Allianz Asset Management GmbH Has $28.53 Million Stock Position in Qorvo, Inc. (NASDAQ:QRVO)

Allianz Asset Management GmbH reduced its position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 6.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 393,956 shares of the semiconductor company's stock after selling 25,398 shares during the period. Allianz Asset Management GmbH owned about 0.42% of Qorvo worth $28,526,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. City Holding Co. purchased a new position in shares of Qorvo in the first quarter valued at $25,000. Larson Financial Group LLC lifted its holdings in Qorvo by 222.6% during the 1st quarter. Larson Financial Group LLC now owns 429 shares of the semiconductor company's stock worth $31,000 after buying an additional 296 shares during the last quarter. Huntington National Bank grew its position in shares of Qorvo by 47.1% in the 4th quarter. Huntington National Bank now owns 453 shares of the semiconductor company's stock worth $32,000 after acquiring an additional 145 shares in the last quarter. Curat Global LLC bought a new stake in shares of Qorvo in the 1st quarter valued at approximately $34,000. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Qorvo during the first quarter worth $34,000. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Susquehanna increased their price objective on shares of Qorvo from $75.00 to $90.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. The Goldman Sachs Group assumed coverage on shares of Qorvo in a report on Thursday, July 10th. They set a "neutral" rating and a $90.00 price target for the company. Barclays lifted their price target on Qorvo from $60.00 to $70.00 and gave the company an "equal weight" rating in a report on Wednesday, April 30th. Citigroup reissued a "sell" rating on shares of Qorvo in a report on Tuesday, June 10th. Finally, Needham & Company LLC lowered their price target on Qorvo from $100.00 to $90.00 and set a "buy" rating on the stock in a report on Wednesday, April 30th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $91.79.

Insider Transactions at Qorvo

In related news, Director John R. Harding sold 1,450 shares of the firm's stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $70.09, for a total value of $101,630.50. Following the completion of the sale, the director owned 7,597 shares of the company's stock, valued at $532,473.73. This trade represents a 16.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.41% of the stock is currently owned by company insiders.

Qorvo Price Performance

Qorvo stock traded down $0.91 during mid-day trading on Friday, hitting $85.28. 1,868,282 shares of the company were exchanged, compared to its average volume of 1,520,263. Qorvo, Inc. has a 1-year low of $49.46 and a 1-year high of $124.87. The company has a quick ratio of 1.95, a current ratio of 2.77 and a debt-to-equity ratio of 0.46. The business has a fifty day moving average of $82.48 and a 200 day moving average of $75.74. The company has a market capitalization of $7.92 billion, a PE ratio of 147.04, a price-to-earnings-growth ratio of 2.27 and a beta of 1.39.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.42. Qorvo had a net margin of 1.50% and a return on equity of 12.48%. The firm had revenue of $869.47 million for the quarter, compared to analysts' expectations of $850.13 million. During the same period in the prior year, the firm earned $1.39 earnings per share. The company's quarterly revenue was down 7.6% compared to the same quarter last year. As a group, sell-side analysts expect that Qorvo, Inc. will post 4.09 earnings per share for the current year.

Qorvo 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.