Vanguard Group Inc. Decreases Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Vanguard Group Inc. cut its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 0.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 11,662,661 shares of the semiconductor company’s stock after selling 103,462 shares during the period. Vanguard Group Inc. owned about 0.12% of Qorvo worth $1,313,332,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of QRVO. PNC Financial Services Group Inc. grew its position in shares of Qorvo by 4.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 17,237 shares of the semiconductor company’s stock valued at $1,646,000 after acquiring an additional 777 shares during the period. FMR LLC grew its position in shares of Qorvo by 7.6% during the 3rd quarter. FMR LLC now owns 680,516 shares of the semiconductor company’s stock valued at $64,969,000 after acquiring an additional 48,125 shares during the period. Invesco Ltd. grew its position in shares of Qorvo by 18.9% during the 3rd quarter. Invesco Ltd. now owns 1,989,776 shares of the semiconductor company’s stock valued at $189,964,000 after acquiring an additional 316,328 shares during the period. V Square Quantitative Management LLC grew its position in shares of Qorvo by 887.2% during the 3rd quarter. V Square Quantitative Management LLC now owns 2,152 shares of the semiconductor company’s stock valued at $205,000 after acquiring an additional 1,934 shares during the period. Finally, Hsbc Holdings PLC lifted its stake in shares of Qorvo by 11.3% during the 3rd quarter. Hsbc Holdings PLC now owns 255,305 shares of the semiconductor company’s stock valued at $24,388,000 after buying an additional 25,908 shares in the last quarter. Institutional investors own 88.57% of the company’s stock.

Wall Street Analysts Forecast Growth

QRVO has been the topic of several research analyst reports. Benchmark lowered their price objective on Qorvo from $136.00 to $128.00 and set a “buy” rating on the stock in a research report on Thursday, May 2nd. Rosenblatt Securities reiterated a “neutral” rating and set a $105.00 price objective on shares of Qorvo in a research report on Wednesday, June 12th. JPMorgan Chase & Co. cut their target price on shares of Qorvo from $105.00 to $100.00 and set an “underweight” rating for the company in a research note on Thursday, May 2nd. Mizuho decreased their price target on shares of Qorvo from $115.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday, May 2nd. Finally, The Goldman Sachs Group reduced their target price on Qorvo from $117.00 to $105.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Two analysts have rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $110.83.

Insiders Place Their Bets

In related news, CEO Robert A. Bruggeworth sold 15,279 shares of the company’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $100.00, for a total transaction of $1,527,900.00. Following the completion of the sale, the chief executive officer now directly owns 190,161 shares in the company, valued at approximately $19,016,100. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, SVP Paul J. Fego sold 2,132 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $99.31, for a total value of $211,728.92. Following the completion of the sale, the senior vice president now owns 25,201 shares of the company’s stock, valued at approximately $2,502,711.31. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert A. Bruggeworth sold 15,279 shares of the stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $100.00, for a total value of $1,527,900.00. Following the completion of the sale, the chief executive officer now owns 190,161 shares of the company’s stock, valued at $19,016,100. The disclosure for this sale can be found here. Insiders sold a total of 45,372 shares of company stock worth $4,517,858 over the last 90 days. Company insiders own 0.43% of the company’s stock.

Qorvo Trading Up 0.4 %

Shares of NASDAQ:QRVO opened at $114.71 on Thursday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.99 and a quick ratio of 1.41. The business’s 50 day moving average is $104.13 and its 200 day moving average is $108.04. Qorvo, Inc. has a 52-week low of $80.62 and a 52-week high of $121.65.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Wednesday, May 1st. The semiconductor company reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.18. Qorvo had a negative net margin of 1.86% and a positive return on equity of 13.43%. The company had revenue of $941.00 million during the quarter, compared to analyst estimates of $927.24 million. During the same period in the prior year, the firm earned $0.11 earnings per share. The firm’s revenue for the quarter was up 48.7% compared to the same quarter last year. Sell-side analysts predict that Qorvo, Inc. will post 5.16 EPS for the current fiscal year.

About Qorvo

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.