ProShare Advisors LLC Reduces Stock Holdings in Qorvo, Inc. (NASDAQ:QRVO)

ProShare Advisors LLC decreased its stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 34.3% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. 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.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Nissay Asset Management Corp Japan ADV boosted its holdings in shares of Qorvo by 2.8% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 32,344 shares of the semiconductor company's stock worth $2,310,000 after purchasing an additional 889 shares during the period. Occudo Quantitative Strategies LP purchased a new position in shares of Qorvo in the 4th quarter worth approximately $522,000. Investment Management Corp of Ontario boosted its holdings in shares of Qorvo by 505.7% in the 4th quarter. Investment Management Corp of Ontario now owns 19,164 shares of the semiconductor company's stock worth $1,340,000 after purchasing an additional 16,000 shares during the period. Jacobs Levy Equity Management Inc. boosted its holdings in shares of Qorvo by 1,137.1% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 101,542 shares of the semiconductor company's stock worth $7,101,000 after purchasing an additional 93,334 shares during the period. Finally, Ethic Inc. lifted its stake in shares of Qorvo by 6.6% during the 4th quarter. Ethic Inc. now owns 14,926 shares of the semiconductor company's stock worth $1,044,000 after acquiring an additional 921 shares during the last quarter. Hedge funds and other institutional investors own 88.57% of the company's stock.

Qorvo Stock Up 0.1%

Shares of QRVO stock opened at $78.92 on Wednesday. Qorvo, Inc. has a 1-year low of $49.46 and a 1-year high of $130.99. The stock's fifty day moving average price is $67.44 and its 200 day moving average price is $71.41. 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 company has a market cap of $7.37 billion, a price-to-earnings ratio of 281.86, a price-to-earnings-growth ratio of 15.57 and a beta of 1.38.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on QRVO shares. Piper Sandler raised Qorvo from a "neutral" rating to an "overweight" rating and raised their price target for the stock from $85.00 to $110.00 in a research note on Monday, January 27th. Needham & Company LLC decreased their price target on Qorvo from $100.00 to $90.00 and set a "buy" rating for the company in a research note on Wednesday, April 30th. Barclays raised their price target on Qorvo from $60.00 to $70.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 30th. StockNews.com raised Qorvo from a "hold" rating to a "buy" rating in a research note on Wednesday, January 29th. Finally, Morgan Stanley raised Qorvo from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $90.00 to $106.00 in a research note on Tuesday, January 21st. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $91.21.

Insider Buying and Selling at Qorvo

In other Qorvo news, Director John R. Harding sold 1,450 shares of the business's 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 sale, the director now owns 7,597 shares in the company, valued at approximately $532,473.73. The trade was a 16.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.46% of the company's stock.

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.

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