abrdn plc Purchases 7,054 Shares of Qorvo, Inc. (NASDAQ:QRVO)

abrdn plc boosted its holdings in Qorvo, Inc. (NASDAQ:QRVO) by 17.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,414 shares of the semiconductor company’s stock after buying an additional 7,054 shares during the quarter. abrdn plc owned approximately 0.05% of Qorvo worth $4,965,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in QRVO. Mather Group LLC. lifted its holdings in shares of Qorvo by 5.6% during the second quarter. Mather Group LLC. now owns 1,812 shares of the semiconductor company’s stock worth $208,000 after purchasing an additional 96 shares during the period. V Square Quantitative Management LLC grew its position in shares of Qorvo by 5.0% in the 3rd quarter. V Square Quantitative Management LLC now owns 2,233 shares of the semiconductor company’s stock valued at $231,000 after buying an additional 107 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Qorvo by 81.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 115 shares during the last quarter. American Trust increased its stake in shares of Qorvo by 5.8% in the second quarter. American Trust now owns 2,110 shares of the semiconductor company’s stock valued at $245,000 after buying an additional 115 shares during the period. Finally, Empirical Finance LLC raised its position in shares of Qorvo by 3.2% during the first quarter. Empirical Finance LLC now owns 3,768 shares of the semiconductor company’s stock worth $433,000 after acquiring an additional 117 shares during the last quarter. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Barclays reduced their target price on Qorvo from $120.00 to $90.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 30th. Craig Hallum decreased their price objective on shares of Qorvo from $142.00 to $105.00 and set a “buy” rating for the company in a research report on Wednesday, October 30th. Raymond James lowered shares of Qorvo from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 30th. StockNews.com downgraded Qorvo from a “buy” rating to a “hold” rating in a report on Thursday. Finally, TD Cowen dropped their price objective on Qorvo from $125.00 to $85.00 and set a “hold” rating on the stock in a research note on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $104.75.

Qorvo Stock Up 0.8 %

Qorvo stock opened at $71.86 on Monday. The firm has a market capitalization of $6.79 billion, a price-to-earnings ratio of -49.22, a price-to-earnings-growth ratio of 3.98 and a beta of 1.49. The firm’s fifty day moving average price is $102.41 and its two-hundred day moving average price is $107.19. Qorvo, Inc. has a 1-year low of $70.39 and a 1-year high of $130.99. The company has a current ratio of 1.90, a quick ratio of 1.36 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO) last posted its earnings results 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. The company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The firm’s revenue was down 5.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.99 EPS. On average, equities research analysts predict that Qorvo, Inc. will post 4.84 earnings per share for the current fiscal year.

Insider Activity at Qorvo

In related news, VP Gina Harrison sold 689 shares of the stock in a transaction on 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 sale, the vice president now directly owns 21,601 shares of the company’s stock, valued at approximately $2,325,779.67. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.46% of the stock is owned by insiders.

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.