Qorvo, Inc. (NASDAQ:QRVO) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP lowered its position in shares of Qorvo, Inc. (NASDAQ:QRVO) by 98.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 4,306 shares of the semiconductor company’s stock after selling 316,475 shares during the quarter. Wellington Management Group LLP’s holdings in Qorvo were worth $301,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in QRVO. Alexander Randolph Advisory Inc. lifted its holdings in shares of Qorvo by 1.0% during the fourth quarter. Alexander Randolph Advisory Inc. now owns 13,592 shares of the semiconductor company’s stock worth $950,000 after purchasing an additional 140 shares during the period. Huntington National Bank raised its position in Qorvo by 47.1% during the 4th quarter. Huntington National Bank now owns 453 shares of the semiconductor company’s stock worth $32,000 after buying an additional 145 shares during the last quarter. Truvestments Capital LLC lifted its stake in Qorvo by 7.2% during the 4th quarter. Truvestments Capital LLC now owns 2,768 shares of the semiconductor company’s stock valued at $194,000 after acquiring an additional 185 shares during the period. Venturi Wealth Management LLC boosted its holdings in shares of 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 acquiring an additional 250 shares during the last quarter. Finally, Arizona State Retirement System increased its stake in shares of Qorvo by 1.2% in the fourth quarter. Arizona State Retirement System now owns 27,541 shares of the semiconductor company’s stock worth $1,926,000 after acquiring an additional 315 shares during the period. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Qorvo Stock Performance

NASDAQ QRVO opened at $78.58 on Friday. 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 stock’s fifty day moving average is $68.48 and its two-hundred day moving average is $72.15. The firm has a market capitalization of $7.31 billion, a P/E ratio of 280.64, a price-to-earnings-growth ratio of 15.57 and a beta of 1.37. Qorvo, Inc. has a fifty-two week low of $49.46 and a fifty-two week high of $130.99.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Barclays boosted their target price on shares of Qorvo from $60.00 to $70.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 30th. Needham & Company LLC lowered their target price on Qorvo from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, April 30th. TD Cowen decreased their price target on Qorvo from $90.00 to $80.00 and set a “hold” rating for the company in a report on Wednesday, April 30th. Benchmark raised shares of Qorvo from a “hold” rating to a “buy” rating and set a $95.00 price objective on the stock in a research note on Wednesday, April 30th. Finally, Loop Capital cut their price objective on shares of Qorvo from $90.00 to $75.00 and set a “hold” rating for the company in a report on Wednesday, April 30th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Qorvo presently has a consensus rating of “Hold” and an average target price of $91.21.

Insider Transactions at Qorvo

In related news, Director John R. Harding sold 1,450 shares of the 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 in the company, valued at approximately $532,473.73. This represents a 16.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.46% of the company’s stock.

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.