Edgestream Partners L.P. Cuts Position in Qorvo, Inc. (NASDAQ:QRVO)

Edgestream Partners L.P. decreased its holdings in Qorvo, Inc. (NASDAQ:QRVO) by 72.9% in the 2nd quarter, HoldingsChannel reports. The fund owned 8,907 shares of the semiconductor company’s stock after selling 23,972 shares during the quarter. Edgestream Partners L.P.’s holdings in Qorvo were worth $1,034,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Bessemer Group Inc. raised its position in Qorvo by 1,361.9% in the first quarter. Bessemer Group Inc. now owns 13,596 shares of the semiconductor company’s stock worth $1,562,000 after acquiring an additional 12,666 shares in the last quarter. FIL Ltd increased its position in shares of Qorvo by 4.5% in the fourth quarter. FIL Ltd now owns 2,778,629 shares of the semiconductor company’s stock valued at $312,901,000 after buying an additional 120,213 shares in the last quarter. Daiwa Securities Group Inc. increased its position in shares of Qorvo by 44.4% in the first quarter. Daiwa Securities Group Inc. now owns 13,247 shares of the semiconductor company’s stock valued at $1,521,000 after buying an additional 4,072 shares in the last quarter. Canada Pension Plan Investment Board increased its position in shares of Qorvo by 23.8% in the first quarter. Canada Pension Plan Investment Board now owns 370,200 shares of the semiconductor company’s stock valued at $42,510,000 after buying an additional 71,200 shares in the last quarter. Finally, Leeward Investments LLC MA increased its position in shares of Qorvo by 50.6% in the first quarter. Leeward Investments LLC MA now owns 154,346 shares of the semiconductor company’s stock valued at $17,724,000 after buying an additional 51,850 shares in the last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Rosenblatt Securities raised their price target on Qorvo from $105.00 to $120.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st. The Goldman Sachs Group raised their price target on Qorvo from $105.00 to $118.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st. Raymond James raised their price target on Qorvo from $115.00 to $135.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. Barclays raised their price target on Qorvo from $100.00 to $125.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 30th. Finally, Needham & Company LLC lifted their price objective on Qorvo from $110.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $121.00.

Insiders Place Their Bets

In other Qorvo news, VP Gina Harrison sold 689 shares of the firm’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 sale, the vice president now directly owns 21,601 shares of the company’s stock, valued at approximately $2,325,779.67. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.46% of the stock is owned by corporate insiders.

Qorvo Stock Down 0.9 %

Shares of NASDAQ:QRVO opened at $102.26 on Friday. The stock’s 50-day moving average price is $112.02 and its two-hundred day moving average price is $110.42. The company has a current ratio of 1.95, a quick ratio of 1.36 and a debt-to-equity ratio of 0.44. Qorvo, Inc. has a 12-month low of $80.62 and a 12-month high of $130.99. The firm has a market cap of $9.70 billion, a price-to-earnings ratio of -140.08, a PEG ratio of 1.23 and a beta of 1.46.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.16. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The firm had revenue of $886.70 million for the quarter, compared to analyst estimates of $851.95 million. During the same period last year, the company earned $0.03 EPS. The firm’s quarterly revenue was up 36.2% on a year-over-year basis. On average, research analysts forecast that Qorvo, Inc. will post 4.8 EPS for the current year.

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.