Qorvo, Inc. (NASDAQ:QRVO) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 12.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 680,840 shares of the semiconductor company's stock after selling 97,568 shares during the period. Bank of New York Mellon Corp owned about 0.73% of Qorvo worth $49,300,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. City Holding Co. bought a new position in Qorvo in the 1st quarter worth $25,000. Huntington National Bank boosted its holdings in 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 buying an additional 145 shares during the period. Curat Global LLC bought a new position in Qorvo in the 1st quarter worth $34,000. Jones Financial Companies Lllp boosted 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 buying an additional 398 shares during the period. Finally, Steph & Co. bought a new position in Qorvo in the 1st quarter worth $111,000. Institutional investors own 88.57% of the company's stock.

Insider Buying and Selling

In related news, Director John R. Harding sold 1,450 shares of the stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $70.09, for a total transaction of $101,630.50. Following the sale, the director 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.41% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have commented on the stock. Citigroup reiterated a "sell" rating on shares of Qorvo in a research note on Tuesday, June 10th. Piper Sandler restated an "overweight" rating and set a $110.00 target price on shares of Qorvo in a research report on Friday, June 27th. Stifel Nicolaus set a $75.00 target price on shares of Qorvo in a research report on Monday, April 28th. Barclays upped their target price on shares of Qorvo from $60.00 to $70.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 30th. Finally, Wall Street Zen cut shares of Qorvo from a "buy" rating to a "hold" rating in a research report on Saturday, June 7th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $91.53.

Qorvo Stock Performance

Shares of NASDAQ:QRVO traded up $0.84 on Wednesday, reaching $87.87. The company's stock had a trading volume of 528,704 shares, compared to its average volume of 2,253,976. The stock has a market capitalization of $8.16 billion, a P/E ratio of 151.42, a PEG ratio of 2.33 and a beta of 1.39. Qorvo, Inc. has a 52-week low of $49.46 and a 52-week high of $130.99. The stock's 50-day moving average is $80.69 and its two-hundred day moving average is $74.83. 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 posted its earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 EPS for the quarter, topping 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 company had revenue of $869.47 million for the quarter, compared to the consensus estimate of $850.13 million. During the same period in the previous year, the business earned $1.39 earnings per share. Qorvo's quarterly revenue was down 7.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Qorvo, Inc. will post 4.09 EPS for the current year.

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.