Envestnet Asset Management Inc. Sells 17,474 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Key Points

• Envestnet Asset Management Inc. reduced its stake in Qorvo by 46.4% in the first quarter, now holding 20,177 shares valued at approximately $1.46 million.
• Despite the reduction, other institutional investors, like IFM Investors and Horizon Financial Services, have increased their stakes in Qorvo, showcasing ongoing interest in the semiconductor company.
• Qorvo's stock currently has an average target price of $95.35 according to various analysts, with ratings ranging from "buy" to "hold".

Envestnet Asset Management Inc. reduced its stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 46.4% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 20,177 shares of the semiconductor company's stock after selling 17,474 shares during the period. Envestnet Asset Management Inc.'s holdings in Qorvo were worth $1,461,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. IFM Investors Pty Ltd lifted its holdings in Qorvo by 6.3% during the first quarter. IFM Investors Pty Ltd now owns 18,112 shares of the semiconductor company's stock worth $1,311,000 after acquiring an additional 1,075 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Qorvo by 1.2% in the first quarter. Principal Financial Group Inc. now owns 463,483 shares of the semiconductor company's stock valued at $33,561,000 after purchasing an additional 5,305 shares in the last quarter. Teacher Retirement System of Texas bought a new stake in shares of Qorvo in the first quarter valued at about $963,000. Horizon Financial Services LLC lifted its holdings in shares of Qorvo by 7,140.8% in the first quarter. Horizon Financial Services LLC now owns 5,503 shares of the semiconductor company's stock valued at $398,000 after purchasing an additional 5,427 shares in the last quarter. Finally, Aaron Wealth Advisors LLC bought a new stake in shares of Qorvo in the first quarter valued at about $295,000. 88.57% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director John R. Harding sold 1,450 shares of the stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $70.09, for a total value of $101,630.50. Following the completion of the transaction, the director directly owned 7,597 shares in the company, valued at approximately $532,473.73. This represents a 16.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.41% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on QRVO. Loop Capital boosted their price target on Qorvo from $75.00 to $90.00 and gave the company a "hold" rating in a report on Wednesday, July 30th. Piper Sandler set a $125.00 target price on Qorvo and gave the stock an "overweight" rating in a report on Wednesday, July 30th. Needham & Company LLC upped their target price on Qorvo from $90.00 to $104.00 and gave the stock a "buy" rating in a report on Wednesday, July 30th. Citigroup reiterated a "sell" rating on shares of Qorvo in a report on Tuesday, June 10th. Finally, The Goldman Sachs Group began coverage on Qorvo in a report on Thursday, July 10th. They set a "neutral" rating and a $90.00 target price on the stock. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Qorvo currently has a consensus rating of "Hold" and a consensus price target of $95.35.

Qorvo Price Performance

Shares of QRVO stock traded down $0.66 during trading on Tuesday, hitting $84.52. The company had a trading volume of 490,542 shares, compared to its average volume of 2,450,057. The stock's 50-day moving average price is $83.45 and its 200 day moving average price is $76.18. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.01 and a current ratio of 2.81. Qorvo, Inc. has a one year low of $49.46 and a one year high of $117.90. The firm has a market capitalization of $7.83 billion, a P/E ratio of 99.47, a price-to-earnings-growth ratio of 1.64 and a beta of 1.35.

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

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.