New York State Teachers Retirement System Trims Holdings in Qorvo, Inc. (NASDAQ:QRVO)

New York State Teachers Retirement System trimmed its position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 4.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 95,284 shares of the semiconductor company's stock after selling 4,500 shares during the period. New York State Teachers Retirement System owned 0.10% of Qorvo worth $6,900,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. grew its stake in Qorvo by 102.0% during the 4th quarter. Ameriprise Financial Inc. now owns 3,597,546 shares of the semiconductor company's stock valued at $251,577,000 after purchasing an additional 1,816,811 shares during the last quarter. FIL Ltd boosted its position in Qorvo by 5.3% in the fourth quarter. FIL Ltd now owns 3,324,241 shares of the semiconductor company's stock valued at $232,464,000 after buying an additional 166,461 shares during the last quarter. Vulcan Value Partners LLC increased its holdings in Qorvo by 53.7% in the 4th quarter. Vulcan Value Partners LLC now owns 2,581,296 shares of the semiconductor company's stock worth $180,487,000 after buying an additional 902,353 shares during the period. Amundi raised its position in Qorvo by 84.4% during the 4th quarter. Amundi now owns 2,143,858 shares of the semiconductor company's stock worth $156,673,000 after buying an additional 981,519 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Qorvo by 22.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,419,698 shares of the semiconductor company's stock worth $99,280,000 after acquiring an additional 264,167 shares during the period. Hedge funds and other institutional investors own 88.57% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Stifel Nicolaus set a $75.00 target price on shares of Qorvo in a report on Monday, April 28th. Mizuho set a $84.00 price objective on Qorvo and gave the company a "neutral" rating in a research note on Tuesday, July 1st. Piper Sandler reissued an "overweight" rating and issued a $110.00 price objective on shares of Qorvo in a report on Friday, June 27th. TD Cowen dropped their target price on Qorvo from $90.00 to $80.00 and set a "hold" rating on the stock in a report on Wednesday, April 30th. Finally, Barclays boosted their price target on Qorvo from $60.00 to $70.00 and gave the company an "equal weight" rating 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 given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $90.89.

Insider Transactions 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 shares were sold at an average price of $70.09, for a total transaction of $101,630.50. Following the completion of the sale, the director owned 7,597 shares of the company's stock, valued at $532,473.73. This represents a 16.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.41% of the stock is currently owned by company insiders.

Qorvo Price Performance

Shares of QRVO stock traded down $1.74 on Monday, reaching $87.04. 2,309,077 shares of the company were exchanged, compared to its average volume of 2,247,443. Qorvo, Inc. has a 1 year low of $49.46 and a 1 year high of $130.99. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.95 and a current ratio of 2.77. The business has a 50-day moving average price of $77.92 and a 200 day moving average price of $74.03. The company has a market cap of $8.08 billion, a price-to-earnings ratio of 150.07, a P/E/G ratio of 2.37 and a beta of 1.39.

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 company 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 quarterly revenue was down 7.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.39 EPS. Equities research analysts forecast that Qorvo, Inc. will post 4.09 earnings per share for the current fiscal year.

Qorvo Company 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.