Qorvo, Inc. (NASDAQ:QRVO) Stock Holdings Cut by Kentucky Retirement Systems

Kentucky Retirement Systems reduced its position in shares of Qorvo, Inc. (NASDAQ:QRVO) by 9.2% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,609 shares of the semiconductor company’s stock after selling 667 shares during the quarter. Kentucky Retirement Systems’ holdings in Qorvo were worth $683,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in QRVO. Pacer Advisors Inc. boosted its stake in Qorvo by 17,255.9% during the 2nd quarter. Pacer Advisors Inc. now owns 1,427,006 shares of the semiconductor company’s stock valued at $165,590,000 after purchasing an additional 1,418,784 shares in the last quarter. Vulcan Value Partners LLC boosted its stake in Qorvo by 35.0% during the 2nd quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock valued at $246,665,000 after purchasing an additional 550,111 shares in the last quarter. Thrivent Financial for Lutherans boosted its stake in Qorvo by 1,507.7% during the 2nd quarter. Thrivent Financial for Lutherans now owns 347,715 shares of the semiconductor company’s stock valued at $40,349,000 after purchasing an additional 326,087 shares in the last quarter. Caxton Associates LP bought a new position in Qorvo during the 2nd quarter valued at $34,812,000. Finally, Robeco Institutional Asset Management B.V. boosted its stake in Qorvo by 78.6% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock valued at $55,548,000 after purchasing an additional 236,590 shares in the last quarter. 88.57% of the stock is owned by institutional investors.

Qorvo Trading Down 0.1 %

Qorvo stock opened at $66.28 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 business’s 50-day simple moving average is $92.43 and its 200-day simple moving average is $103.75. The firm has a market capitalization of $6.27 billion, a PE ratio of -45.40, a PEG ratio of 5.26 and a beta of 1.49. Qorvo, Inc. has a 52 week low of $65.35 and a 52 week high of $130.99.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period in the previous year, the company posted $1.99 earnings per share. The company’s quarterly revenue was down 5.2% compared to the same quarter last year. Equities research analysts forecast that Qorvo, Inc. will post 3.37 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Barclays cut their price objective on Qorvo from $120.00 to $90.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 30th. Needham & Company LLC assumed coverage on Qorvo in a research report on Monday, October 28th. They set a “buy” rating and a $135.00 price objective for the company. Bank of America cut their price objective on Qorvo from $115.00 to $80.00 and set an “underperform” rating for the company in a research report on Wednesday, October 30th. StockNews.com downgraded Qorvo from a “buy” rating to a “hold” rating in a research report on Thursday, October 31st. Finally, TD Cowen cut their price objective on Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a research report on Wednesday, October 30th. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $102.88.

Insider Activity at Qorvo

In related 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 transaction of $74,184.63. Following the transaction, the vice president now directly owns 21,601 shares in the company, valued at $2,325,779.67. The trade was a 3.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate 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.