Bessemer Group Inc. Sells 8,411 Shares of Qorvo, Inc. $QRVO

Bessemer Group Inc. reduced its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 87.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,196 shares of the semiconductor company’s stock after selling 8,411 shares during the quarter. Bessemer Group Inc.’s holdings in Qorvo were worth $101,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Banque Transatlantique SA acquired a new stake in shares of Qorvo during the 1st quarter worth about $27,000. Larson Financial Group LLC lifted its stake in shares of Qorvo by 222.6% during the 1st quarter. Larson Financial Group LLC now owns 429 shares of the semiconductor company’s stock worth $31,000 after buying an additional 296 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Qorvo during the 1st quarter worth about $34,000. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Qorvo by 166.5% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 485 shares of the semiconductor company’s stock worth $41,000 after buying an additional 303 shares during the last quarter. Finally, Ameritas Advisory Services LLC acquired a new stake in shares of Qorvo during the 2nd quarter worth about $43,000. 88.57% of the stock is currently owned by institutional investors.

Qorvo Stock Performance

NASDAQ:QRVO opened at $87.54 on Wednesday. The stock has a fifty day moving average price of $91.24 and a 200-day moving average price of $84.62. The company has a market cap of $8.11 billion, a price-to-earnings ratio of 37.90, a PEG ratio of 1.74 and a beta of 1.44. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.01 and a current ratio of 2.81. Qorvo, Inc. has a fifty-two week low of $49.46 and a fifty-two week high of $106.30.

Qorvo (NASDAQ:QRVO) last released its earnings results on Tuesday, November 4th. The semiconductor company reported $2.22 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.19. Qorvo had a return on equity of 13.40% and a net margin of 5.95%.During the same quarter in the prior year, the business posted $1.88 earnings per share. The company’s quarterly revenue was up 1.1% on a year-over-year basis. As a group, equities analysts anticipate that Qorvo, Inc. will post 4.09 EPS for the current fiscal year.

Insider Buying and Selling

In other Qorvo news, SVP Paul J. Fego sold 13,612 shares of the firm’s stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $95.00, for a total value of $1,293,140.00. Following the transaction, the senior vice president directly owned 54,558 shares of the company’s stock, valued at $5,183,010. This trade represents a 19.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.41% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on QRVO shares. Citigroup upgraded Qorvo from a “sell” rating to a “neutral” rating and boosted their price target for the company from $70.00 to $105.00 in a research note on Tuesday, October 28th. TD Cowen boosted their price target on Qorvo from $80.00 to $95.00 and gave the company a “hold” rating in a research note on Wednesday, July 30th. Benchmark boosted their price target on Qorvo from $95.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, July 30th. Loop Capital boosted their price target on Qorvo from $75.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, July 30th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Qorvo in a research note on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Qorvo has an average rating of “Hold” and a consensus price target of $100.80.

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.