KLP Kapitalforvaltning AS Sells 12,352 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Key Points

• KLP Kapitalforvaltning AS reduced its stake in Qorvo, Inc. by 41.5%, holding 17,400 shares valued at approximately $1.26 million at the end of the reporting period.
• Qorvo reported earnings of $1.42 per share, exceeding analysts' expectations of $1.00, with quarterly revenue of $869.47 million.
• Analysts have varying opinions on Qorvo's stock, with recent price targets ranging from $75.00 to $95.00 and an average rating of "Hold."

KLP Kapitalforvaltning AS decreased its position in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 41.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,400 shares of the semiconductor company's stock after selling 12,352 shares during the period. KLP Kapitalforvaltning AS's holdings in Qorvo were worth $1,260,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of QRVO. Universal Beteiligungs und Servicegesellschaft mbH grew its stake in shares of Qorvo by 19.6% in the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 139,418 shares of the semiconductor company's stock worth $10,095,000 after purchasing an additional 22,842 shares during the last quarter. Choreo LLC grew its stake in shares of Qorvo by 77.0% in the first quarter. Choreo LLC now owns 5,352 shares of the semiconductor company's stock worth $388,000 after purchasing an additional 2,329 shares during the last quarter. Teachers Retirement System of The State of Kentucky grew its stake in shares of Qorvo by 52.9% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 34,489 shares of the semiconductor company's stock worth $2,497,000 after purchasing an additional 11,939 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Qorvo in the first quarter worth about $34,000. Finally, Victory Capital Management Inc. lifted its holdings in Qorvo by 484.4% in the first quarter. Victory Capital Management Inc. now owns 336,846 shares of the semiconductor company's stock worth $24,391,000 after buying an additional 279,211 shares during the period. 88.57% of the stock is owned by institutional investors.

Qorvo Price Performance

Shares of Qorvo stock traded down $2.18 during trading on Thursday, reaching $84.33. 480,975 shares of the stock traded hands, compared to its average volume of 2,457,904. The company has a market capitalization of $7.83 billion, a price-to-earnings ratio of 99.02, a P/E/G ratio of 2.26 and a beta of 1.39. The business has a fifty day simple moving average of $82.90 and a two-hundred day simple moving average of $75.99. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.77 and a quick ratio of 1.95. Qorvo, Inc. has a 52-week low of $49.46 and a 52-week high of $121.94.

Qorvo (NASDAQ:QRVO - Get Free Report) last released 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. The company had revenue of $818.80 million during the quarter, compared to analyst estimates of $775.61 million. Qorvo had a return on equity of 12.67% and a net margin of 2.21%. The firm's revenue was down 7.7% on a year-over-year basis. During the same quarter last year, the business posted $0.87 earnings per share. Sell-side analysts expect that Qorvo, Inc. will post 4.09 EPS for the current year.

Insider Transactions at Qorvo

In other news, Director John R. Harding sold 1,450 shares of Qorvo stock in a transaction that occurred on Wednesday, May 7th. The shares were 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 of the company's stock, valued at approximately $532,473.73. The trade was a 16.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.41% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Susquehanna raised their target price on Qorvo from $90.00 to $95.00 and gave the company a "neutral" rating in a research note on Wednesday. Loop Capital boosted their price objective on shares of Qorvo from $75.00 to $90.00 and gave the stock a "hold" rating in a report on Wednesday. Mizuho set a $84.00 price objective on shares of Qorvo and gave the stock a "neutral" rating in a report on Tuesday, July 1st. Piper Sandler set a $125.00 price objective on shares of Qorvo and gave the stock an "overweight" rating in a report on Wednesday. Finally, Benchmark boosted their price objective on shares of Qorvo from $95.00 to $125.00 and gave the stock a "buy" rating in a report on Wednesday. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Qorvo currently has an average rating of "Hold" and an average price target of $98.74.

About Qorvo

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.