Neuberger Berman Group LLC Reduces Position in Qorvo, Inc. $QRVO

Key Points

• Neuberger Berman Group LLC significantly reduced its stake in Qorvo, Inc. by 91.1%, selling 88,383 shares, leaving them with 8,645 shares valued at $626,000.
• Several institutional investors have increased their positions in Qorvo, with Ameriprise Financial leading at a 102.0% increase during the 4th quarter.
• Qorvo's recent earnings report showed an EPS of $0.92, surpassing estimates, despite a 7.7% revenue decline year-over-year.

Neuberger Berman Group LLC lessened its holdings in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 91.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,645 shares of the semiconductor company's stock after selling 88,383 shares during the period. Neuberger Berman Group LLC's holdings in Qorvo were worth $626,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of QRVO. Ameriprise Financial Inc. lifted its stake in shares of Qorvo by 102.0% in the 4th quarter. Ameriprise Financial Inc. now owns 3,597,546 shares of the semiconductor company's stock valued at $251,577,000 after purchasing an additional 1,816,811 shares during the last quarter. Vulcan Value Partners LLC lifted its stake in shares of Qorvo by 53.7% in the 4th quarter. Vulcan Value Partners LLC now owns 2,581,296 shares of the semiconductor company's stock valued at $180,487,000 after purchasing an additional 902,353 shares during the last quarter. Voloridge Investment Management LLC acquired a new position in shares of Qorvo in the 4th quarter valued at $29,650,000. LSV Asset Management lifted its stake in shares of Qorvo by 114.4% in the 1st quarter. LSV Asset Management now owns 634,381 shares of the semiconductor company's stock valued at $45,936,000 after purchasing an additional 338,521 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its stake in shares of Qorvo by 484.4% in the 1st quarter. Victory Capital Management Inc. now owns 336,846 shares of the semiconductor company's stock valued at $24,391,000 after purchasing an additional 279,211 shares during the last quarter. Institutional investors and hedge funds own 88.57% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on QRVO. Barclays upped their price target on Qorvo from $70.00 to $90.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 30th. Mizuho set a $84.00 target price on Qorvo and gave the stock a "neutral" rating in a research note on Tuesday, July 1st. The Goldman Sachs Group assumed coverage on Qorvo in a research note on Thursday, July 10th. They set a "neutral" rating and a $90.00 target price on the stock. Stifel Nicolaus set a $88.00 target price on Qorvo and gave the stock a "hold" rating in a research note on Wednesday, July 30th. Finally, Wall Street Zen raised Qorvo from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 2nd. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Qorvo presently has an average rating of "Hold" and an average target price of $95.35.

Qorvo Stock Down 0.1%

Shares of QRVO traded down $0.10 during mid-day trading on Monday, reaching $89.25. The company's stock had a trading volume of 1,149,012 shares, compared to its average volume of 1,991,531. Qorvo, Inc. has a 12-month low of $49.46 and a 12-month high of $117.90. The stock has a market cap of $8.27 billion, a PE ratio of 105.00, a price-to-earnings-growth ratio of 1.74 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 company's 50 day moving average is $85.53 and its 200 day moving average is $76.30.

Qorvo (NASDAQ:QRVO - Get Free Report) last released its quarterly earnings data 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 return on equity of 12.63% and a net margin of 2.21%. The business had revenue of $818.80 million for the quarter, compared to the consensus estimate of $775.61 million. During the same quarter in the prior year, the business posted $0.87 EPS. The business's revenue for the quarter was down 7.7% on a year-over-year basis. Equities analysts anticipate that Qorvo, Inc. will post 4.09 EPS for the current fiscal year.

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.