Paloma Partners Management Co Takes Position in Qorvo, Inc. (NASDAQ:QRVO)

Paloma Partners Management Co purchased a new position in Qorvo, Inc. (NASDAQ:QRVO) in the third quarter, Holdings Channel reports. The fund purchased 50,000 shares of the semiconductor company’s stock, valued at approximately $5,165,000.

Other hedge funds also recently bought and sold shares of the company. GDS Wealth Management acquired a new position in shares of Qorvo during the 3rd quarter worth approximately $2,171,000. Robeco Institutional Asset Management B.V. increased its holdings in Qorvo by 78.6% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock worth $55,548,000 after acquiring an additional 236,590 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Qorvo during the third quarter worth $2,507,000. Quest Partners LLC lifted its holdings in Qorvo by 504.6% during the third quarter. Quest Partners LLC now owns 11,596 shares of the semiconductor company’s stock valued at $1,198,000 after purchasing an additional 9,678 shares in the last quarter. Finally, APG Asset Management N.V. grew its position in shares of Qorvo by 21.9% in the second quarter. APG Asset Management N.V. now owns 101,243 shares of the semiconductor company’s stock valued at $10,962,000 after purchasing an additional 18,178 shares during the period. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Morgan Stanley downgraded shares of Qorvo from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $130.00 to $120.00 in a research report on Friday, October 11th. UBS Group decreased their target price on Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 30th. Piper Sandler dropped their price target on Qorvo from $120.00 to $100.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. JPMorgan Chase & Co. decreased their price objective on Qorvo from $115.00 to $95.00 and set an “underweight” rating on the stock in a report on Wednesday, October 30th. Finally, Bank of America lowered their target price on shares of Qorvo from $115.00 to $80.00 and set an “underperform” rating on the stock in a research note on Wednesday, October 30th. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, Qorvo has a consensus rating of “Hold” and a consensus price target of $102.88.

Qorvo Stock Performance

NASDAQ:QRVO opened at $69.05 on Monday. The company’s 50-day moving average is $86.84 and its two-hundred day moving average is $102.08. Qorvo, Inc. has a 1-year low of $64.98 and a 1-year high of $130.99. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.38. The firm has a market capitalization of $6.53 billion, a price-to-earnings ratio of -47.29, a PEG ratio of 5.53 and a beta of 1.49.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data 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 firm had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The firm’s quarterly revenue was down 5.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.99 earnings per share. Analysts forecast that Qorvo, Inc. will post 3.37 EPS for the current year.

Insider Activity

In other news, VP Gina Harrison sold 689 shares of the business’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 value 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. The trade was a 3.09 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.46% of the company’s stock.

Qorvo Company 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.