California State Teachers Retirement System lowered its position in Qorvo Inc (NASDAQ:QRVO) by 3.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 196,420 shares of the semiconductor company’s stock after selling 7,303 shares during the quarter. California State Teachers Retirement System’s holdings in Qorvo were worth $14,563,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the company. Pictet Asset Management Ltd. boosted its stake in Qorvo by 16.1% during the third quarter. Pictet Asset Management Ltd. now owns 32,095 shares of the semiconductor company’s stock valued at $2,380,000 after buying an additional 4,450 shares during the period. Stifel Financial Corp increased its stake in Qorvo by 2.6% in the 3rd quarter. Stifel Financial Corp now owns 20,580 shares of the semiconductor company’s stock worth $1,523,000 after acquiring an additional 523 shares during the last quarter. Boston Partners increased its stake in Qorvo by 0.8% in the 3rd quarter. Boston Partners now owns 3,675,997 shares of the semiconductor company’s stock worth $272,974,000 after acquiring an additional 28,552 shares during the last quarter. Neo Ivy Capital Management increased its stake in Qorvo by 49.8% in the 3rd quarter. Neo Ivy Capital Management now owns 2,329 shares of the semiconductor company’s stock worth $166,000 after acquiring an additional 774 shares during the last quarter. Finally, Systematic Financial Management LP raised its holdings in shares of Qorvo by 1.7% in the 3rd quarter. Systematic Financial Management LP now owns 209,567 shares of the semiconductor company’s stock valued at $15,537,000 after acquiring an additional 3,496 shares in the last quarter. 92.19% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have recently issued reports on QRVO. JPMorgan Chase & Co. set a $110.00 price target on Qorvo and gave the company a “buy” rating in a research report on Friday, November 1st. Cowen restated an “outperform” rating and issued a $95.00 price objective (up from $90.00) on shares of Qorvo in a research report on Friday, November 1st. Bank of America raised their target price on shares of Qorvo from $70.00 to $80.00 and gave the company an “underperform” rating in a research note on Friday, November 1st. Benchmark lifted their target price on shares of Qorvo from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Finally, BidaskClub upgraded shares of Qorvo from a “hold” rating to a “buy” rating in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and ten have given a buy rating to the company. Qorvo has an average rating of “Hold” and an average price target of $91.39.
In other news, Director David H. Y. Ho sold 10,660 shares of Qorvo stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $102.22, for a total value of $1,089,665.20. Following the transaction, the director now owns 16,844 shares in the company, valued at $1,721,793.68. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Susan Louise Spradley sold 500 shares of Qorvo stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $101.99, for a total value of $50,995.00. Following the completion of the transaction, the director now owns 9,644 shares in the company, valued at approximately $983,591.56. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,339 shares of company stock valued at $2,604,534. Company insiders own 0.71% of the company’s stock.
NASDAQ:QRVO opened at $102.97 on Tuesday. The company has a market capitalization of $11.96 billion, a price-to-earnings ratio of 19.61, a PEG ratio of 2.17 and a beta of 1.19. The business has a 50 day moving average of $93.57 and a 200 day moving average of $75.84. The company has a debt-to-equity ratio of 0.24, a current ratio of 3.45 and a quick ratio of 2.37. Qorvo Inc has a 1-year low of $54.74 and a 1-year high of $106.38.
Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.52 EPS for the quarter, beating analysts’ consensus estimates of $1.30 by $0.22. The business had revenue of $806.70 million for the quarter, compared to analysts’ expectations of $754.67 million. Qorvo had a net margin of 8.19% and a return on equity of 15.10%. The business’s quarterly revenue was down 8.8% on a year-over-year basis. During the same period last year, the business earned $1.75 earnings per share. As a group, sell-side analysts anticipate that Qorvo Inc will post 4.76 EPS for the current year.
Qorvo Company Profile
Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.
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