Cresset Asset Management LLC Reduces Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Cresset Asset Management LLC lessened its holdings in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 34.5% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 29,427 shares of the semiconductor company's stock after selling 15,533 shares during the period. Cresset Asset Management LLC's holdings in Qorvo were worth $2,058,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. lifted its position in shares of Qorvo by 102.0% during the 4th quarter. Ameriprise Financial Inc. now owns 3,597,546 shares of the semiconductor company's stock worth $251,577,000 after purchasing an additional 1,816,811 shares during the last quarter. Norges Bank purchased a new stake in shares of Qorvo during the 4th quarter worth $71,825,000. Amundi lifted its position in shares of Qorvo by 84.4% during the 4th quarter. Amundi now owns 2,143,858 shares of the semiconductor company's stock worth $156,673,000 after purchasing an additional 981,519 shares during the last quarter. Wealthfront Advisers LLC lifted its position in shares of Qorvo by 8,535.6% during the 4th quarter. Wealthfront Advisers LLC now owns 931,690 shares of the semiconductor company's stock worth $65,153,000 after purchasing an additional 920,901 shares during the last quarter. Finally, Vulcan Value Partners LLC lifted its position in shares of Qorvo by 53.7% during the 4th quarter. Vulcan Value Partners LLC now owns 2,581,296 shares of the semiconductor company's stock worth $180,487,000 after purchasing an additional 902,353 shares during the last quarter. Hedge funds and other institutional investors own 88.57% of the company's stock.

Insider Activity

In other news, Director John R. Harding sold 1,450 shares of Qorvo stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $70.09, for a total transaction of $101,630.50. Following the completion of the sale, the director now directly owns 7,597 shares in the company, valued at approximately $532,473.73. This trade represents a 16.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.46% of the company's stock.

Qorvo Stock Performance

NASDAQ QRVO traded up $5.23 during trading hours on Monday, hitting $78.42. 3,319,439 shares of the stock were exchanged, compared to its average volume of 2,177,664. The company has a market cap of $7.32 billion, a price-to-earnings ratio of 280.07, a price-to-earnings-growth ratio of 15.57 and a beta of 1.38. Qorvo, Inc. has a 12-month low of $49.46 and a 12-month high of $130.99. The stock has a 50-day moving average of $66.60 and a 200 day moving average of $71.51. The company has a quick ratio of 1.78, a current ratio of 2.60 and a debt-to-equity ratio of 0.46.

Qorvo (NASDAQ:QRVO - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.42. The firm had revenue of $869.47 million during the quarter, compared to analysts' expectations of $850.13 million. Qorvo had a net margin of 0.71% and a return on equity of 12.41%. The firm's revenue for the quarter was down 7.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.39 earnings per share. As a group, equities research analysts forecast that Qorvo, Inc. will post 4.09 earnings per share for the current year.

Analyst Upgrades and Downgrades

QRVO has been the subject of a number of research reports. Citigroup reduced their price target on shares of Qorvo from $72.00 to $69.00 and set a "sell" rating for the company in a research report on Wednesday, January 29th. Needham & Company LLC reduced their price target on shares of Qorvo from $100.00 to $90.00 and set a "buy" rating for the company in a research report on Wednesday, April 30th. TD Cowen reduced their price target on shares of Qorvo from $90.00 to $80.00 and set a "hold" rating for the company in a research report on Wednesday, April 30th. StockNews.com raised shares of Qorvo from a "hold" rating to a "buy" rating in a research report on Wednesday, January 29th. Finally, Benchmark raised shares of Qorvo from a "hold" rating to a "buy" rating and set a $95.00 price target for the company in a research report on Wednesday, April 30th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, Qorvo has an average rating of "Hold" and an average price target of $91.21.

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.