Nuveen Asset Management LLC Trims Position in Qorvo, Inc. (NASDAQ:QRVO)

Nuveen Asset Management LLC lessened its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 36.0% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 198,647 shares of the semiconductor company’s stock after selling 111,701 shares during the period. Nuveen Asset Management LLC owned 0.21% of Qorvo worth $13,891,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Rakuten Securities Inc. purchased a new position in shares of Qorvo during the 4th quarter worth $28,000. Huntington National Bank raised its holdings in Qorvo by 47.1% in the 4th quarter. Huntington National Bank now owns 453 shares of the semiconductor company’s stock valued at $32,000 after buying an additional 145 shares during the period. SBI Securities Co. Ltd. purchased a new stake in Qorvo in the 4th quarter valued at about $37,000. Venturi Wealth Management LLC raised its holdings in Qorvo by 67.4% in the 4th quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company’s stock valued at $43,000 after buying an additional 250 shares during the period. Finally, CENTRAL TRUST Co raised its holdings in Qorvo by 2,621.4% in the 4th quarter. CENTRAL TRUST Co now owns 762 shares of the semiconductor company’s stock valued at $53,000 after buying an additional 734 shares during the period. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Qorvo Stock Performance

Shares of Qorvo stock opened at $74.60 on Tuesday. Qorvo, Inc. has a one year low of $49.46 and a one year high of $130.99. The company has a market cap of $6.94 billion, a PE ratio of 266.43, a P/E/G ratio of 15.57 and a beta of 1.38. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.78 and a current ratio of 2.60. The business has a 50-day simple moving average of $67.71 and a 200-day simple moving average of $71.51.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Tuesday, April 29th. The semiconductor company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.42. Qorvo had a return on equity of 12.41% and a net margin of 0.71%. The business had revenue of $869.47 million during the quarter, compared to the consensus estimate of $850.13 million. During the same period in the previous year, the company posted $1.39 earnings per share. The business’s revenue for the quarter was down 7.6% on a year-over-year basis. On average, equities research analysts forecast that Qorvo, Inc. will post 4.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on QRVO shares. Barclays boosted their price objective on shares of Qorvo from $60.00 to $70.00 and gave the company an “equal weight” rating in a report on Wednesday, April 30th. Stifel Nicolaus set a $75.00 price objective on shares of Qorvo in a report on Monday, April 28th. Piper Sandler upgraded shares of Qorvo from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $85.00 to $110.00 in a report on Monday, January 27th. TD Cowen reduced their price objective on shares of Qorvo from $90.00 to $80.00 and set a “hold” rating on the stock in a report on Wednesday, April 30th. Finally, Needham & Company LLC reduced their price objective on shares of Qorvo from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, April 30th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Qorvo presently has an average rating of “Hold” and an average price target of $91.21.

Insider Transactions at Qorvo

In related news, Director John R. Harding sold 1,450 shares of the company’s stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $70.09, for a total value of $101,630.50. Following the completion of the transaction, the director now directly owns 7,597 shares of the company’s stock, valued at $532,473.73. This represents a 16.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.46% of the company’s stock.

Qorvo Company 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.