Qorvo, Inc. (NASDAQ:QRVO) Stock Position Cut by New Age Alpha Advisors LLC

Key Points

• New Age Alpha Advisors LLC significantly reduced its stake in Qorvo, Inc. by 56.6%, now holding 13,664 shares valued at approximately $989,000.
• Several institutional investors have increased their holdings in Qorvo, with Ameriprise Financial Inc. leading the way, boosting its stake by 102.0% in the last quarter.
• Analysts have mixed ratings on Qorvo, with a consensus price target of $95.35 and various brokerages giving ratings from "sell" to "strong buy".

New Age Alpha Advisors LLC lessened its stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 56.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,664 shares of the semiconductor company's stock after selling 17,844 shares during the period. New Age Alpha Advisors LLC's holdings in Qorvo were worth $989,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Ameriprise Financial Inc. lifted its holdings in Qorvo by 102.0% in the 4th quarter. Ameriprise Financial Inc. now owns 3,597,546 shares of the semiconductor company's stock valued at $251,577,000 after acquiring an additional 1,816,811 shares during the last quarter. Vulcan Value Partners LLC lifted 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 valued at $180,487,000 after acquiring an additional 902,353 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Qorvo by 22.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,419,698 shares of the semiconductor company's stock valued at $99,280,000 after acquiring an additional 264,167 shares during the last quarter. Woodline Partners LP lifted its holdings in Qorvo by 31.3% in the 4th quarter. Woodline Partners LP now owns 968,103 shares of the semiconductor company's stock valued at $67,699,000 after acquiring an additional 230,710 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Qorvo by 20.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 682,076 shares of the semiconductor company's stock valued at $47,698,000 after acquiring an additional 117,053 shares during the last quarter. Institutional investors own 88.57% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on QRVO. Benchmark upped their price target on shares of Qorvo from $95.00 to $125.00 and gave the company a "buy" rating in a report on Wednesday, July 30th. Wall Street Zen raised shares of Qorvo from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 2nd. Needham & Company LLC upped their price target on shares of Qorvo from $90.00 to $104.00 and gave the company a "buy" rating in a report on Wednesday, July 30th. Citigroup reissued a "sell" rating on shares of Qorvo in a report on Tuesday, June 10th. Finally, Mizuho set a $84.00 price target on shares of Qorvo and gave the company a "neutral" rating in a report on Tuesday, July 1st. Three research analysts have rated the stock with a sell rating, ten have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $95.35.

Qorvo Price Performance

NASDAQ QRVO opened at $87.55 on Friday. The company has a 50 day simple moving average of $84.00 and a 200-day simple moving average of $76.32. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.81 and a quick ratio of 2.01. The firm has a market capitalization of $8.11 billion, a price-to-earnings ratio of 103.00, a price-to-earnings-growth ratio of 1.64 and a beta of 1.35. Qorvo, Inc. has a 52-week low of $49.46 and a 52-week high of $117.90.

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 analyst estimates of $775.61 million. Qorvo had a net margin of 2.21% and a return on equity of 12.63%. The firm's revenue was down 7.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.87 earnings per share. Equities research analysts predict that Qorvo, Inc. will post 4.09 earnings per share for the current fiscal year.

About Qorvo

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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