Qorvo, Inc. (NASDAQ:QRVO) Stock Position Decreased by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. trimmed its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 24.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 26,096 shares of the semiconductor company’s stock after selling 8,265 shares during the period. Envestnet Asset Management Inc.’s holdings in Qorvo were worth $3,028,000 as of its most recent SEC filing.

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

Insider Buying and Selling

In other news, VP Gina Harrison sold 689 shares of Qorvo 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 sale, the vice president now directly owns 21,601 shares of the company’s stock, valued at approximately $2,325,779.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.46% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

QRVO has been the topic of several recent analyst reports. StockNews.com downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Craig Hallum boosted their price objective on Qorvo from $124.00 to $142.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Piper Sandler reaffirmed a “neutral” rating and issued a $120.00 target price (up previously from $105.00) on shares of Qorvo in a report on Wednesday, July 31st. Susquehanna cut their price target on Qorvo from $145.00 to $135.00 and set a “neutral” rating for the company in a report on Wednesday, July 31st. Finally, The Goldman Sachs Group raised their price objective on shares of Qorvo from $105.00 to $118.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 31st. 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 stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $121.00.

Qorvo Trading Down 0.5 %

Shares of QRVO stock opened at $101.68 on Friday. Qorvo, Inc. has a 12-month low of $80.62 and a 12-month high of $130.99. The firm has a 50-day moving average price of $108.52 and a 200 day moving average price of $109.64. The company has a quick ratio of 1.36, a current ratio of 1.95 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $9.65 billion, a P/E ratio of -139.29, a P/E/G ratio of 1.25 and a beta of 1.46.

Qorvo (NASDAQ:QRVO) last released its quarterly 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 positive return on equity of 14.92% and a negative net margin of 0.66%. The business had revenue of $886.70 million during the quarter, compared to analysts’ expectations of $851.95 million. During the same period in the previous year, the business posted $0.03 earnings per share. The firm’s revenue for the quarter was up 36.2% compared to the same quarter last year. Research analysts forecast that Qorvo, Inc. will post 4.84 earnings per share for the current fiscal year.

Qorvo Company 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.