Ninety One UK Ltd Lowers Stock Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Ninety One UK Ltd reduced its position in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 23.5% in the first quarter, according to the company in its most recent disclosure 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 SEC filing.

A number of other institutional investors also recently modified their holdings of the company. IFM Investors Pty Ltd grew its position in Qorvo by 6.3% in the 1st quarter. IFM Investors Pty Ltd now owns 18,112 shares of the semiconductor company's stock worth $1,311,000 after purchasing an additional 1,075 shares during the period. Principal Financial Group Inc. lifted its stake in Qorvo by 1.2% in the 1st quarter. Principal Financial Group Inc. now owns 463,483 shares of the semiconductor company's stock worth $33,561,000 after purchasing an additional 5,305 shares in the last quarter. Teacher Retirement System of Texas purchased a new stake in Qorvo in the 1st quarter worth $963,000. Horizon Financial Services LLC lifted its stake in Qorvo by 7,140.8% in the 1st quarter. Horizon Financial Services LLC now owns 5,503 shares of the semiconductor company's stock worth $398,000 after purchasing an additional 5,427 shares in the last quarter. Finally, Aaron Wealth Advisors LLC bought a new stake in shares of Qorvo in the 1st quarter worth about $295,000. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Qorvo Trading Up 2.1%

Shares of QRVO traded up $1.85 on Wednesday, reaching $89.88. 2,213,173 shares of the company's stock were exchanged, compared to its average volume of 2,259,342. The company has a current ratio of 2.77, a quick ratio of 1.95 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $8.35 billion, a P/E ratio of 154.97, a price-to-earnings-growth ratio of 2.35 and a beta of 1.39. The business has a 50 day moving average price of $79.26 and a two-hundred day moving average price of $74.34. Qorvo, Inc. has a 12 month low of $49.46 and a 12 month high of $130.99.

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

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Citigroup reiterated a "sell" rating on shares of Qorvo in a report on Tuesday, June 10th. Loop Capital decreased their target price on shares of Qorvo from $90.00 to $75.00 and set a "hold" rating for the company in a research report on Wednesday, April 30th. TD Cowen decreased their price target on shares of Qorvo from $90.00 to $80.00 and set a "hold" rating for the company in a report on Wednesday, April 30th. Piper Sandler reissued an "overweight" rating and set a $110.00 target price on shares of Qorvo in a report on Friday, June 27th. Finally, Barclays raised their price target on shares of Qorvo from $60.00 to $70.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 30th. Three investment 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. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $90.89.

Insider Transactions at Qorvo

In other Qorvo news, Director John R. Harding sold 1,450 shares of the firm's 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 transaction, the director owned 7,597 shares in the company, valued at approximately $532,473.73. This trade represents a 16.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.41% of the company's stock.

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.