MetLife Investment Management LLC Sells 1,085 Shares of Qorvo, Inc. (NASDAQ:QRVO)

MetLife Investment Management LLC lessened its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 4.2% during the 3rd quarter, HoldingsChannel reports. The firm owned 24,660 shares of the semiconductor company’s stock after selling 1,085 shares during the quarter. MetLife Investment Management LLC’s holdings in Qorvo were worth $2,547,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vulcan Value Partners LLC grew its holdings in Qorvo by 35.0% during the second 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 during the last quarter. Pacer Advisors Inc. grew its holdings in Qorvo by 7.1% during the third quarter. Pacer Advisors Inc. now owns 1,528,748 shares of the semiconductor company’s stock valued at $157,920,000 after purchasing an additional 101,742 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Qorvo by 0.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,323,463 shares of the semiconductor company’s stock valued at $153,558,000 after purchasing an additional 4,386 shares during the last quarter. Thrivent Financial for Lutherans grew its holdings in Qorvo by 140.2% during the third quarter. Thrivent Financial for Lutherans now owns 835,336 shares of the semiconductor company’s stock valued at $86,290,000 after purchasing an additional 487,621 shares during the last quarter. Finally, Van ECK Associates Corp grew its holdings in Qorvo by 23.9% during the third quarter. Van ECK Associates Corp now owns 832,292 shares of the semiconductor company’s stock valued at $83,429,000 after purchasing an additional 160,534 shares during the last quarter. Institutional investors and hedge funds own 88.57% of the company’s stock.

Qorvo Stock Down 0.5 %

Shares of NASDAQ QRVO opened at $70.08 on Thursday. The stock has a market cap of $6.62 billion, a PE ratio of -48.00, a PEG ratio of 5.67 and a beta of 1.42. The business has a fifty day moving average of $84.91 and a two-hundred day moving average of $101.47. Qorvo, Inc. has a 52-week low of $64.98 and a 52-week high of $130.99. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data 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 positive return on equity of 13.81% and a negative net margin of 3.58%. 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 business earned $1.99 earnings per share. The business’s revenue was down 5.2% on a year-over-year basis. As a group, equities research analysts expect that Qorvo, Inc. will post 3.37 earnings per share for the current fiscal year.

Insider Activity at Qorvo

In related news, VP Gina Harrison sold 689 shares of Qorvo 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 directly owns 21,601 shares of the company’s stock, valued at $2,325,779.67. The trade was a 3.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.46% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Barclays lowered their price objective on shares of Qorvo from $120.00 to $90.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 30th. Craig Hallum lowered their price objective on shares of Qorvo from $142.00 to $105.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th. Needham & Company LLC assumed coverage on shares of Qorvo in a research note on Monday, October 28th. They issued a “buy” rating and a $135.00 price objective on the stock. BNP Paribas downgraded shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price objective on the stock. in a research note on Wednesday, October 30th. Finally, Susquehanna lowered their price objective on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Qorvo has a consensus rating of “Hold” and a consensus target price of $102.88.

About Qorvo

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.