Retirement Systems of Alabama Reduces Position in Qorvo, Inc. $QRVO

Retirement Systems of Alabama lessened its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 1.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 86,969 shares of the semiconductor company’s stock after selling 1,546 shares during the period. Retirement Systems of Alabama’s holdings in Qorvo were worth $7,385,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Qorvo by 1.6% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 7,679 shares of the semiconductor company’s stock valued at $682,000 after purchasing an additional 118 shares during the period. Signaturefd LLC raised its stake in Qorvo by 34.6% in the first quarter. Signaturefd LLC now owns 662 shares of the semiconductor company’s stock worth $48,000 after buying an additional 170 shares in the last quarter. HB Wealth Management LLC increased its position in shares of Qorvo by 6.9% during the second quarter. HB Wealth Management LLC now owns 2,955 shares of the semiconductor company’s stock worth $251,000 after purchasing an additional 190 shares in the last quarter. Public Employees Retirement System of Ohio increased its position in shares of Qorvo by 0.7% during the second quarter. Public Employees Retirement System of Ohio now owns 30,974 shares of the semiconductor company’s stock worth $2,630,000 after purchasing an additional 203 shares in the last quarter. Finally, Teacher Retirement System of Texas increased its position in shares of Qorvo by 1.7% during the second quarter. Teacher Retirement System of Texas now owns 13,515 shares of the semiconductor company’s stock worth $1,148,000 after purchasing an additional 220 shares in the last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Insider Buying and Selling at Qorvo

In other Qorvo news, SVP Paul J. Fego sold 13,612 shares of the company’s stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $95.00, for a total value of $1,293,140.00. Following the sale, the senior vice president directly owned 54,558 shares of the company’s stock, valued at approximately $5,183,010. This represents a 19.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.41% of the stock is owned by company insiders.

Qorvo Price Performance

Shares of QRVO opened at $93.58 on Tuesday. The firm has a market capitalization of $8.67 billion, a PE ratio of 40.51, a price-to-earnings-growth ratio of 1.81 and a beta of 1.44. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.81 and a quick ratio of 2.01. Qorvo, Inc. has a 1-year low of $49.46 and a 1-year high of $106.30. The company’s fifty day moving average price is $91.33 and its 200-day moving average price is $84.41.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Tuesday, November 4th. The semiconductor company reported $2.22 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.19. Qorvo had a net margin of 5.95% and a return on equity of 13.40%. The firm’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.88 EPS. On average, equities research analysts predict that Qorvo, Inc. will post 4.09 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. TD Cowen upped their price target on Qorvo from $80.00 to $95.00 and gave the stock a “hold” rating in a research report on Wednesday, July 30th. Loop Capital upped their price target on Qorvo from $75.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, July 30th. Cfra Research raised Qorvo to a “hold” rating in a research report on Tuesday, October 28th. Mizuho downgraded Qorvo from a “neutral” rating to an “underperform” rating and set a $75.00 price target on the stock. in a research report on Monday, October 20th. Finally, Craig Hallum reaffirmed a “buy” rating on shares of Qorvo in a research report on Wednesday, July 30th. Three investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $100.50.

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.