J. Safra Sarasin Holding AG Sells 4,028 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Key Points

• J. Safra Sarasin Holding AG reduced its stake in Qorvo, Inc. by 18.6%, selling 4,028 shares and ending the quarter with a total of 17,636 shares worth approximately $1.28 million.
• Qorvo reported earnings per share (EPS) of $0.92, surpassing analysts' expectations of $0.62, but revenue fell 7.7% year-over-year to $818.80 million.
• Several hedge funds increased their investments in Qorvo, with LSV Asset Management boosting its holdings by 114.4% during the same quarter, now holding over 634,000 shares.

J. Safra Sarasin Holding AG lowered its position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 18.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 17,636 shares of the semiconductor company's stock after selling 4,028 shares during the period. J. Safra Sarasin Holding AG's holdings in Qorvo were worth $1,277,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. LSV Asset Management boosted its holdings in Qorvo by 114.4% in the 1st quarter. LSV Asset Management now owns 634,381 shares of the semiconductor company's stock worth $45,936,000 after buying an additional 338,521 shares during the period. Jefferies Financial Group Inc. bought a new position in Qorvo in the 1st quarter worth $331,000. Alberta Investment Management Corp boosted its holdings in Qorvo by 135.2% in the 1st quarter. Alberta Investment Management Corp now owns 85,600 shares of the semiconductor company's stock worth $6,198,000 after buying an additional 49,201 shares during the period. US Bancorp DE boosted its holdings in Qorvo by 184.0% in the 1st quarter. US Bancorp DE now owns 5,481 shares of the semiconductor company's stock worth $397,000 after buying an additional 3,551 shares during the period. Finally, Natixis Advisors LLC boosted its holdings in Qorvo by 68.2% in the 1st quarter. Natixis Advisors LLC now owns 85,445 shares of the semiconductor company's stock worth $6,187,000 after buying an additional 34,632 shares during the period. Institutional investors own 88.57% of the company's stock.

Qorvo Stock Up 0.6%

Shares of NASDAQ:QRVO opened at $84.11 on Monday. The company has a current ratio of 2.81, a quick ratio of 2.01 and a debt-to-equity ratio of 0.45. Qorvo, Inc. has a 12 month low of $49.46 and a 12 month high of $117.90. The company has a 50-day moving average price of $83.24 and a 200 day moving average price of $76.18. The company has a market cap of $7.79 billion, a price-to-earnings ratio of 98.95, a PEG ratio of 1.64 and a beta of 1.35.

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. Qorvo had a net margin of 2.21% and a return on equity of 12.63%. The firm had revenue of $818.80 million during the quarter, compared to the consensus estimate of $775.61 million. During the same quarter last year, the firm earned $0.87 EPS. The firm's revenue for the quarter was down 7.7% compared to the same quarter last year. As a group, equities research analysts predict that Qorvo, Inc. will post 4.09 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director John R. Harding sold 1,450 shares of the stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $70.09, for a total value of $101,630.50. Following the sale, the director directly owned 7,597 shares of the company's stock, valued at $532,473.73. This represents a 16.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.41% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have commented on QRVO shares. Loop Capital increased their price objective on shares of Qorvo from $75.00 to $90.00 and gave the company a "hold" rating in a report on Wednesday, July 30th. Citigroup reissued a "sell" rating on shares of Qorvo in a report on Tuesday, June 10th. UBS Group set a $100.00 price objective on shares of Qorvo and gave the company a "neutral" rating in a report on Wednesday, July 30th. Barclays increased their price objective on shares of Qorvo from $70.00 to $90.00 and gave the company an "equal weight" rating in a report on Wednesday, July 30th. Finally, Stifel Nicolaus set a $88.00 price objective on shares of Qorvo and gave the company a "hold" rating in a report on Wednesday, July 30th. Three 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.com, the company currently has a consensus rating of "Hold" and a consensus price target of $95.35.

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.

Want to see what other hedge funds are holding QRVO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Qorvo, Inc. (NASDAQ:QRVO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.