Principal Financial Group Inc. Has $33.56 Million Stake in Qorvo, Inc. (NASDAQ:QRVO)

Principal Financial Group Inc. grew its holdings in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 1.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 463,483 shares of the semiconductor company's stock after acquiring an additional 5,305 shares during the period. Principal Financial Group Inc. owned about 0.50% of Qorvo worth $33,561,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in QRVO. City Holding Co. acquired a new stake in shares of Qorvo in the first quarter valued at about $25,000. Rakuten Securities Inc. purchased a new position in shares of Qorvo in the fourth quarter valued at approximately $28,000. Huntington National Bank lifted its stake in Qorvo by 47.1% in the fourth 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 last quarter. Curat Global LLC purchased a new position in Qorvo in the first quarter worth approximately $34,000. Finally, SBI Securities Co. Ltd. acquired a new stake in Qorvo during the fourth quarter worth approximately $37,000. 88.57% of the stock is owned by hedge funds and other institutional investors.

Qorvo Stock Up 1.1%

NASDAQ QRVO traded up $0.99 during trading on Tuesday, reaching $88.03. 2,618,179 shares of the company's stock were exchanged, compared to its average volume of 2,248,921. Qorvo, Inc. has a fifty-two week low of $49.46 and a fifty-two week high of $130.99. The firm has a market capitalization of $8.17 billion, a PE ratio of 151.78, a P/E/G ratio of 2.37 and a beta of 1.39. 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 company's fifty day simple moving average is $78.39 and its 200-day simple moving average is $74.14.

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on QRVO shares. 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 report 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. Stifel Nicolaus set a $75.00 price objective on shares of Qorvo in a research note on Monday, April 28th. Mizuho set a $84.00 target price on Qorvo and gave the stock a "neutral" rating in a report on Tuesday, July 1st. Finally, Citigroup restated a "sell" rating on shares of Qorvo in a report on Tuesday, June 10th. Three 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 has an average rating of "Hold" and a consensus price target of $90.89.

Insider Transactions at Qorvo

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