Envestnet Asset Management Inc. Trims Stake in 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. lowered its position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 46.4% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor 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 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. IFM Investors Pty Ltd increased its stake in shares of Qorvo by 6.3% in the 1st 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. grew its holdings in Qorvo by 1.2% in the first quarter. Principal Financial Group Inc. now owns 463,483 shares of the semiconductor company's stock worth $33,561,000 after purchasing an additional 5,305 shares during the period. Teacher Retirement System of Texas bought a new position in shares of Qorvo during the first quarter valued at approximately $963,000. Horizon Financial Services LLC increased its stake in shares of Qorvo by 7,140.8% during 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 purchased a new position in shares of Qorvo during the first quarter valued at approximately $295,000. Hedge funds and other institutional investors own 88.57% of the company's stock.

Analysts Set New Price Targets

QRVO has been the topic of several recent research reports. Craig Hallum restated a "buy" rating on shares of Qorvo in a research note on Wednesday. Stifel Nicolaus set a $88.00 target price on Qorvo and gave the stock a "hold" rating in a report on Wednesday. Needham & Company LLC increased their target price on Qorvo from $90.00 to $104.00 and gave the stock a "buy" rating in a research note on Wednesday. TD Cowen raised their price target on Qorvo from $80.00 to $95.00 and gave the company a "hold" rating in a report on Wednesday. Finally, Mizuho set a $84.00 price target on Qorvo and gave the stock a "neutral" rating in a research report on Tuesday, July 1st. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, Qorvo has a consensus rating of "Hold" and an average target price of $95.35.

Qorvo Stock Down 3.4%

QRVO opened at $83.60 on Friday. The stock has a market capitalization of $7.76 billion, a price-to-earnings ratio of 98.35, a PEG ratio of 2.31 and a beta of 1.39. The firm has a 50 day moving average price of $83.05 and a 200-day moving average price of $76.07. Qorvo, Inc. has a twelve month low of $49.46 and a twelve month high of $121.94. The company has a quick ratio of 1.95, a current ratio of 2.81 and a debt-to-equity ratio of 0.45.

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

Insider Activity

In related news, Director John R. Harding sold 1,450 shares of the company's stock in a transaction on 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 owned 7,597 shares in the company, 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 Securities & Exchange Commission, which can be accessed through the SEC website. 0.41% of the stock is currently owned by company insiders.

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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