Allspring Global Investments Holdings LLC Boosts Stock Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Allspring Global Investments Holdings LLC raised its stake in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 36.0% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 38,576 shares of the semiconductor company's stock after buying an additional 10,209 shares during the period. Allspring Global Investments Holdings LLC's holdings in Qorvo were worth $2,786,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of QRVO. Proficio Capital Partners LLC purchased a new position in shares of Qorvo during the 4th quarter valued at about $812,000. Mutual of America Capital Management LLC raised its holdings in Qorvo by 22.6% in the 4th quarter. Mutual of America Capital Management LLC now owns 14,318 shares of the semiconductor company's stock worth $1,001,000 after purchasing an additional 2,638 shares during the period. Jones Financial Companies Lllp raised its holdings in Qorvo by 35.9% in the 4th quarter. Jones Financial Companies Lllp now owns 1,506 shares of the semiconductor company's stock worth $105,000 after purchasing an additional 398 shares during the period. SBI Securities Co. Ltd. acquired a new position in Qorvo in the 4th quarter worth about $37,000. Finally, M&T Bank Corp raised its holdings in Qorvo by 19.9% in the 4th quarter. M&T Bank Corp now owns 6,195 shares of the semiconductor company's stock worth $433,000 after purchasing an additional 1,030 shares during the period. Hedge funds and other institutional investors own 88.57% of the company's stock.

Insider Buying and Selling

In other Qorvo news, Director John R. Harding sold 1,450 shares of the company's stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $70.09, for a total transaction of $101,630.50. Following the transaction, the director directly owned 7,597 shares in the company, valued at $532,473.73. This represents a 16.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.41% of the stock is owned by company insiders.

Qorvo Trading Up 1.1%

QRVO traded up $0.99 during trading hours on Tuesday, reaching $88.03. The company's stock had a trading volume of 2,618,179 shares, compared to its average volume of 2,248,927. Qorvo, Inc. has a fifty-two week low of $49.46 and a fifty-two week high of $130.99. The stock has a market cap of $8.17 billion, a PE ratio of 151.78, a P/E/G ratio of 2.37 and a beta of 1.39. The business's 50-day moving average is $78.39 and its 200-day moving average is $74.14. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.77 and a quick ratio of 1.95.

Qorvo (NASDAQ:QRVO - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The semiconductor company reported $1.42 EPS for the quarter, beating analysts' consensus estimates of $1.00 by $0.42. Qorvo had a return on equity of 12.48% and a net margin of 1.50%. 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 posted $1.39 earnings per share. The firm's quarterly revenue was down 7.6% on a year-over-year basis. As a group, equities research analysts predict that Qorvo, Inc. will post 4.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms recently weighed in on QRVO. 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. Mizuho set a $84.00 price target on Qorvo and gave the stock a "neutral" rating in a research report on Tuesday, July 1st. Loop Capital decreased their price objective on Qorvo from $90.00 to $75.00 and set a "hold" rating on the stock in a report on Wednesday, April 30th. Citigroup reaffirmed a "sell" rating on shares of Qorvo in a research note on Tuesday, June 10th. Finally, Stifel Nicolaus set a $75.00 target price on shares of Qorvo in a research report on Monday, April 28th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $90.89.

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.