Asset Management One Co. Ltd. Reduces Stock Position in Qorvo, Inc. (NASDAQ:QRVO)

Asset Management One Co. Ltd. lessened its holdings in Qorvo, Inc. (NASDAQ:QRVO) by 6.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 34,261 shares of the semiconductor company’s stock after selling 2,328 shares during the quarter. Asset Management One Co. Ltd.’s holdings in Qorvo were worth $3,539,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of QRVO. Robeco Institutional Asset Management B.V. grew its holdings in shares of Qorvo by 78.6% during the third quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock worth $55,548,000 after purchasing an additional 236,590 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of Qorvo by 23.9% during the third quarter. Van ECK Associates Corp now owns 832,292 shares of the semiconductor company’s stock worth $83,429,000 after purchasing an additional 160,534 shares during the last quarter. Chicago Partners Investment Group LLC grew its holdings in shares of Qorvo by 7.5% during the third quarter. Chicago Partners Investment Group LLC now owns 2,789 shares of the semiconductor company’s stock worth $280,000 after purchasing an additional 194 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in shares of Qorvo by 33.7% during the third quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock worth $43,000 after purchasing an additional 104 shares during the last quarter. Finally, Pinnacle Associates Ltd. grew its holdings in shares of Qorvo by 2.5% during the third quarter. Pinnacle Associates Ltd. now owns 395,546 shares of the semiconductor company’s stock worth $44,542,000 after purchasing an additional 9,673 shares during the last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Qorvo Trading Down 2.4 %

Shares of Qorvo stock opened at $70.35 on Friday. Qorvo, Inc. has a 12-month low of $70.19 and a 12-month high of $130.99. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45. The stock has a market cap of $6.65 billion, a PE ratio of -48.18, a price-to-earnings-growth ratio of 5.84 and a beta of 1.49. The company has a 50-day moving average of $98.21 and a two-hundred day moving average of $105.94.

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, beating analysts’ consensus estimates of $1.85 by $0.03. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The company had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same period last year, the company posted $1.99 earnings per share. The firm’s quarterly revenue was down 5.2% compared to the same quarter last year. On average, research analysts anticipate that Qorvo, Inc. will post 3.37 EPS for the current fiscal year.

Insider Buying and Selling at Qorvo

In other 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 transaction of $74,184.63. Following the completion of the transaction, the vice president now directly owns 21,601 shares of the company’s stock, valued at $2,325,779.67. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.46% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on QRVO. The Goldman Sachs Group raised their price objective on Qorvo from $105.00 to $118.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Needham & Company LLC initiated coverage on shares of Qorvo in a research note on Monday, October 28th. They set a “buy” rating and a $135.00 target price for the company. Susquehanna decreased their target price on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research note on Wednesday, October 30th. TD Cowen decreased their target price on shares of Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a research note on Wednesday, October 30th. Finally, Barclays decreased their target price on shares of Qorvo from $120.00 to $90.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 30th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $104.75.

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.