the company a “market perform” rating in a research note on Thursday, February 2nd. Two analysts have rated the stock with a sell rating, sixteen have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $109.57.

Qorvo Trading Down 2.3 %

Qorvo stock opened at $95.33 on Monday. The company has a current ratio of 3.68, a quick ratio of 2.28 and a debt-to-equity ratio of 0.49. Qorvo, Inc. has a 12 month low of $75.38 and a 12 month high of $132.73. The stock’s 50 day simple moving average is $102.05 and its two-hundred day simple moving average is $94.07. The firm has a market cap of $9.52 billion, a PE ratio of 22.38, a P/E/G ratio of 3.00 and a beta of 1.48.

Qorvo (NASDAQ:QRVO – Get Rating) last announced its earnings results on Wednesday, February 1st. The semiconductor company reported $0.75 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $726.33 million. During the same quarter last year, the firm posted $2.81 EPS. The business’s revenue was down 33.3% on a year-over-year basis. Analysts anticipate that Qorvo, Inc. will post 4.91 earnings per share for the current year.

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.