LPL Financial LLC Sells 5,633 Shares of Qorvo, Inc. (NASDAQ:QRVO)

LPL Financial LLC cut its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO – Get Rating) by 22.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 19,912 shares of the semiconductor company’s stock after selling 5,633 shares during the period. LPL Financial LLC’s holdings in Qorvo were worth $1,805,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in QRVO. International Assets Investment Management LLC acquired a new position in Qorvo during the 1st quarter valued at about $40,000. AlphaCrest Capital Management LLC lifted its position in Qorvo by 23.2% during the 1st quarter. AlphaCrest Capital Management LLC now owns 3,640 shares of the semiconductor company’s stock valued at $452,000 after purchasing an additional 685 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in Qorvo by 4.9% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 14,508 shares of the semiconductor company’s stock valued at $1,800,000 after purchasing an additional 673 shares during the period. Cibc World Market Inc. lifted its position in Qorvo by 10.4% during the 1st quarter. Cibc World Market Inc. now owns 8,979 shares of the semiconductor company’s stock valued at $1,114,000 after purchasing an additional 843 shares during the period. Finally, Sei Investments Co. lifted its position in Qorvo by 18.0% during the 1st quarter. Sei Investments Co. now owns 120,566 shares of the semiconductor company’s stock valued at $15,024,000 after purchasing an additional 18,397 shares during the period. 86.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Qorvo

In other Qorvo news, SVP Paul J. Fego sold 4,304 shares of the firm’s stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $95.00, for a total transaction of $408,880.00. Following the completion of the sale, the senior vice president now owns 33,070 shares of the company’s stock, valued at approximately $3,141,650. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Qorvo news, CEO Robert A. Bruggeworth sold 17,063 shares of the firm’s stock in a transaction on Wednesday, May 17th. The stock was 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 Securities & Exchange Commission, which is available at the SEC website. Also, SVP Paul J. Fego sold 4,304 shares of the firm’s stock in a transaction on Thursday, May 18th. The shares were sold at an average price of $95.00, for a total value of $408,880.00. Following the sale, the senior vice president now directly owns 33,070 shares of the company’s stock, valued at approximately $3,141,650. The disclosure for this sale can be found here. Insiders sold 32,585 shares of company stock valued at $3,009,703 in the last quarter. 0.45% of the stock is currently owned by insiders.

Qorvo Price Performance

NASDAQ:QRVO opened at $94.12 on Wednesday. Qorvo, Inc. has a 1-year low of $75.38 and a 1-year high of $114.59. The company has a current ratio of 3.65, a quick ratio of 2.22 and a debt-to-equity ratio of 0.52. The firm has a fifty day simple moving average of $94.93 and a 200 day simple moving average of $97.37. The stock has a market capitalization of $9.40 billion, a PE ratio of 102.30, a P/E/G ratio of 3.77 and a beta of 1.45.

Qorvo (NASDAQ:QRVO – Get Rating) last released its earnings results on Wednesday, May 3rd. The semiconductor company reported $0.26 earnings per share for the quarter, beating the consensus estimate 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 analysts’ expectations of $621.35 million. During the same period last year, the business earned $3.03 earnings per share. The firm’s revenue was down 45.7% on a year-over-year basis. On average, research analysts expect that Qorvo, Inc. will post 3.89 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on QRVO shares. 92 Resources reiterated a “maintains” rating on shares of Qorvo in a research report on Thursday, May 4th. Morgan Stanley increased their price target on shares of Qorvo from $87.00 to $110.00 and gave the company an “equal weight” rating in a research report on Thursday, February 2nd. Needham & Company LLC increased their price target on shares of Qorvo from $130.00 to $140.00 in a research report on Thursday, May 4th. BMO Capital Markets increased their price target on shares of Qorvo from $105.00 to $110.00 in a research report on Thursday, May 4th. Finally, KGI Securities upgraded shares of Qorvo from a “neutral” rating to an “outperform” rating in a research report on Tuesday, May 9th. Two investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Qorvo presently has a consensus rating of “Hold” and an average target price of $108.78.

About Qorvo

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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.