Pinnacle Associates Ltd. Has $27.58 Million Stock Position in Qorvo, Inc. (NASDAQ:QRVO)

Pinnacle Associates Ltd. grew its holdings in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 12.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 380,926 shares of the semiconductor company's stock after acquiring an additional 42,248 shares during the period. Pinnacle Associates Ltd. owned about 0.41% of Qorvo worth $27,583,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Huntington National Bank lifted its stake in shares of Qorvo by 47.1% in the 4th quarter. Huntington National Bank now owns 453 shares of the semiconductor company's stock worth $32,000 after acquiring an additional 145 shares during the period. Signaturefd LLC lifted its stake in shares of Qorvo by 34.6% in the 1st quarter. Signaturefd LLC now owns 662 shares of the semiconductor company's stock worth $48,000 after acquiring an additional 170 shares during the period. Larson Financial Group LLC lifted its stake in shares of Qorvo by 222.6% in the 1st quarter. Larson Financial Group LLC now owns 429 shares of the semiconductor company's stock worth $31,000 after acquiring an additional 296 shares during the period. City Holding Co. acquired a new stake in shares of Qorvo in the 1st quarter worth approximately $25,000. Finally, Curat Global LLC acquired a new stake in shares of Qorvo in the 1st quarter worth approximately $34,000. Hedge funds and other institutional investors own 88.57% of the company's stock.

Insiders Place Their Bets

In other news, Director John R. Harding sold 1,450 shares of the stock in a transaction 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 transaction, 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 SEC, which can be accessed through this hyperlink. Corporate insiders own 0.41% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on QRVO shares. UBS Group upped their price target on shares of Qorvo from $75.00 to $95.00 and gave the stock a "neutral" rating in a research note on Monday. Susquehanna lifted their target price on Qorvo from $75.00 to $90.00 and gave the stock a "neutral" rating in a report on Tuesday. Barclays increased their target price on shares of Qorvo from $60.00 to $70.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 30th. Loop Capital cut their target price on shares of Qorvo from $90.00 to $75.00 and set a "hold" rating for the company in a research note on Wednesday, April 30th. Finally, Mizuho set a $84.00 target price on shares of Qorvo and gave the company a "neutral" rating in a research note on Tuesday, July 1st. 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, the stock has a consensus rating of "Hold" and a consensus target price of $91.79.

Qorvo Stock Down 2.6%

Qorvo stock traded down $2.34 during trading hours on Thursday, hitting $86.19. The company had a trading volume of 1,346,898 shares, compared to its average volume of 1,553,377. The firm has a market capitalization of $8.00 billion, a P/E ratio of 148.61, a price-to-earnings-growth ratio of 2.36 and a beta of 1.39. 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's fifty day moving average is $82.21 and its 200-day moving average is $75.55. Qorvo, Inc. has a fifty-two week low of $49.46 and a fifty-two week high of $124.87.

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