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

Rhumbline Advisers decreased its stake in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 8.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 231,579 shares of the semiconductor company's stock after selling 20,707 shares during the period. Rhumbline Advisers owned 0.25% of Qorvo worth $16,769,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Rakuten Securities Inc. purchased a new position in Qorvo during the fourth quarter worth $28,000. Huntington National Bank grew its position in shares of Qorvo by 47.1% in 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 period. SBI Securities Co. Ltd. purchased a new stake in shares of Qorvo in the fourth quarter valued at $37,000. Venturi Wealth Management LLC grew its position in Qorvo by 67.4% during the fourth quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company's stock valued at $43,000 after acquiring an additional 250 shares during the period. Finally, Golden State Wealth Management LLC purchased a new stake in Qorvo during the fourth quarter valued at about $70,000. Hedge funds and other institutional investors own 88.57% of the company's stock.

Insider Activity

In other news, Director John R. Harding sold 1,450 shares of the stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $70.09, for a total transaction of $101,630.50. Following the completion of the sale, the director now owns 7,597 shares in the company, valued at approximately $532,473.73. This represents a 16.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.46% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on QRVO shares. Barclays boosted their price target on Qorvo from $60.00 to $70.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 30th. Wall Street Zen downgraded Qorvo from a "buy" rating to a "hold" rating in a research report on Saturday. TD Cowen lowered their price target on Qorvo from $90.00 to $80.00 and set a "hold" rating for the company in a research report on Wednesday, April 30th. Benchmark upgraded Qorvo from a "hold" rating to a "buy" rating and set a $95.00 price objective on the stock in a research note on Wednesday, April 30th. Finally, Stifel Nicolaus set a $75.00 price objective on Qorvo in a research note on Monday, April 28th. 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. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $91.21.

Qorvo Stock Performance

QRVO opened at $78.58 on Friday. The company has a market capitalization of $7.31 billion, a price-to-earnings ratio of 280.64, a price-to-earnings-growth ratio of 15.57 and a beta of 1.37. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.60 and a quick ratio of 1.78. Qorvo, Inc. has a 1-year low of $49.46 and a 1-year high of $130.99. The business has a 50 day moving average price of $68.48 and a two-hundred day moving average price of $72.15.

Qorvo (NASDAQ:QRVO - Get Free Report) last released its earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share for the quarter, topping analysts' consensus estimates of $1.00 by $0.42. The firm had revenue of $869.47 million during the quarter, compared to the consensus estimate of $850.13 million. Qorvo had a return on equity of 12.41% and a net margin of 0.71%. The firm's revenue for the quarter was down 7.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.39 earnings per share. Research analysts predict that Qorvo, Inc. will post 4.09 EPS 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.

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