Janney Montgomery Scott LLC reduced its stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 53.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,744 shares of the semiconductor company's stock after selling 7,897 shares during the quarter. Janney Montgomery Scott LLC's holdings in Qorvo were worth $488,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also recently made changes to their positions in the stock. Hanson & Doremus Investment Management boosted its position in shares of Qorvo by 24.0% in the 1st quarter. Hanson & Doremus Investment Management now owns 6,636 shares of the semiconductor company's stock worth $481,000 after purchasing an additional 1,286 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of Qorvo by 10.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,561 shares of the semiconductor company's stock worth $547,000 after purchasing an additional 717 shares in the last quarter. NorthCrest Asset Manangement LLC boosted its position in shares of Qorvo by 2.5% in the 1st quarter. NorthCrest Asset Manangement LLC now owns 61,595 shares of the semiconductor company's stock worth $4,460,000 after purchasing an additional 1,497 shares in the last quarter. Simon Quick Advisors LLC bought a new stake in shares of Qorvo in the 1st quarter worth approximately $261,000. Finally, CX Institutional boosted its position in shares of Qorvo by 18.0% in the 1st quarter. CX Institutional now owns 3,787 shares of the semiconductor company's stock worth $274,000 after purchasing an additional 579 shares in the last quarter. 88.57% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
A number of brokerages recently weighed in on QRVO. Wall Street Zen lowered shares of Qorvo from a "buy" rating to a "hold" rating in a report on Saturday, June 7th. Mizuho set a $84.00 price objective on shares of Qorvo and gave the stock a "neutral" rating in a report on Tuesday. Stifel Nicolaus set a $75.00 price objective on shares of Qorvo in a report on Monday, April 28th. Piper Sandler restated an "overweight" rating and issued a $110.00 price objective on shares of Qorvo in a report on Friday, June 27th. Finally, TD Cowen decreased their price objective on shares of Qorvo from $90.00 to $80.00 and set a "hold" rating for the company in a report on Wednesday, April 30th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Qorvo currently has a consensus rating of "Hold" and a consensus price target of $90.89.
View Our Latest Research Report on QRVO
Qorvo Stock Performance
Shares of NASDAQ:QRVO traded down $3.93 during midday trading on Friday, hitting $84.35. The company had a trading volume of 1,361,276 shares, compared to its average volume of 2,247,197. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.77 and a quick ratio of 1.95. The company has a market cap of $7.83 billion, a price-to-earnings ratio of 145.43, a PEG ratio of 2.37 and a beta of 1.39. Qorvo, Inc. has a 12-month low of $49.46 and a 12-month high of $130.99. The company has a fifty day moving average of $77.92 and a two-hundred day moving average of $73.99.
Qorvo (NASDAQ:QRVO - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The semiconductor company reported $1.42 EPS for the quarter, topping the consensus estimate of $1.00 by $0.42. The firm had revenue of $869.47 million during the quarter, compared to analyst estimates of $850.13 million. Qorvo had a return on equity of 12.48% and a net margin of 1.50%. Qorvo's revenue was down 7.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.39 EPS. On average, equities research analysts expect that Qorvo, Inc. will post 4.09 EPS for the current fiscal year.
Insider Activity at Qorvo
In other news, Director John R. Harding sold 1,450 shares of the company's stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $70.09, for a total value of $101,630.50. Following the completion of the sale, the director directly owned 7,597 shares in the company, valued at $532,473.73. This represents a 16.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.41% of the stock is owned by company insiders.
Qorvo Profile
(
Free Report)
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.
See Also
Before you consider Qorvo, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Qorvo wasn't on the list.
While Qorvo currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Looking for the next FAANG stock before everyone has heard about it? Enter your email address to see which stocks MarketBeat analysts think might become the next trillion dollar tech company.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
