ProShare Advisors LLC Trims Stock Position in Qorvo, Inc. (NASDAQ:QRVO)

ProShare Advisors LLC lowered its position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 34.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 28,160 shares of the semiconductor company's stock after selling 14,678 shares during the quarter. ProShare Advisors LLC's holdings in Qorvo were worth $1,969,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Alexander Randolph Advisory Inc. grew its position in Qorvo by 1.0% in the 4th quarter. Alexander Randolph Advisory Inc. now owns 13,592 shares of the semiconductor company's stock valued at $950,000 after acquiring an additional 140 shares during the last quarter. Huntington National Bank grew 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 worth $32,000 after purchasing an additional 145 shares during the last quarter. Truvestments Capital LLC increased its stake in Qorvo by 7.2% in the 4th quarter. Truvestments Capital LLC now owns 2,768 shares of the semiconductor company's stock worth $194,000 after buying an additional 185 shares during the period. Venturi Wealth Management LLC lifted its holdings in Qorvo by 67.4% during the 4th quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company's stock valued at $43,000 after buying an additional 250 shares in the last quarter. Finally, Arizona State Retirement System lifted its holdings in Qorvo by 1.2% during the 4th quarter. Arizona State Retirement System now owns 27,541 shares of the semiconductor company's stock valued at $1,926,000 after buying an additional 315 shares in the last quarter. Institutional investors own 88.57% of the company's stock.

Insider Activity

In other Qorvo news, Director John R. Harding sold 1,450 shares of Qorvo stock in a transaction dated Wednesday, May 7th. The stock was 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 owns 7,597 shares of the company's stock, valued at approximately $532,473.73. The trade was a 16.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.46% of the company's stock.

Analyst Ratings Changes

Several research analysts have commented on the company. Piper Sandler upgraded Qorvo from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $85.00 to $110.00 in a report on Monday, January 27th. Stifel Nicolaus set a $75.00 price target on Qorvo in a research note on Monday, April 28th. 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 note on Wednesday, April 30th. TD Cowen cut their target price 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, Citigroup lowered their price target on shares of Qorvo from $72.00 to $69.00 and set a "sell" rating for the company in a research report on Wednesday, January 29th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $91.21.

Qorvo Stock Down 2.0%

NASDAQ QRVO traded down $1.50 during trading on Monday, hitting $74.60. The company's stock had a trading volume of 2,134,256 shares, compared to its average volume of 2,200,165. Qorvo, Inc. has a fifty-two week low of $49.46 and a fifty-two week high of $130.99. The company has a market cap of $6.94 billion, a PE ratio of 266.43, a P/E/G ratio of 15.57 and a beta of 1.38. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.60 and a quick ratio of 1.78. The business's 50 day simple moving average is $67.66 and its 200-day simple moving average is $71.48.

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

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.