Dai ichi Life Insurance Company Ltd Sells 248 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Dai ichi Life Insurance Company Ltd reduced its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 3.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 7,544 shares of the semiconductor company’s stock after selling 248 shares during the quarter. Dai ichi Life Insurance Company Ltd’s holdings in Qorvo were worth $779,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Vulcan Value Partners LLC raised its holdings in Qorvo by 35.0% in the 2nd quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock valued at $246,665,000 after acquiring an additional 550,111 shares during the period. Pacer Advisors Inc. increased its stake in shares of Qorvo by 7.1% during the third quarter. Pacer Advisors Inc. now owns 1,528,748 shares of the semiconductor company’s stock worth $157,920,000 after purchasing an additional 101,742 shares during the period. Dimensional Fund Advisors LP lifted its holdings in 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 purchasing an additional 4,386 shares during the last quarter. Thrivent Financial for Lutherans boosted its stake in 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 period. Finally, Van ECK Associates Corp grew its holdings in Qorvo by 23.9% in the 3rd quarter. Van ECK Associates Corp now owns 832,292 shares of the semiconductor company’s stock valued at $83,429,000 after buying an additional 160,534 shares in the last quarter. 88.57% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, VP Gina Harrison sold 689 shares of Qorvo stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $107.67, for a total transaction 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. This trade represents a 3.09 % decrease in their ownership of the stock. 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.

Qorvo Trading Up 0.4 %

QRVO opened at $68.40 on Friday. The company has a market cap of $6.47 billion, a P/E ratio of -46.85, a PEG ratio of 5.59 and a beta of 1.49. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45. The company’s 50 day moving average is $88.20 and its 200-day moving average is $102.50. Qorvo, Inc. has a 1-year low of $64.98 and a 1-year high of $130.99.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.03. The firm 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 company’s quarterly revenue was down 5.2% on a year-over-year basis. During the same quarter last year, the business posted $1.99 earnings per share. Equities research analysts predict that Qorvo, Inc. will post 3.37 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Susquehanna dropped their target price on Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a report on Wednesday, October 30th. TD Cowen dropped their price objective on shares of Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a research note on Wednesday, October 30th. Loop Capital started coverage on shares of Qorvo in a report on Monday, November 11th. They issued a “hold” rating and a $73.00 price objective for the company. BNP Paribas cut shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 target price on the stock. in a report on Wednesday, October 30th. Finally, Morgan Stanley cut Qorvo from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $130.00 to $120.00 in a research note on Friday, October 11th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $102.88.

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.