Commonwealth Equity Services LLC Cuts Position in Qorvo, Inc. (NASDAQ:QRVO)

Commonwealth Equity Services LLC lowered its position in shares of Qorvo, Inc. (NASDAQ:QRVO) by 9.0% in the second quarter, Holdings Channel reports. The firm owned 8,245 shares of the semiconductor company’s stock after selling 814 shares during the period. Commonwealth Equity Services LLC’s holdings in Qorvo were worth $957,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of QRVO. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Qorvo in the second quarter valued at about $29,000. EverSource Wealth Advisors LLC raised its holdings in shares of Qorvo by 81.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 115 shares during the period. Park Place Capital Corp raised its holdings in shares of Qorvo by 398.1% during the 1st quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 207 shares during the period. Versant Capital Management Inc lifted its position in Qorvo by 9,333.3% during the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock worth $33,000 after acquiring an additional 280 shares in the last quarter. Finally, New Millennium Group LLC purchased a new position in Qorvo in the 2nd quarter worth approximately $34,000. Institutional investors and hedge funds own 88.57% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on QRVO shares. TD Cowen raised shares of Qorvo to a “hold” rating in a research report on Monday. Craig Hallum lifted their target price on Qorvo from $124.00 to $142.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Rosenblatt Securities lifted their price objective on 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 for the company in a research note on Wednesday, July 31st. Finally, The Goldman Sachs Group upped their target price on shares of Qorvo from $105.00 to $118.00 and gave the company a “neutral” rating in a research note 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. Based on data from MarketBeat, Qorvo currently has a consensus rating of “Hold” and a consensus target price of $121.00.

Insider Activity at Qorvo

In related news, VP Gina Harrison sold 689 shares of the firm’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $107.67, for a total transaction of $74,184.63. Following the completion of the transaction, the vice president now owns 21,601 shares of the company’s stock, valued at $2,325,779.67. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.46% of the company’s stock.

Qorvo Stock Down 0.5 %

Shares of Qorvo stock opened at $100.00 on Wednesday. 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, Inc. has a 1-year low of $80.62 and a 1-year high of $130.99. The business’s fifty day moving average price is $113.71 and its two-hundred day moving average price is $110.81. The company has a market capitalization of $9.50 billion, a P/E ratio of -137.00, a PEG ratio of 1.28 and a beta of 1.46.

Qorvo (NASDAQ:QRVO) last announced its earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.16. Qorvo had a negative net margin of 0.66% and a positive return on equity of 14.92%. The firm had revenue of $886.70 million during the quarter, compared to analyst estimates of $851.95 million. During the same quarter in the prior year, the firm posted $0.03 EPS. Qorvo’s revenue was up 36.2% compared to the same quarter last year. As a group, research analysts forecast that Qorvo, Inc. will post 4.84 EPS for the current year.

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.