Acadian Asset Management LLC Decreases Stock Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Acadian Asset Management LLC trimmed its position in shares of Qorvo, Inc. (NASDAQ:QRVO) by 83.5% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 19,320 shares of the semiconductor company’s stock after selling 97,440 shares during the quarter. Acadian Asset Management LLC’s holdings in Qorvo were worth $2,239,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Mather Group LLC. lifted its holdings in Qorvo by 5.6% in the 2nd quarter. Mather Group LLC. now owns 1,812 shares of the semiconductor company’s stock worth $208,000 after buying an additional 96 shares during the period. Quadrature Capital Ltd lifted its stake in Qorvo by 0.4% in the fourth quarter. Quadrature Capital Ltd now owns 25,092 shares of the semiconductor company’s stock worth $2,825,000 after acquiring an additional 103 shares during the period. EverSource Wealth Advisors LLC lifted its stake in Qorvo by 81.0% in the first quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock worth $30,000 after acquiring an additional 115 shares during the period. Empirical Finance LLC boosted its holdings in Qorvo by 3.2% in the first quarter. Empirical Finance LLC now owns 3,768 shares of the semiconductor company’s stock valued at $433,000 after acquiring an additional 117 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in Qorvo by 12.9% during the 1st quarter. GAMMA Investing LLC now owns 1,040 shares of the semiconductor company’s stock valued at $119,000 after purchasing an additional 119 shares during the period. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Qorvo Stock Performance

Shares of Qorvo stock opened at $107.65 on Friday. Qorvo, Inc. has a 1 year low of $80.62 and a 1 year high of $130.99. The firm’s 50-day moving average is $114.12 and its 200 day moving average is $110.94. The stock has a market cap of $10.21 billion, a price-to-earnings ratio of -147.47, a PEG ratio of 1.30 and a beta of 1.46. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.95 and a quick ratio of 1.36.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.16. The firm had revenue of $886.70 million for the quarter, compared to the consensus estimate of $851.95 million. Qorvo had a negative net margin of 0.66% and a positive return on equity of 14.92%. The business’s revenue was up 36.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.03 earnings per share. Sell-side analysts anticipate that Qorvo, Inc. will post 4.84 EPS for the current fiscal year.

Insider Buying and Selling at Qorvo

In other news, VP Gina Harrison sold 689 shares of the business’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $107.67, for a total value of $74,184.63. Following the completion of the transaction, the vice president now owns 21,601 shares in the company, valued at $2,325,779.67. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.46% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on QRVO shares. Raymond James raised their target price on shares of Qorvo from $115.00 to $135.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Rosenblatt Securities raised their price objective on shares of Qorvo from $105.00 to $120.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Susquehanna reduced their target price on Qorvo from $145.00 to $135.00 and set a “neutral” rating on the stock in a report on Wednesday, July 31st. Barclays increased their target price on Qorvo from $100.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. Finally, Craig Hallum lifted their price target on Qorvo from $124.00 to $142.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $121.00.

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.