Deutsche Bank AG Reduces Stake in Qorvo, Inc. (NASDAQ:QRVO)

Key Points

• Deutsche Bank AG reduced its stake in Qorvo, Inc. by 39.9% in the first quarter, owning 157,993 shares valued at approximately $11.44 million.
• Qorvo reported a quarterly EPS of $0.92, exceeding analyst expectations of $0.62, despite a 7.7% year-over-year decline in revenue.
• Analysts have a consensus rating of "Hold" for Qorvo, with a price target averaging $95.35.

Deutsche Bank AG reduced its stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 39.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 157,993 shares of the semiconductor company's stock after selling 104,709 shares during the quarter. Deutsche Bank AG owned approximately 0.17% of Qorvo worth $11,440,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. City Holding Co. purchased a new stake in Qorvo in the 1st quarter valued at $25,000. Larson Financial Group LLC grew its holdings in Qorvo by 222.6% in the 1st quarter. Larson Financial Group LLC now owns 429 shares of the semiconductor company's stock valued at $31,000 after buying an additional 296 shares in the last quarter. Curat Global LLC purchased a new stake in Qorvo in the 1st quarter valued at $34,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Qorvo in the 1st quarter valued at $34,000. Finally, Signaturefd LLC grew its holdings in Qorvo by 34.6% in the 1st quarter. Signaturefd LLC now owns 662 shares of the semiconductor company's stock valued at $48,000 after buying an additional 170 shares in the last quarter. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Qorvo Stock Performance

Shares of QRVO opened at $90.66 on Friday. Qorvo, Inc. has a 1 year low of $49.46 and a 1 year high of $117.90. The stock has a market capitalization of $8.40 billion, a PE ratio of 106.66, a PEG ratio of 1.76 and a beta of 1.35. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.01 and a current ratio of 2.81. The stock has a 50-day simple moving average of $85.15 and a 200-day simple moving average of $76.35.

Qorvo (NASDAQ:QRVO - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The semiconductor company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.62 by $0.30. Qorvo had a net margin of 2.21% and a return on equity of 12.63%. The company had revenue of $818.80 million during the quarter, compared to analysts' expectations of $775.61 million. During the same quarter in the previous year, the business posted $0.87 EPS. The firm's revenue was down 7.7% on a year-over-year basis. On average, analysts predict that Qorvo, Inc. will post 4.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on QRVO shares. Citigroup reiterated a "sell" rating on shares of Qorvo in a report on Tuesday, June 10th. Loop Capital increased their price target on Qorvo from $75.00 to $90.00 and gave the stock a "hold" rating in a report on Wednesday, July 30th. TD Cowen increased their price target on Qorvo from $80.00 to $95.00 and gave the stock a "hold" rating in a report on Wednesday, July 30th. Piper Sandler increased their price target on Qorvo from $110.00 to $125.00 and gave the stock an "overweight" rating in a report on Wednesday, July 30th. Finally, The Goldman Sachs Group started coverage on Qorvo in a report on Thursday, July 10th. They set a "neutral" rating and a $90.00 price target for the company. Three research analysts have rated the stock with a sell rating, ten have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Qorvo presently has a consensus rating of "Hold" and a consensus price target of $95.35.

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.

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