Amalgamated Bank Sells 962 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Amalgamated Bank reduced its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 4.9% during the third quarter, Holdings Channel reports. The institutional investor owned 18,685 shares of the semiconductor company’s stock after selling 962 shares during the quarter. Amalgamated Bank’s holdings in Qorvo were worth $1,930,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Janney Montgomery Scott LLC bought a new stake in Qorvo during the 1st quarter valued at $811,000. Forsta AP Fonden boosted its holdings in shares of Qorvo by 7.7% during the first quarter. Forsta AP Fonden now owns 16,800 shares of the semiconductor company’s stock worth $1,929,000 after purchasing an additional 1,200 shares during the period. Sei Investments Co. grew its stake in shares of Qorvo by 28.0% in the first quarter. Sei Investments Co. now owns 35,314 shares of the semiconductor company’s stock worth $4,055,000 after purchasing an additional 7,735 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in Qorvo by 9.6% during the 1st quarter. Russell Investments Group Ltd. now owns 310,977 shares of the semiconductor company’s stock valued at $35,708,000 after purchasing an additional 27,192 shares during the period. Finally, ProShare Advisors LLC lifted its holdings in Qorvo by 10.6% in the 1st quarter. ProShare Advisors LLC now owns 28,251 shares of the semiconductor company’s stock worth $3,244,000 after buying an additional 2,715 shares during the period. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Analyst Ratings Changes

QRVO has been the subject of a number of recent analyst reports. Morgan Stanley downgraded Qorvo from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $130.00 to $120.00 in a report on Friday, October 11th. Piper Sandler dropped their target price on shares of Qorvo from $120.00 to $100.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. Barclays reduced their price target on shares of Qorvo from $120.00 to $90.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 30th. StockNews.com lowered shares of Qorvo from a “buy” rating to a “hold” rating in a report on Thursday, October 31st. Finally, Raymond James downgraded Qorvo from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $102.88.

Qorvo Stock Down 2.1 %

NASDAQ:QRVO opened at $67.27 on Wednesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90. The firm has a market cap of $6.36 billion, a P/E ratio of -46.08, a P/E/G ratio of 5.64 and a beta of 1.49. Qorvo, Inc. has a fifty-two week low of $67.16 and a fifty-two week high of $130.99. The firm has a 50-day simple moving average of $96.45 and a two-hundred day simple moving average of $105.22.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, topping 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 analyst estimates of $1.03 billion. During the same period in the previous year, the business earned $1.99 EPS. The firm’s revenue for the quarter was down 5.2% on a year-over-year basis. Analysts predict that Qorvo, Inc. will post 3.37 earnings per share for the current fiscal year.

Insider Activity

In other Qorvo news, VP Gina Harrison sold 689 shares of the business’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 approximately $2,325,779.67. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.46% of the company’s stock.

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.