DekaBank Deutsche Girozentrale Sells 850 Shares of Qorvo, Inc. (NASDAQ:QRVO)

DekaBank Deutsche Girozentrale cut its position in Qorvo, Inc. (NASDAQ:QRVO) by 7.6% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 10,377 shares of the semiconductor company’s stock after selling 850 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Qorvo were worth $1,066,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Bessemer Group Inc. boosted its stake in 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. Daiwa Securities Group Inc. boosted its stake in Qorvo by 44.4% in the 1st quarter. Daiwa Securities Group Inc. now owns 13,247 shares of the semiconductor company’s stock valued at $1,521,000 after purchasing an additional 4,072 shares during the period. Canada Pension Plan Investment Board boosted its stake in Qorvo by 23.8% in the 1st quarter. Canada Pension Plan Investment Board now owns 370,200 shares of the semiconductor company’s stock valued at $42,510,000 after purchasing an additional 71,200 shares during the period. APG Asset Management N.V. boosted its stake in Qorvo by 21.9% in the 2nd quarter. APG Asset Management N.V. now owns 101,243 shares of the semiconductor company’s stock valued at $10,962,000 after purchasing an additional 18,178 shares during the period. Finally, Janney Montgomery Scott LLC bought a new stake in Qorvo in the 1st quarter valued at $811,000. 88.57% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Qorvo news, VP Gina Harrison sold 689 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $2,325,779.67. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.46% of the company’s stock.

Wall Street Analyst Weigh In

QRVO has been the subject of several analyst reports. Susquehanna dropped their price objective on Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a report on Wednesday. Piper Sandler dropped their price objective on Qorvo from $120.00 to $100.00 and set a “neutral” rating for the company in a report on Friday, October 25th. Craig Hallum dropped their price objective on Qorvo from $142.00 to $105.00 and set a “buy” rating for the company in a report on Wednesday. BNP Paribas cut Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price objective for the company. in a report on Wednesday. Finally, Morgan Stanley cut Qorvo from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $130.00 to $120.00 in a report on Friday, October 11th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Qorvo currently has a consensus rating of “Hold” and an average target price of $104.47.

Qorvo Price Performance

Shares of QRVO opened at $71.86 on Friday. Qorvo, Inc. has a 12-month low of $70.39 and a 12-month high of $130.99. The business has a 50-day simple moving average of $102.41 and a two-hundred day simple moving average of $107.22. The company has a quick ratio of 1.36, a current ratio of 1.90 and a debt-to-equity ratio of 0.45. The stock has a market cap of $6.79 billion, a PE ratio of -49.22, a PEG ratio of 3.98 and a beta of 1.49.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.03. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter in the prior year, the firm earned $1.99 EPS. The business’s revenue for the quarter was down 5.2% compared to the same quarter last year. Analysts anticipate 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.