Qorvo, Inc. (NASDAQ:QRVO) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans trimmed its position in shares of Qorvo, Inc. (NASDAQ:QRVO – Get Rating) by 85.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,388 shares of the semiconductor company’s stock after selling 100,229 shares during the period. Thrivent Financial for Lutherans’ holdings in Qorvo were worth $1,576,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in Qorvo by 1.3% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 7,314 shares of the semiconductor company’s stock valued at $663,000 after buying an additional 93 shares during the last quarter. State of Michigan Retirement System grew its holdings in shares of Qorvo by 0.3% during the fourth quarter. State of Michigan Retirement System now owns 34,019 shares of the semiconductor company’s stock worth $3,083,000 after buying an additional 100 shares during the last quarter. Endurance Wealth Management Inc. grew its holdings in shares of Qorvo by 11.1% during the fourth quarter. Endurance Wealth Management Inc. now owns 1,000 shares of the semiconductor company’s stock worth $91,000 after buying an additional 100 shares during the last quarter. Arizona State Retirement System grew its holdings in shares of Qorvo by 0.3% during the fourth quarter. Arizona State Retirement System now owns 29,213 shares of the semiconductor company’s stock worth $2,648,000 after buying an additional 101 shares during the last quarter. Finally, Parkside Financial Bank & Trust lifted its position in Qorvo by 106.4% in the first quarter. Parkside Financial Bank & Trust now owns 225 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 116 shares during the period. 86.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Qorvo

In related news, CEO Robert A. Bruggeworth sold 17,063 shares of the business’s stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $90.73, for a total transaction of $1,548,125.99. Following the completion of the sale, the chief executive officer now owns 190,024 shares of the company’s stock, valued at approximately $17,240,877.52. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.45% of the company’s stock.

Qorvo Stock Performance

Shares of Qorvo stock opened at $95.04 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.22 and a current ratio of 3.65. Qorvo, Inc. has a 1 year low of $75.38 and a 1 year high of $114.59. The firm’s 50-day simple moving average is $94.95 and its 200-day simple moving average is $97.13. The firm has a market cap of $9.49 billion, a PE ratio of 103.30, a price-to-earnings-growth ratio of 3.77 and a beta of 1.45.

Qorvo (NASDAQ:QRVO – Get Rating) last announced its quarterly earnings data on Wednesday, May 3rd. The semiconductor company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.13. Qorvo had a net margin of 2.89% and a return on equity of 12.53%. The business had revenue of $632.70 million during the quarter, compared to the consensus estimate of $621.35 million. During the same quarter in the prior year, the firm earned $3.03 EPS. The company’s revenue for the quarter was down 45.7% compared to the same quarter last year. Equities analysts forecast that Qorvo, Inc. will post 3.89 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on QRVO shares. Wells Fargo & Company reduced their price objective on shares of Qorvo from $110.00 to $100.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 11th. Summit Insights upgraded Qorvo from a “hold” rating to a “buy” rating in a research report on Thursday, May 4th. KGI Securities raised shares of Qorvo from a “neutral” rating to an “outperform” rating in a research note on Tuesday, May 9th. Mizuho boosted their price objective on shares of Qorvo from $100.00 to $102.00 in a research note on Thursday, May 4th. Finally, StockNews.com started coverage on shares of Qorvo in a research note on Thursday. They set a “hold” rating for the company. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Qorvo currently has an average rating of “Hold” and an average target price of $108.78.

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.