Ninety One UK Ltd Cuts Stock Position in Qorvo, Inc. (NASDAQ:QRVO)

Ninety One UK Ltd lessened its holdings in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 23.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 513,439 shares of the semiconductor company's stock after selling 157,988 shares during the period. Ninety One UK Ltd owned 0.55% of Qorvo worth $37,178,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in QRVO. Ameriprise Financial Inc. grew its holdings in 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 buying an additional 1,816,811 shares in the last quarter. Norges Bank acquired a new position in Qorvo in the 4th quarter valued at $71,825,000. Amundi grew its holdings in Qorvo by 84.4% in the 4th quarter. Amundi now owns 2,143,858 shares of the semiconductor company's stock valued at $156,673,000 after buying an additional 981,519 shares in the last quarter. Wealthfront Advisers LLC grew its holdings in Qorvo by 8,535.6% in the 4th quarter. Wealthfront Advisers LLC now owns 931,690 shares of the semiconductor company's stock valued at $65,153,000 after buying an additional 920,901 shares in the last quarter. Finally, Vulcan Value Partners LLC grew its holdings in 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 buying an additional 902,353 shares in the last quarter. Institutional investors own 88.57% of the company's stock.

Insider Transactions at Qorvo

In related news, Director John R. Harding sold 1,450 shares of the company's stock in a transaction on Wednesday, May 7th. The stock was 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 in the company, valued at approximately $532,473.73. This represents a 16.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.41% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Stifel Nicolaus set a $75.00 target price on Qorvo in a report on Monday, April 28th. Wall Street Zen lowered Qorvo from a "buy" rating to a "hold" rating in a report on Saturday, June 7th. Piper Sandler reissued an "overweight" rating and set a $110.00 target price on shares of Qorvo in a report on Friday, June 27th. Mizuho set a $84.00 price objective on Qorvo and gave the stock a "neutral" rating in a research report on Tuesday, July 1st. Finally, Loop Capital dropped their price objective on Qorvo from $90.00 to $75.00 and set a "hold" rating for the company in a research report on Wednesday, April 30th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $91.53.

Qorvo Trading Up 0.3%

Shares of Qorvo stock traded up $0.31 during midday trading on Thursday, reaching $90.19. The company had a trading volume of 505,120 shares, compared to its average volume of 2,252,615. The stock has a fifty day moving average price of $79.26 and a 200 day moving average price of $74.34. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.77 and a quick ratio of 1.95. The firm has a market cap of $8.37 billion, a PE ratio of 155.53, a P/E/G ratio of 2.35 and a beta of 1.39. Qorvo, Inc. has a fifty-two week low of $49.46 and a fifty-two week high of $130.99.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.42. Qorvo had a return on equity of 12.48% and a net margin of 1.50%. The firm had revenue of $869.47 million for the quarter, compared to analyst estimates of $850.13 million. During the same period in the previous year, the firm earned $1.39 earnings per share. The company's revenue was down 7.6% compared to the same quarter last year. On average, equities analysts anticipate that Qorvo, Inc. will post 4.09 earnings per share for the current 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.