Steward Partners Investment Advisory LLC Cuts Position in Qorvo, Inc. (NASDAQ:QRVO)

Steward Partners Investment Advisory LLC lowered its position in shares of Qorvo, Inc. (NASDAQ:QRVOFree Report) by 12.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,388 shares of the semiconductor company’s stock after selling 492 shares during the period. Steward Partners Investment Advisory LLC’s holdings in Qorvo were worth $382,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. UBS Group AG lifted its position in Qorvo by 491.9% in the 3rd 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 last quarter. Norges Bank purchased a new position in shares of Qorvo during the fourth quarter worth approximately $118,120,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in shares of Qorvo by 268.3% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 537,541 shares of the semiconductor company’s stock worth $51,319,000 after acquiring an additional 391,570 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Qorvo by 18.9% in the 3rd quarter. Invesco Ltd. now owns 1,989,776 shares of the semiconductor company’s stock worth $189,964,000 after acquiring an additional 316,328 shares during the last quarter. Finally, Panagora Asset Management Inc. boosted its stake in shares of Qorvo by 119.4% in the 4th quarter. Panagora Asset Management Inc. now owns 580,929 shares of the semiconductor company’s stock valued at $65,418,000 after purchasing an additional 316,172 shares in the last quarter. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Qorvo Stock Down 0.5 %

QRVO stock opened at $99.49 on Friday. The business has a 50 day moving average of $105.06 and a 200 day moving average of $107.02. The firm has a market cap of $9.51 billion, a PE ratio of -136.29, a price-to-earnings-growth ratio of 0.96 and a beta of 1.44. Qorvo, Inc. has a twelve month low of $80.62 and a twelve month high of $121.65. The company has a quick ratio of 1.41, a current ratio of 1.99 and a debt-to-equity ratio of 0.44.

Qorvo (NASDAQ:QRVOGet Free Report) last issued its quarterly earnings results on Wednesday, May 1st. The semiconductor company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.18. The firm had revenue of $941.00 million during 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 revenue was up 48.7% on a year-over-year basis. During the same period last year, the company earned $0.11 earnings per share. On average, research analysts forecast that Qorvo, Inc. will post 5.16 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director John R. Harding sold 941 shares of the stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $97.36, for a total transaction of $91,615.76. Following the sale, the director now owns 6,950 shares in the company, valued at $676,652. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, Director John R. Harding sold 941 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $97.36, for a total value of $91,615.76. Following the transaction, the director now directly owns 6,950 shares of the company’s stock, valued at approximately $676,652. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert A. Bruggeworth sold 22,299 shares of Qorvo stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $99.31, for a total value of $2,214,513.69. Following the completion of the sale, the chief executive officer now directly owns 154,714 shares of the company’s stock, valued at approximately $15,364,647.34. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 45,372 shares of company stock valued at $4,517,858. Insiders own 0.43% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Susquehanna decreased their target price on shares of Qorvo from $100.00 to $95.00 and set a “neutral” rating on the stock in a research report on Thursday, May 2nd. Needham & Company LLC lowered their target price on Qorvo from $125.00 to $110.00 and set a “buy” rating for the company in a research note on Thursday, May 2nd. JPMorgan Chase & Co. dropped their target price on Qorvo from $105.00 to $100.00 and set an “underweight” rating for the company in a report on Thursday, May 2nd. Benchmark decreased their price target on Qorvo from $136.00 to $128.00 and set a “buy” rating on the stock in a research note on Thursday, May 2nd. Finally, StockNews.com lowered Qorvo from a “buy” rating to a “hold” rating in a research note on Friday. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $110.83.

Get Our Latest Report on Qorvo

Qorvo Company Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

Receive News & Ratings for Qorvo Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Qorvo and related companies with MarketBeat.com's FREE daily email newsletter.