Qorvo, Inc. (NASDAQ:QRVO) Stake Cut by Shell Asset Management Co.

Shell Asset Management Co. trimmed its stake in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 65.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,435 shares of the semiconductor company's stock after selling 6,577 shares during the quarter. Shell Asset Management Co.'s holdings in Qorvo were worth $240,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Mediolanum International Funds Ltd acquired a new stake in shares of Qorvo during the 4th quarter worth approximately $1,177,000. Janney Montgomery Scott LLC increased its position in Qorvo by 245.6% in the 4th quarter. Janney Montgomery Scott LLC now owns 14,641 shares of the semiconductor company's stock valued at $1,024,000 after acquiring an additional 10,405 shares during the period. JPMorgan Chase & Co. increased its position in Qorvo by 16.3% in the 4th quarter. JPMorgan Chase & Co. now owns 649,631 shares of the semiconductor company's stock valued at $45,429,000 after acquiring an additional 91,120 shares during the period. Raymond James Financial Inc. acquired a new stake in Qorvo in the 4th quarter valued at approximately $1,327,000. Finally, F&V Capital Management LLC increased its position in Qorvo by 3.7% in the 4th quarter. F&V Capital Management LLC now owns 93,538 shares of the semiconductor company's stock valued at $6,541,000 after acquiring an additional 3,335 shares during the period. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

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 transaction of $101,630.50. Following the completion of the sale, the director now directly owns 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.46% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts recently commented on QRVO shares. Citigroup lowered their target price on Qorvo from $72.00 to $69.00 and set a "sell" rating on the stock in a research report on Wednesday, January 29th. Barclays raised their target price 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 upgraded Qorvo from a "hold" rating to a "buy" rating in a research report on Saturday. TD Cowen lowered their target price on Qorvo from $90.00 to $80.00 and set a "hold" rating on the stock in a research report on Wednesday, April 30th. Finally, Mizuho raised their target price on Qorvo from $80.00 to $90.00 and gave the company a "neutral" rating in a research report on Friday, January 24th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Qorvo presently has an average rating of "Hold" and an average target price of $91.21.

Qorvo Price Performance

Shares of Qorvo stock traded down $1.50 during trading on Friday, hitting $74.60. The stock had a trading volume of 2,134,256 shares, compared to its average volume of 2,200,165. Qorvo, Inc. has a fifty-two week low of $49.46 and a fifty-two week high of $130.99. The firm has a market cap of $6.94 billion, a P/E ratio of 266.43, a PEG ratio of 15.57 and a beta of 1.38. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.60 and a quick ratio of 1.78. The business has a fifty day moving average of $67.66 and a two-hundred day moving average of $71.48.

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