Qorvo, Inc. (NASDAQ:QRVO) Shares Sold by Citigroup Inc.

Key Points

• Citigroup Inc. reduced its stake in Qorvo, Inc. by 27.3%, now owning 526,233 shares worth approximately $38.1 million as of the end of the first quarter.
• Several large investors, including Headlands Technologies LLC and Charles Schwab Investment Management Inc., have increased their stakes in Qorvo, with institutional investors owning 88.57% of the stock.
• Qorvo reported a significant quarterly earnings beat with an EPS of $0.92, surpassing the consensus estimate of $0.62, despite a year-over-year revenue decline of 7.7%.

Citigroup Inc. lessened its position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 27.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 526,233 shares of the semiconductor company's stock after selling 197,675 shares during the quarter. Citigroup Inc. owned 0.56% of Qorvo worth $38,105,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Headlands Technologies LLC lifted its holdings in Qorvo by 174.7% in the first quarter. Headlands Technologies LLC now owns 37,726 shares of the semiconductor company's stock worth $2,732,000 after buying an additional 23,992 shares during the period. Ontario Teachers Pension Plan Board increased its position in shares of Qorvo by 2.4% during the first quarter. Ontario Teachers Pension Plan Board now owns 23,875 shares of the semiconductor company's stock valued at $1,729,000 after acquiring an additional 562 shares in the last quarter. Chicago Partners Investment Group LLC bought a new stake in shares of Qorvo during the first quarter valued at approximately $318,000. Charles Schwab Investment Management Inc. increased its position in shares of Qorvo by 7.0% during the first quarter. Charles Schwab Investment Management Inc. now owns 888,814 shares of the semiconductor company's stock valued at $64,359,000 after acquiring an additional 57,838 shares in the last quarter. Finally, ASR Vermogensbeheer N.V. bought a new stake in shares of Qorvo during the first quarter valued at approximately $243,000. 88.57% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on QRVO. Piper Sandler raised their price target on shares of Qorvo from $110.00 to $125.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Stifel Nicolaus set a $88.00 target price on shares of Qorvo and gave the stock a "hold" rating in a research report on Wednesday, July 30th. Mizuho set a $84.00 target price on shares of Qorvo and gave the stock a "neutral" rating in a research report on Tuesday, July 1st. The Goldman Sachs Group assumed coverage on shares of Qorvo in a research report on Thursday, July 10th. They issued a "neutral" rating and a $90.00 target price for the company. Finally, Barclays lifted their target price on shares of Qorvo from $70.00 to $90.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $95.35.

Qorvo Stock Up 0.4%

Qorvo stock traded up $0.37 during mid-day trading on Wednesday, reaching $90.14. 1,656,233 shares of the company were exchanged, compared to its average volume of 1,969,317. Qorvo, Inc. has a 12-month low of $49.46 and a 12-month high of $117.90. The business has a fifty day moving average of $84.90 and a 200 day moving average of $76.33. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.01 and a current ratio of 2.81. The firm has a market cap of $8.35 billion, a P/E ratio of 106.05, a PEG ratio of 1.75 and a beta of 1.35.

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, topping analysts' consensus estimates of $0.62 by $0.30. The business had revenue of $818.80 million during the quarter, compared to analysts' expectations of $775.61 million. Qorvo had a net margin of 2.21% and a return on equity of 12.63%. The business's quarterly revenue was down 7.7% on a year-over-year basis. During the same quarter last year, the company posted $0.87 earnings per share. Research analysts anticipate that Qorvo, Inc. will post 4.09 earnings per share 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.