Assenagon Asset Management S.A. Lowers Stock Position in Qorvo, Inc. (NASDAQ:QRVO)

Assenagon Asset Management S.A. reduced its stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 48.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 417,725 shares of the semiconductor company's stock after selling 399,157 shares during the quarter. Assenagon Asset Management S.A. owned 0.45% of Qorvo worth $30,247,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Alexander Randolph Advisory Inc. increased its stake in Qorvo by 1.0% during the fourth quarter. Alexander Randolph Advisory Inc. now owns 13,592 shares of the semiconductor company's stock worth $950,000 after acquiring an additional 140 shares during the last quarter. Huntington National Bank raised its holdings in Qorvo by 47.1% in the fourth quarter. Huntington National Bank now owns 453 shares of the semiconductor company's stock valued at $32,000 after acquiring an additional 145 shares in the last quarter. Truvestments Capital LLC grew its position in shares of Qorvo by 7.2% in the 4th quarter. Truvestments Capital LLC now owns 2,768 shares of the semiconductor company's stock worth $194,000 after acquiring an additional 185 shares in the last quarter. Venturi Wealth Management LLC boosted its holdings in Qorvo by 67.4% in the fourth quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company's stock worth $43,000 after purchasing an additional 250 shares during the period. Finally, Arizona State Retirement System grew its position in shares of Qorvo by 1.2% during the 4th quarter. Arizona State Retirement System now owns 27,541 shares of the semiconductor company's stock valued at $1,926,000 after buying an additional 315 shares during the last quarter. Institutional investors and hedge funds own 88.57% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Wall Street Zen cut Qorvo from a "buy" rating to a "hold" rating in a report on Saturday, June 7th. Barclays increased their price objective on Qorvo from $60.00 to $70.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 30th. Needham & Company LLC decreased their target price on Qorvo from $100.00 to $90.00 and set a "buy" rating on the stock in a report on Wednesday, April 30th. TD Cowen lowered their price objective on shares of Qorvo from $90.00 to $80.00 and set a "hold" rating on the stock in a research report on Wednesday, April 30th. Finally, Stifel Nicolaus set a $75.00 price target on shares of Qorvo in a report on Monday, April 28th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, Qorvo presently has a consensus rating of "Hold" and an average target price of $91.21.

Qorvo Trading Down 2.9%

NASDAQ QRVO traded down $2.34 during trading on Friday, hitting $79.42. 1,492,269 shares of the company's stock traded hands, compared to its average volume of 2,220,966. The stock has a fifty day moving average of $70.12 and a two-hundred day moving average of $72.50. Qorvo, Inc. has a 12-month low of $49.46 and a 12-month high of $130.99. The firm has a market cap of $7.39 billion, a P/E ratio of 283.64, a PEG ratio of 15.57 and a beta of 1.37. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.60 and a quick ratio of 1.78.

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 analysts' consensus estimates of $1.00 by $0.42. Qorvo had a return on equity of 12.41% and a net margin of 0.71%. The firm had revenue of $869.47 million for the quarter, compared to analyst estimates of $850.13 million. During the same period last year, the company earned $1.39 EPS. The business'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 EPS for the current year.

Insiders Place Their Bets

In other Qorvo news, Director John R. Harding sold 1,450 shares of the business's stock in a transaction dated Wednesday, May 7th. The stock was 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 $532,473.73. The trade was a 16.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.46% of the company's stock.

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.