Truist Financial Corp Sells 2,219 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Truist Financial Corp trimmed its stake in Qorvo, Inc. (NASDAQ:QRVO) by 3.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 59,711 shares of the semiconductor company’s stock after selling 2,219 shares during the quarter. Truist Financial Corp’s holdings in Qorvo were worth $6,724,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the stock. Zhang Financial LLC grew its stake in Qorvo by 2.7% during the fourth quarter. Zhang Financial LLC now owns 3,852 shares of the semiconductor company’s stock valued at $434,000 after acquiring an additional 102 shares in the last quarter. Wahed Invest LLC grew its position in shares of Qorvo by 7.5% during the 3rd quarter. Wahed Invest LLC now owns 1,540 shares of the semiconductor company’s stock valued at $147,000 after purchasing an additional 108 shares in the last quarter. Teacher Retirement System of Texas increased its holdings in shares of Qorvo by 1.5% in the third quarter. Teacher Retirement System of Texas now owns 7,669 shares of the semiconductor company’s stock worth $732,000 after purchasing an additional 116 shares during the period. Nisa Investment Advisors LLC raised its position in shares of Qorvo by 8.8% in the fourth quarter. Nisa Investment Advisors LLC now owns 2,467 shares of the semiconductor company’s stock worth $278,000 after buying an additional 200 shares in the last quarter. Finally, Allworth Financial LP raised its position in shares of Qorvo by 16.7% in the third quarter. Allworth Financial LP now owns 1,416 shares of the semiconductor company’s stock worth $135,000 after buying an additional 203 shares in the last quarter. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Qorvo Trading Up 0.3 %

QRVO opened at $95.95 on Friday. The business’s 50-day moving average price is $113.15 and its 200-day moving average price is $105.59. The company has a current ratio of 1.99, a quick ratio of 1.33 and a debt-to-equity ratio of 0.44. Qorvo, Inc. has a 12 month low of $80.62 and a 12 month high of $121.65.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Wednesday, May 1st. The semiconductor company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.21 by $0.18. The firm had revenue of $941.00 million for the quarter, compared to the consensus estimate of $927.24 million. Qorvo had a positive return on equity of 13.43% and a negative net margin of 1.86%. The company’s quarterly revenue was up 48.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.11 earnings per share. On average, analysts expect that Qorvo, Inc. will post 6.69 EPS for the current year.

Analysts Set New Price Targets

QRVO has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lowered their price objective on Qorvo from $105.00 to $100.00 and set an “underweight” rating on the stock in a research report on Thursday. Raymond James increased their price objective on Qorvo from $115.00 to $120.00 and gave the stock an “outperform” rating in a research report on Thursday, February 1st. Needham & Company LLC lowered their price objective on Qorvo from $125.00 to $110.00 and set a “buy” rating on the stock in a research report on Thursday. The Goldman Sachs Group lowered their price objective on Qorvo from $117.00 to $105.00 and set a “neutral” rating on the stock in a research report on Friday. Finally, Benchmark lowered their price objective on Qorvo from $136.00 to $128.00 and set a “buy” rating on the stock in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $110.83.

Insider Buying and Selling

In related news, SVP Steven E. Creviston sold 3,000 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $120.00, for a total value of $360,000.00. Following the sale, the senior vice president now directly owns 77,552 shares of the company’s stock, valued at $9,306,240. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Steven E. Creviston sold 3,000 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $120.00, for a total value of $360,000.00. Following the sale, the senior vice president now directly owns 77,552 shares of the company’s stock, valued at $9,306,240. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Gina Harrison sold 354 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $114.00, for a total value of $40,356.00. Following the completion of the sale, the vice president now directly owns 18,442 shares in the company, valued at $2,102,388. The disclosure for this sale can be found here. Insiders have sold 6,381 shares of company stock valued at $745,434 over the last ninety days. 0.43% of the stock is owned by insiders.

Qorvo Profile

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.