Mackenzie Financial Corp Lowers Position in Qorvo, Inc. (NASDAQ:QRVO)

Mackenzie Financial Corp trimmed its stake in Qorvo, Inc. (NASDAQ:QRVO) by 45.6% in the fourth quarter, Holdings Channel.com reports. The firm owned 19,517 shares of the semiconductor company’s stock after selling 16,390 shares during the quarter. Mackenzie Financial Corp’s holdings in Qorvo were worth $2,198,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of QRVO. Barclays PLC grew its holdings in Qorvo by 646.2% in the third quarter. Barclays PLC now owns 3,866,040 shares of the semiconductor company’s stock valued at $369,091,000 after purchasing an additional 3,347,972 shares during the period. UBS Group AG grew its stake in Qorvo by 491.9% during the third quarter. UBS Group AG now owns 1,267,273 shares of the semiconductor company’s stock worth $120,987,000 after buying an additional 1,053,157 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in Qorvo by 268.3% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 537,541 shares of the semiconductor company’s stock worth $51,319,000 after buying an additional 391,570 shares during the period. Invesco Ltd. grew its stake in Qorvo by 18.9% during the third quarter. Invesco Ltd. now owns 1,989,776 shares of the semiconductor company’s stock worth $189,964,000 after buying an additional 316,328 shares during the period. Finally, Assenagon Asset Management S.A. grew its stake in Qorvo by 201.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 405,143 shares of the semiconductor company’s stock worth $45,623,000 after buying an additional 270,745 shares during the period. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Barclays boosted their price objective on shares of Qorvo from $95.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 16th. Needham & Company LLC reiterated a “buy” rating and set a $125.00 price objective on shares of Qorvo in a research note on Thursday, February 1st. Piper Sandler decreased their price objective on shares of Qorvo from $120.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, February 1st. Rosenblatt Securities boosted their price objective on shares of Qorvo from $95.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, February 1st. Finally, StockNews.com cut shares of Qorvo from a “buy” rating to a “hold” rating in a research report on Thursday, February 8th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat, Qorvo currently has a consensus rating of “Hold” and a consensus price target of $111.53.

Qorvo Stock Up 0.8 %

QRVO opened at $107.98 on Wednesday. The firm’s fifty day moving average price is $113.60 and its 200 day moving average price is $104.70. The company has a quick ratio of 1.33, a current ratio of 1.90 and a debt-to-equity ratio of 0.43. Qorvo, Inc. has a 12-month low of $80.62 and a 12-month high of $121.65.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Wednesday, January 31st. The semiconductor company reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.42 by $0.47. The firm had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1 billion. Qorvo had a negative net margin of 6.11% and a positive return on equity of 10.41%. On average, equities research analysts anticipate that Qorvo, Inc. will post 4.95 earnings per share for the current fiscal year.

Insider Buying and Selling at Qorvo

In other Qorvo news, SVP Steven E. Creviston sold 3,000 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $120.00, for a total transaction of $360,000.00. Following the completion of the sale, the senior vice president now owns 77,552 shares in the company, valued at $9,306,240. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Qorvo news, SVP Steven E. Creviston sold 3,000 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $120.00, for a total transaction of $360,000.00. Following the completion of the sale, the senior vice president now owns 77,552 shares in the company, valued at $9,306,240. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Paul J. Fego sold 3,027 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $114.00, for a total transaction of $345,078.00. Following the sale, the senior vice president now owns 29,705 shares of the company’s stock, valued at approximately $3,386,370. The disclosure for this sale can be found here. Insiders sold a total of 6,381 shares of company stock worth $745,434 over the last 90 days. Insiders own 0.43% of the company’s stock.

About Qorvo

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.