Vanguard Group Inc. Trims Stock Position in Qorvo, Inc. (NASDAQ:QRVO)

Vanguard Group Inc. cut its stake in shares of Qorvo, Inc. (NASDAQ:QRVO – Get Rating) by 2.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 11,947,883 shares of the semiconductor company’s stock after selling 255,049 shares during the period. Vanguard Group Inc. owned approximately 11.78% of Qorvo worth $948,781,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of QRVO. Renaissance Technologies LLC raised its stake in shares of Qorvo by 1,610.0% during the 3rd quarter. Renaissance Technologies LLC now owns 993,706 shares of the semiconductor company’s stock worth $78,910,000 after buying an additional 935,593 shares in the last quarter. Baupost Group LLC MA raised its stake in shares of Qorvo by 11.8% during the 1st quarter. Baupost Group LLC MA now owns 6,645,712 shares of the semiconductor company’s stock worth $824,733,000 after buying an additional 699,968 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Qorvo by 52.6% during the 1st quarter. Wellington Management Group LLP now owns 1,990,306 shares of the semiconductor company’s stock worth $246,997,000 after buying an additional 686,046 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Qorvo by 183.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 690,361 shares of the semiconductor company’s stock worth $85,674,000 after buying an additional 447,129 shares in the last quarter. Finally, BNP Paribas Arbitrage SA raised its stake in shares of Qorvo by 243.2% during the 1st quarter. BNP Paribas Arbitrage SA now owns 281,304 shares of the semiconductor company’s stock worth $34,910,000 after buying an additional 199,331 shares in the last quarter. 86.47% of the stock is owned by hedge funds and other institutional investors.

Qorvo Price Performance

QRVO stock opened at $94.67 on Tuesday. Qorvo, Inc. has a 52-week low of $75.38 and a 52-week high of $132.73. The stock’s fifty day simple moving average is $102.05 and its 200-day simple moving average is $94.04. 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 stock has a market capitalization of $9.46 billion, a price-to-earnings ratio of 22.22, a price-to-earnings-growth ratio of 3.00 and a beta of 1.48.

Qorvo (NASDAQ:QRVO – Get Rating) last issued its earnings results on Wednesday, February 1st. The semiconductor company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.12. The business had revenue of $743.30 million for the quarter, compared to analyst estimates of $726.33 million. Qorvo had a return on equity of 19.41% and a net margin of 11.06%. The business’s quarterly revenue was down 33.3% on a year-over-year basis. During the same period last year, the company posted $2.81 EPS. Equities research analysts expect that Qorvo, Inc. will post 4.91 EPS for the current year.

Analyst Ratings Changes

QRVO has been the subject of a number of analyst reports. Mizuho increased their target price on Qorvo from $93.00 to $100.00 and gave the stock a “neutral” rating in a research note on Thursday, February 2nd. Credit Suisse Group initiated coverage on Qorvo in a research note on Tuesday, November 15th. They issued an “outperform” rating and a $120.00 price objective for the company. Cowen raised their price objective on Qorvo from $80.00 to $100.00 and gave the company a “market perform” rating in a research note on Thursday, February 2nd. Piper Sandler raised their price objective on Qorvo from $100.00 to $120.00 and gave the company an “overweight” rating in a research note on Thursday, February 2nd. Finally, Raymond James initiated coverage on Qorvo in a research note on Wednesday, March 1st. They issued an “outperform” rating and a $120.00 price objective for the company. Two research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Qorvo presently has an average rating of “Hold” and a consensus price target of $109.57.

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.