Nordea Investment Management AB Sells 29,781 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Nordea Investment Management AB reduced its stake in Qorvo, Inc. (NASDAQ:QRVO) by 6.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 404,973 shares of the semiconductor company’s stock after selling 29,781 shares during the quarter. Nordea Investment Management AB owned about 0.43% of Qorvo worth $28,316,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. Vulcan Value Partners LLC increased its stake in shares of Qorvo by 35.0% during the second quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock worth $246,665,000 after purchasing an additional 550,111 shares during the period. Pacer Advisors Inc. raised its position in shares of Qorvo by 7.1% in the 3rd quarter. Pacer Advisors Inc. now owns 1,528,748 shares of the semiconductor company’s stock valued at $157,920,000 after buying an additional 101,742 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Qorvo by 0.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,323,463 shares of the semiconductor company’s stock worth $153,558,000 after acquiring an additional 4,386 shares in the last quarter. Thrivent Financial for Lutherans increased its stake in shares of Qorvo by 140.2% in the 3rd 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 position in Qorvo by 23.9% in the third quarter. Van ECK Associates Corp now owns 832,292 shares of the semiconductor company’s stock valued at $83,429,000 after acquiring an additional 160,534 shares during the last quarter. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Qorvo Stock Up 2.1 %

Qorvo stock opened at $73.63 on Wednesday. The company has a market capitalization of $6.96 billion, a PE ratio of -50.43, a PEG ratio of 5.58 and a beta of 1.40. Qorvo, Inc. has a 12-month low of $64.54 and a 12-month high of $130.99. The firm’s fifty day moving average is $69.69 and its 200 day moving average is $95.86. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.03. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The company had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter in the prior year, the firm earned $1.99 EPS. The business’s revenue was down 5.2% on a year-over-year basis. As a group, sell-side analysts predict that Qorvo, Inc. will post 3.37 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. StockNews.com lowered shares of Qorvo from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Loop Capital initiated coverage on Qorvo in a report on Monday, November 11th. They set a “hold” rating and a $73.00 price objective on the stock. Craig Hallum dropped their target price on Qorvo from $142.00 to $105.00 and set a “buy” rating for the company in a research report on Wednesday, October 30th. Barclays reduced their price target on Qorvo from $120.00 to $90.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 30th. Finally, Needham & Company LLC initiated coverage on shares of Qorvo in a report on Monday, October 28th. They issued a “buy” rating and a $135.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $101.41.

Insider Transactions at Qorvo

In related news, SVP Philip Chesley sold 4,045 shares of the company’s stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $70.15, for a total transaction of $283,756.75. Following the completion of the sale, the senior vice president now owns 30,261 shares in the company, valued at approximately $2,122,809.15. This represents a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.46% of the stock is currently 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.