Fifth Third Bancorp Sells 2,382 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Fifth Third Bancorp reduced its holdings in Qorvo, Inc. (NASDAQ:QRVO) by 72.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 896 shares of the semiconductor company’s stock after selling 2,382 shares during the quarter. Fifth Third Bancorp’s holdings in Qorvo were worth $65,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Ameriprise Financial Inc. grew its holdings in shares of Qorvo by 102.0% during the fourth quarter. Ameriprise Financial Inc. now owns 3,597,546 shares of the semiconductor company’s stock worth $251,577,000 after buying an additional 1,816,811 shares in the last quarter. FIL Ltd grew its holdings in shares of Qorvo by 5.3% during the fourth quarter. FIL Ltd now owns 3,324,241 shares of the semiconductor company’s stock worth $232,464,000 after buying an additional 166,461 shares in the last quarter. Vulcan Value Partners LLC grew its holdings in shares of Qorvo by 53.7% during the fourth quarter. Vulcan Value Partners LLC now owns 2,581,296 shares of the semiconductor company’s stock worth $180,487,000 after buying an additional 902,353 shares in the last quarter. Amundi grew its holdings in shares of Qorvo by 84.4% during the fourth quarter. Amundi now owns 2,143,858 shares of the semiconductor company’s stock worth $156,673,000 after buying an additional 981,519 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Qorvo by 22.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,419,698 shares of the semiconductor company’s stock worth $99,280,000 after buying an additional 264,167 shares in the last quarter. 88.57% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on QRVO. Citigroup reiterated a “sell” rating on shares of Qorvo in a report on Tuesday, June 10th. TD Cowen decreased their price target on Qorvo from $90.00 to $80.00 and set a “hold” rating for the company in a research note on Wednesday, April 30th. Barclays raised their price target on Qorvo from $60.00 to $70.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 30th. Wall Street Zen downgraded Qorvo from a “buy” rating to a “hold” rating in a research note on Saturday, June 7th. Finally, Needham & Company LLC decreased their price target on Qorvo from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, April 30th. Three 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. According to MarketBeat, Qorvo has a consensus rating of “Hold” and an average target price of $91.21.

Qorvo Stock Performance

QRVO opened at $79.91 on Friday. Qorvo, Inc. has a 12-month low of $49.46 and a 12-month high of $130.99. The stock has a market cap of $7.43 billion, a price-to-earnings ratio of 137.78, a PEG ratio of 2.14 and a beta of 1.37. The business has a 50 day moving average of $72.99 and a 200-day moving average of $72.95. The company has a quick ratio of 1.95, a current ratio of 2.77 and a debt-to-equity ratio of 0.46.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.42. Qorvo had a return on equity of 12.48% and a net margin of 1.50%. The company had revenue of $869.47 million during the quarter, compared to analysts’ expectations of $850.13 million. During the same period last year, the firm posted $1.39 earnings per share. The business’s revenue was down 7.6% on a year-over-year basis. On average, equities research analysts expect that Qorvo, Inc. will post 4.09 earnings per share for the current year.

Insider Buying and Selling

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

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.