Nuveen Asset Management LLC Trims Stock Position in Qorvo, Inc. (NASDAQ:QRVO)

Nuveen Asset Management LLC reduced its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 36.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 198,647 shares of the semiconductor company's stock after selling 111,701 shares during the period. Nuveen Asset Management LLC owned approximately 0.21% of Qorvo worth $13,891,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Alexander Randolph Advisory Inc. lifted its holdings in shares of Qorvo by 1.0% in the fourth quarter. Alexander Randolph Advisory Inc. now owns 13,592 shares of the semiconductor company's stock valued at $950,000 after purchasing an additional 140 shares in the last quarter. Huntington National Bank lifted its holdings in shares of Qorvo by 47.1% in the fourth quarter. Huntington National Bank now owns 453 shares of the semiconductor company's stock valued at $32,000 after purchasing an additional 145 shares in the last quarter. Truvestments Capital LLC lifted its holdings in shares of Qorvo by 7.2% in the fourth quarter. Truvestments Capital LLC now owns 2,768 shares of the semiconductor company's stock valued at $194,000 after purchasing an additional 185 shares in the last quarter. Venturi Wealth Management LLC lifted its holdings in shares of Qorvo by 67.4% in the fourth quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company's stock valued at $43,000 after purchasing an additional 250 shares in the last quarter. Finally, Arizona State Retirement System lifted its holdings in shares of Qorvo by 1.2% in the fourth quarter. Arizona State Retirement System now owns 27,541 shares of the semiconductor company's stock valued at $1,926,000 after purchasing an additional 315 shares in the last quarter. 88.57% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

QRVO has been the subject of a number of analyst reports. Barclays boosted their price objective 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. Stifel Nicolaus set a $75.00 price objective on shares of Qorvo in a research report on Monday, April 28th. Loop Capital reduced their price objective on shares of Qorvo from $90.00 to $75.00 and set a "hold" rating on the stock in a research note on Wednesday, April 30th. TD Cowen reduced their price target on shares of Qorvo from $90.00 to $80.00 and set a "hold" rating on the stock in a research report on Wednesday, April 30th. Finally, Benchmark raised shares of Qorvo from a "hold" rating to a "buy" rating and set a $95.00 target price on the stock in a research note on Wednesday, April 30th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $91.21.

Qorvo Stock Down 1.6%

Shares of QRVO traded down $1.25 during trading hours on Friday, reaching $75.16. 2,665,475 shares of the stock traded hands, compared to its average volume of 2,213,322. The company has a current ratio of 2.60, a quick ratio of 1.78 and a debt-to-equity ratio of 0.46. The stock has a fifty day simple moving average of $67.94 and a 200 day simple moving average of $71.73. Qorvo, Inc. has a 52 week low of $49.46 and a 52 week high of $130.99. The company has a market cap of $6.99 billion, a price-to-earnings ratio of 268.43, a PEG ratio of 15.57 and a beta of 1.38.

Qorvo (NASDAQ:QRVO - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.00 by $0.42. Qorvo had a net margin of 0.71% and a return on equity of 12.41%. The business had revenue of $869.47 million during the quarter, compared to the consensus estimate of $850.13 million. During the same quarter last year, the company posted $1.39 earnings per share. The firm's quarterly revenue was down 7.6% compared to the same quarter last year. On average, equities analysts forecast that Qorvo, Inc. will post 4.09 EPS for the current year.

Insider Activity

In other Qorvo news, Director John R. Harding sold 1,450 shares of Qorvo 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 sale, the director now directly owns 7,597 shares in the company, valued at $532,473.73. The trade was a 16.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.46% of the stock is owned by company 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.