Principal Financial Group Inc. Grows Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Principal Financial Group Inc. lifted its holdings in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 1.2% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor 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 approximately 0.50% of Qorvo worth $33,561,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. City Holding Co. acquired a new position in shares of Qorvo in the first quarter valued at about $25,000. Rakuten Securities Inc. bought a new stake in Qorvo during the fourth quarter worth about $28,000. Huntington National Bank lifted its position in Qorvo by 47.1% during the fourth quarter. Huntington National Bank now owns 453 shares of the semiconductor company's stock worth $32,000 after purchasing an additional 145 shares during the period. Curat Global LLC bought a new stake in Qorvo during the first quarter worth about $34,000. Finally, SBI Securities Co. Ltd. bought a new stake in Qorvo during the fourth quarter worth about $37,000. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently weighed in on QRVO. Barclays upped their price objective on shares of Qorvo from $60.00 to $70.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 30th. Mizuho set a $84.00 price objective on shares of Qorvo and gave the stock a "neutral" rating in a research report on Tuesday, July 1st. TD Cowen cut their price objective on shares of Qorvo from $90.00 to $80.00 and set a "hold" rating for the company in a research report on Wednesday, April 30th. Wall Street Zen cut shares of Qorvo from a "buy" rating to a "hold" rating in a report on Saturday, June 7th. Finally, Stifel Nicolaus set a $75.00 target price on shares of Qorvo in a report on Monday, April 28th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Qorvo has an average rating of "Hold" and a consensus target price of $90.89.

Qorvo Stock Up 1.1%

NASDAQ:QRVO traded up $0.97 during trading hours on Wednesday, reaching $89.00. The company had a trading volume of 276,720 shares, compared to its average volume of 2,523,219. The company has a quick ratio of 1.95, a current ratio of 2.77 and a debt-to-equity ratio of 0.46. The firm has a market cap of $8.26 billion, a price-to-earnings ratio of 153.50, a P/E/G ratio of 2.32 and a beta of 1.39. The business's 50-day simple moving average is $78.90 and its two-hundred day simple moving average is $74.23. Qorvo, Inc. has a twelve month low of $49.46 and a twelve month high of $130.99.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.00 by $0.42. The firm had revenue of $869.47 million during the quarter, compared to analysts' expectations of $850.13 million. Qorvo had a net margin of 1.50% and a return on equity of 12.48%. The business's revenue was down 7.6% on a year-over-year basis. During the same period last year, the company earned $1.39 earnings per share. On average, equities analysts expect that Qorvo, Inc. will post 4.09 earnings per share for the current year.

Insider Buying and Selling at Qorvo

In other Qorvo news, Director John R. Harding sold 1,450 shares of Qorvo stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $70.09, for a total value of $101,630.50. Following the sale, the director owned 7,597 shares of the company's stock, valued at approximately $532,473.73. The trade was a 16.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.41% of the stock is owned by insiders.

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.