American Century Companies Inc. Sells 1,504 Shares of Qorvo, Inc. (NASDAQ:QRVO)

American Century Companies Inc. cut its position in Qorvo, Inc. (NASDAQ:QRVO) by 5.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,955 shares of the semiconductor company’s stock after selling 1,504 shares during the quarter. American Century Companies Inc.’s holdings in Qorvo were worth $3,128,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Bessemer Group Inc. raised its holdings in shares of Qorvo by 1,361.9% in the 1st quarter. Bessemer Group Inc. now owns 13,596 shares of the semiconductor company’s stock valued at $1,562,000 after purchasing an additional 12,666 shares during the period. FIL Ltd lifted its position in shares of Qorvo by 4.5% in the fourth quarter. FIL Ltd now owns 2,778,629 shares of the semiconductor company’s stock valued at $312,901,000 after buying an additional 120,213 shares during the last quarter. Daiwa Securities Group Inc. boosted its stake in shares of Qorvo by 44.4% during the 1st quarter. Daiwa Securities Group Inc. now owns 13,247 shares of the semiconductor company’s stock worth $1,521,000 after acquiring an additional 4,072 shares during the period. Canada Pension Plan Investment Board increased its holdings in shares of Qorvo by 23.8% during the 1st quarter. Canada Pension Plan Investment Board now owns 370,200 shares of the semiconductor company’s stock worth $42,510,000 after acquiring an additional 71,200 shares during the last quarter. Finally, Leeward Investments LLC MA raised its stake in Qorvo by 50.6% in the 1st quarter. Leeward Investments LLC MA now owns 154,346 shares of the semiconductor company’s stock valued at $17,724,000 after acquiring an additional 51,850 shares during the period. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have commented on QRVO. Rosenblatt Securities lifted their price objective on shares of Qorvo from $105.00 to $120.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. StockNews.com lowered shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Piper Sandler restated a “neutral” rating and set a $120.00 price objective (up from $105.00) on shares of Qorvo in a research report on Wednesday, July 31st. Susquehanna lowered their target price on Qorvo from $145.00 to $135.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 31st. Finally, Barclays lifted their price target on Qorvo from $100.00 to $125.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $121.00.

Qorvo Trading Up 2.4 %

Shares of Qorvo stock opened at $104.96 on Friday. The firm has a market capitalization of $9.97 billion, a PE ratio of -143.78, a price-to-earnings-growth ratio of 1.24 and a beta of 1.46. The company has a current ratio of 1.95, a quick ratio of 1.36 and a debt-to-equity ratio of 0.44. The firm’s 50 day moving average is $110.19 and its 200 day moving average is $110.06. Qorvo, Inc. has a 1 year low of $80.62 and a 1 year high of $130.99.

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

Insider Transactions at Qorvo

In related news, VP Gina Harrison sold 689 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were 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 approximately $2,325,779.67. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 0.46% of the company’s stock.

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.