PNC Financial Services Group Inc. Decreases Holdings in Qorvo, Inc. (NASDAQ:QRVO)

PNC Financial Services Group Inc. lessened its stake in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 16.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,396 shares of the semiconductor company's stock after selling 3,081 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Qorvo were worth $1,115,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Envestnet Asset Management Inc. lifted its holdings in Qorvo by 25.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 37,651 shares of the semiconductor company's stock valued at $2,633,000 after acquiring an additional 7,536 shares during the period. Raymond James Financial Inc. acquired a new stake in Qorvo in the fourth quarter valued at $1,327,000. LSV Asset Management lifted its holdings in Qorvo by 14.5% in the fourth quarter. LSV Asset Management now owns 295,860 shares of the semiconductor company's stock valued at $20,689,000 after acquiring an additional 37,560 shares during the period. Sterling Capital Management LLC lifted its holdings in Qorvo by 5.5% in the fourth quarter. Sterling Capital Management LLC now owns 36,039 shares of the semiconductor company's stock valued at $2,520,000 after acquiring an additional 1,874 shares during the period. Finally, Bragg Financial Advisors Inc lifted its holdings in Qorvo by 256.5% in the fourth quarter. Bragg Financial Advisors Inc now owns 137,833 shares of the semiconductor company's stock valued at $9,639,000 after acquiring an additional 99,167 shares during the period. 88.57% of the stock is owned by institutional investors and hedge funds.

Qorvo Trading Up 0.4%

QRVO traded up $0.37 during midday trading on Wednesday, hitting $90.14. The company's stock had a trading volume of 1,656,233 shares, compared to its average volume of 2,426,318. The firm has a market cap of $8.35 billion, a P/E ratio of 106.05, a PEG ratio of 1.70 and a beta of 1.35. The firm has a 50-day moving average price of $84.68 and a two-hundred day moving average price of $76.23. Qorvo, Inc. has a 52-week low of $49.46 and a 52-week high of $117.90. The company has a current ratio of 2.81, a quick ratio of 2.01 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The semiconductor company reported $0.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.62 by $0.30. The firm had revenue of $818.80 million during the quarter, compared to the consensus estimate of $775.61 million. Qorvo had a return on equity of 12.63% and a net margin of 2.21%. The firm's quarterly revenue was down 7.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.87 earnings per share. On average, research analysts anticipate that Qorvo, Inc. will post 4.09 earnings per share for the current year.

Analyst Ratings Changes

QRVO has been the subject of a number of research analyst reports. Wall Street Zen upgraded Qorvo from a "hold" rating to a "strong-buy" rating in a research report on Saturday, August 2nd. Craig Hallum reaffirmed a "buy" rating on shares of Qorvo in a report on Wednesday, July 30th. Citigroup reissued a "sell" rating on shares of Qorvo in a research note on Tuesday, June 10th. Barclays upped their target price on Qorvo from $70.00 to $90.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 30th. Finally, Susquehanna reissued a "neutral" rating and set a $95.00 price target (up previously from $90.00) on shares of Qorvo in a research report on Wednesday, July 30th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $95.35.

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.