Mackenzie Financial Corp Trims Position in Qorvo, Inc. (NASDAQ:QRVO)

Key Points

• Mackenzie Financial Corp reduced its stake in Qorvo, Inc. by 12.3% during the first quarter, owning 40,452 shares valued at approximately $2.93 million after selling 5,649 shares.
• Qorvo's quarterly earnings exceeded expectations, reporting $0.92 EPS and revenues of $818.80 million, both higher than analysts' forecasts.
• Several analysts have updated their price targets for Qorvo, with Needham & Company increasing it from $90.00 to $104.00 and a consensus rating of "Hold" among analysts.

Mackenzie Financial Corp cut its position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 12.3% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 40,452 shares of the semiconductor company's stock after selling 5,649 shares during the period. Mackenzie Financial Corp's holdings in Qorvo were worth $2,929,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. City Holding Co. purchased a new position in shares of Qorvo during the first quarter valued at approximately $25,000. Larson Financial Group LLC raised its holdings in shares of Qorvo by 222.6% during the first quarter. Larson Financial Group LLC now owns 429 shares of the semiconductor company's stock valued at $31,000 after purchasing an additional 296 shares during the last quarter. Huntington National Bank raised its holdings in shares of Qorvo by 47.1% during the fourth quarter. Huntington National Bank now owns 453 shares of the semiconductor company's stock valued at $32,000 after purchasing an additional 145 shares during the last quarter. Curat Global LLC purchased a new position in shares of Qorvo during the first quarter valued at approximately $34,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Qorvo during the first quarter valued at approximately $34,000. 88.57% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Qorvo news, Director John R. Harding sold 1,450 shares of the stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $70.09, for a total transaction of $101,630.50. Following the completion of the transaction, the director owned 7,597 shares in the company, valued at $532,473.73. This trade represents a 16.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.41% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on QRVO. Benchmark boosted their price objective on shares of Qorvo from $95.00 to $125.00 and gave the company a "buy" rating in a report on Wednesday. Piper Sandler boosted their target price on shares of Qorvo from $110.00 to $125.00 and gave the company an "overweight" rating in a research report on Wednesday. Needham & Company LLC boosted their target price on shares of Qorvo from $90.00 to $104.00 and gave the company a "buy" rating in a research report on Wednesday. UBS Group set a $100.00 target price on shares of Qorvo and gave the company a "neutral" rating in a research report on Wednesday. Finally, Stifel Nicolaus set a $88.00 target price on shares of Qorvo and gave the company a "hold" rating in a research report on Wednesday. Three analysts have rated the stock with a sell rating, ten have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $95.35.

Qorvo Price Performance

Shares of NASDAQ:QRVO traded up $0.51 during midday trading on Friday, reaching $84.11. 2,343,204 shares of the company were exchanged, compared to its average volume of 2,016,999. The company has a current ratio of 2.81, a quick ratio of 2.01 and a debt-to-equity ratio of 0.45. The business's fifty day moving average is $83.24 and its two-hundred day moving average is $76.18. Qorvo, Inc. has a one year low of $49.46 and a one year high of $117.90. The stock has a market cap of $7.79 billion, a PE ratio of 98.95, a price-to-earnings-growth ratio of 1.64 and a beta of 1.35.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its earnings results on Tuesday, July 29th. The semiconductor company reported $0.92 earnings per share for the quarter, topping analysts' consensus estimates of $0.62 by $0.30. Qorvo had a net margin of 2.21% and a return on equity of 12.63%. The firm had revenue of $818.80 million during the quarter, compared to analyst estimates of $775.61 million. During the same quarter in the prior year, the business earned $0.87 earnings per share. Qorvo's revenue for the quarter was down 7.7% on a year-over-year basis. As a group, analysts predict that Qorvo, Inc. will post 4.09 earnings per share for the current 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.