Ninety One UK Ltd Has $37.18 Million Stock Position in Qorvo, Inc. (NASDAQ:QRVO)

Ninety One UK Ltd cut its stake in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 23.5% during the first quarter, according to its most recent disclosure with the Securities & 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 approximately 0.55% of Qorvo worth $37,178,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. City Holding Co. acquired a new stake in shares of Qorvo during the first quarter worth $25,000. Rakuten Securities Inc. acquired a new stake in shares of Qorvo during the fourth quarter worth $28,000. Huntington National Bank raised its position in shares of Qorvo by 47.1% during the fourth quarter. Huntington National Bank now owns 453 shares of the semiconductor company's stock worth $32,000 after purchasing an additional 145 shares during the period. Curat Global LLC acquired a new stake in shares of Qorvo during the first quarter worth $34,000. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of Qorvo during the fourth quarter worth $37,000. 88.57% of the stock is owned by institutional investors and hedge funds.

Qorvo Stock Down 2.3%

Shares of QRVO traded down $2.09 during trading hours on Friday, hitting $88.23. 1,484,451 shares of the company were exchanged, compared to its average volume of 2,260,353. The company has a market cap of $8.19 billion, a PE ratio of 152.12, a PEG ratio of 2.41 and a beta of 1.39. The firm's 50 day moving average is $80.02 and its 200-day moving average is $74.59. Qorvo, Inc. has a 52 week low of $49.46 and a 52 week high of $130.99. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.95 and a current ratio of 2.77.

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

Analyst Ratings Changes

A number of brokerages have recently issued reports on QRVO. Barclays boosted their target price on Qorvo from $60.00 to $70.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 30th. Wall Street Zen lowered Qorvo from a "buy" rating to a "hold" rating in a research report on Saturday, June 7th. TD Cowen dropped their price target on Qorvo from $90.00 to $80.00 and set a "hold" rating on the stock in a research report on Wednesday, April 30th. Stifel Nicolaus set a $75.00 price target on Qorvo in a research report on Monday, April 28th. Finally, Needham & Company LLC dropped their price target on Qorvo from $100.00 to $90.00 and set a "buy" rating on the stock in a research report on Wednesday, April 30th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $91.53.

Insiders Place Their Bets

In related news, Director John R. Harding sold 1,450 shares of the stock in a transaction that occurred 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 $532,473.73. This represents a 16.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.41% of the stock is currently owned by insiders.

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.