Bridgewater Associates LP Decreases Position in Qorvo, Inc. (NASDAQ:QRVO)

Bridgewater Associates LP decreased its stake in Qorvo, Inc. (NASDAQ:QRVO) by 22.5% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 6,887 shares of the semiconductor company’s stock after selling 2,004 shares during the quarter. Bridgewater Associates LP’s holdings in Qorvo were worth $711,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Qorvo during the second quarter worth $29,000. EverSource Wealth Advisors LLC boosted its stake in shares of Qorvo by 81.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 115 shares during the period. Versant Capital Management Inc grew its holdings in Qorvo by 9,333.3% during the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock valued at $33,000 after purchasing an additional 280 shares during the last quarter. Larson Financial Group LLC raised its position in Qorvo by 163.4% in the 3rd quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 201 shares during the period. Finally, New Millennium Group LLC bought a new stake in Qorvo in the second quarter worth about $34,000. Institutional investors own 88.57% of the company’s stock.

Qorvo Stock Performance

QRVO stock opened at $70.80 on Tuesday. Qorvo, Inc. has a one year low of $64.98 and a one year high of $130.99. The firm has a market cap of $6.69 billion, a price-to-earnings ratio of -48.49, a PEG ratio of 5.53 and a beta of 1.49. 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 50-day simple moving average of $86.84 and a two-hundred day simple moving average of $102.09.

Qorvo (NASDAQ:QRVO) last posted its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.03. The company had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.03 billion. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. Qorvo’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.99 earnings per share. On average, equities analysts forecast that Qorvo, Inc. will post 3.37 EPS for the current fiscal year.

Insider Activity at Qorvo

In other Qorvo news, VP Gina Harrison sold 689 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $107.67, for a total transaction of $74,184.63. Following the transaction, the vice president now owns 21,601 shares in the company, valued at approximately $2,325,779.67. This represents a 3.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.46% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

QRVO has been the topic of several recent analyst reports. TD Cowen reduced their price target on Qorvo from $125.00 to $85.00 and set a “hold” rating on the stock in a report on Wednesday, October 30th. BNP Paribas downgraded Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 target price for the company. in a research report on Wednesday, October 30th. Piper Sandler cut their price target on shares of Qorvo from $120.00 to $100.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. Needham & Company LLC started coverage on shares of Qorvo in a report on Monday, October 28th. They set a “buy” rating and a $135.00 price objective for the company. Finally, Loop Capital initiated coverage on shares of Qorvo in a research report on Monday, November 11th. They issued a “hold” rating and a $73.00 price objective for the company. 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’s stock. According to data from MarketBeat.com, Qorvo currently has an average rating of “Hold” and a consensus target price of $102.88.

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.