Federated Hermes Inc. Lowers Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Key Points

• Federated Hermes Inc. significantly reduced its stake in Qorvo, Inc. by 92.3% in the first quarter, now owning only 2,109 shares valued at $153,000.
• Several institutional investors made changes to their holdings in Qorvo, with Larson Financial Group LLC increasing its stake by 222.6% to own 429 shares valued at $31,000.
• Qorvo's stock has seen mixed analyst ratings, currently holding a consensus rating of "Hold" with a price target of $95.35, after several analysts raised their price objectives.

Federated Hermes Inc. cut its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 92.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,109 shares of the semiconductor company's stock after selling 25,252 shares during the quarter. Federated Hermes Inc.'s holdings in Qorvo were worth $153,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in QRVO. City Holding Co. bought a new stake in shares of Qorvo during the first quarter worth $25,000. Larson Financial Group LLC grew its stake in shares of Qorvo by 222.6% during the first quarter. Larson Financial Group LLC now owns 429 shares of the semiconductor company's stock worth $31,000 after buying an additional 296 shares during the last quarter. Curat Global LLC bought a new stake in shares of Qorvo during the first quarter worth $34,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Qorvo during the first quarter worth $34,000. Finally, Signaturefd LLC grew its stake in shares of Qorvo by 34.6% during the first quarter. Signaturefd LLC now owns 662 shares of the semiconductor company's stock worth $48,000 after buying an additional 170 shares during the last quarter. 88.57% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on QRVO. Benchmark lifted their price target on shares of Qorvo from $95.00 to $125.00 and gave the stock a "buy" rating in a report on Wednesday, July 30th. Mizuho set a $84.00 target price on shares of Qorvo and gave the stock a "neutral" rating in a research report on Tuesday, July 1st. The Goldman Sachs Group started coverage on shares of Qorvo in a research report on Thursday, July 10th. They set a "neutral" rating and a $90.00 target price for the company. Susquehanna reaffirmed a "neutral" rating and issued a $95.00 price objective (up from $90.00) on shares of Qorvo in a research report on Wednesday, July 30th. Finally, Wall Street Zen raised shares of Qorvo from a "hold" rating to a "strong-buy" rating in a research report on Saturday, August 2nd. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Qorvo presently has a consensus rating of "Hold" and an average target price of $95.35.

Qorvo Stock Performance

QRVO traded up $0.37 during midday trading on Wednesday, reaching $90.14. The company had a trading volume of 1,656,233 shares, compared to its average volume of 2,426,318. The stock has a market cap of $8.35 billion, a PE ratio of 106.05, a P/E/G ratio of 1.70 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 business has a 50-day moving average price of $84.68 and a two-hundred day moving average price of $76.23. Qorvo, Inc. has a 12-month low of $49.46 and a 12-month high of $117.90.

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

Qorvo Company 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.