Bessemer Group Inc. Sells 30,356 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Bessemer Group Inc. lessened its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 76.0% in the first quarter, according to its most recent filing with the SEC. The firm owned 9,607 shares of the semiconductor company's stock after selling 30,356 shares during the quarter. Bessemer Group Inc.'s holdings in Qorvo were worth $696,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of QRVO. City Holding Co. bought a new position in shares of Qorvo in the first quarter valued at approximately $25,000. Rakuten Securities Inc. acquired a new stake in Qorvo in the fourth quarter worth approximately $28,000. Huntington National Bank boosted its stake in Qorvo by 47.1% during the 4th quarter. Huntington National Bank now owns 453 shares of the semiconductor company's stock valued at $32,000 after purchasing an additional 145 shares in the last quarter. Curat Global LLC bought a new position in Qorvo during the 1st quarter valued at $34,000. Finally, SBI Securities Co. Ltd. acquired a new position in shares of Qorvo during the 4th quarter valued at $37,000. Institutional investors own 88.57% of the company's stock.

Qorvo Stock Down 4.5%

Shares of Qorvo stock traded down $3.93 during midday trading on Thursday, hitting $84.35. The company's stock had a trading volume of 1,361,276 shares, compared to its average volume of 2,241,836. Qorvo, Inc. has a 1-year low of $49.46 and a 1-year high of $130.99. 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 firm has a market capitalization of $7.83 billion, a P/E ratio of 145.43, a PEG ratio of 2.35 and a beta of 1.39. The stock has a 50-day simple moving average of $77.51 and a 200-day simple moving average of $73.86.

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

Insider Activity

In other news, Director John R. Harding sold 1,450 shares of the company's stock in a transaction 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 transaction, the director directly owned 7,597 shares of the company's stock, valued at approximately $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 SEC, which can be accessed through this link. 0.46% of the stock is owned by company insiders.

Analyst Ratings Changes

Several brokerages recently weighed in on QRVO. Piper Sandler reaffirmed an "overweight" rating and set a $110.00 target price on shares of Qorvo in a research note on Friday, June 27th. Benchmark upgraded shares of Qorvo from a "hold" rating to a "buy" rating and set a $95.00 price objective for the company in a research report on Wednesday, April 30th. Needham & Company LLC lowered their price objective on shares of Qorvo from $100.00 to $90.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. Mizuho set a $84.00 target price on shares of Qorvo and gave the stock a "neutral" rating in a report on Tuesday. Finally, Stifel Nicolaus set a $75.00 target price 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 issued a buy rating to the company's stock. Based on data from MarketBeat.com, Qorvo presently has a consensus rating of "Hold" and an average price target 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.