Maryland State Retirement & Pension System Sells 5,709 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Key Points

• The Maryland State Retirement & Pension System reduced its stake in Qorvo, Inc. by 15.3%, holding 31,618 shares worth approximately $2.29 million at the end of the first quarter.
• Qorvo's stock has received mixed ratings from analysts, with a consensus rating of "Hold" and a price target ranging from $75.00 to $125.00.
• The company reported earnings per share of $0.92 for the last quarter, exceeding analysts' expectations, despite a 7.7% decline in quarterly revenue compared to the previous year.

Maryland State Retirement & Pension System reduced its stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 15.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 31,618 shares of the semiconductor company's stock after selling 5,709 shares during the period. Maryland State Retirement & Pension System's holdings in Qorvo were worth $2,289,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of QRVO. City Holding Co. purchased a new stake in shares of Qorvo in the first quarter worth $25,000. Larson Financial Group LLC boosted its position 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 acquiring an additional 296 shares during the last quarter. Curat Global LLC bought a new stake in Qorvo in the 1st quarter valued at $34,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in Qorvo in the 1st quarter valued at $34,000. Finally, Signaturefd LLC lifted its stake in Qorvo by 34.6% in the 1st quarter. Signaturefd LLC now owns 662 shares of the semiconductor company's stock worth $48,000 after purchasing an additional 170 shares in the last quarter. Institutional investors own 88.57% of the company's stock.

Qorvo Stock Down 1.3%

Qorvo stock traded down $1.11 during trading hours on Monday, hitting $86.98. The company had a trading volume of 1,254,932 shares, compared to its average volume of 2,437,544. The firm has a market capitalization of $8.06 billion, a P/E ratio of 102.33, a price-to-earnings-growth ratio of 1.72 and a beta of 1.35. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.81 and a quick ratio of 2.01. The firm's fifty day moving average is $84.26 and its 200-day moving average is $76.15. Qorvo, Inc. has a fifty-two week low of $49.46 and a fifty-two week high of $117.90.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The semiconductor company reported $0.92 earnings per share 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 period in the prior year, the firm earned $0.87 EPS. The business's revenue was down 7.7% on a year-over-year basis. On average, research analysts forecast that Qorvo, Inc. will post 4.09 earnings per share for the current year.

Wall Street Analyst Weigh In

QRVO has been the topic of several research reports. Loop Capital lifted their target price on Qorvo from $75.00 to $90.00 and gave the stock a "hold" rating in a report on Wednesday, July 30th. Stifel Nicolaus set a $88.00 target price on Qorvo and gave the company a "hold" rating in a research report on Wednesday, July 30th. The Goldman Sachs Group started coverage on Qorvo in a research note on Thursday, July 10th. They set a "neutral" rating and a $90.00 price objective for the company. Citigroup restated a "sell" rating on shares of Qorvo in a report on Tuesday, June 10th. Finally, Piper Sandler upped their target price on Qorvo from $110.00 to $125.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Qorvo currently has an average rating of "Hold" and an average price target of $95.35.

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.