Qorvo, Inc. (NASDAQ:QRVO) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lowered its position in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 97.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,971 shares of the semiconductor company's stock after selling 205,495 shares during the quarter. Sumitomo Mitsui Trust Group Inc.'s holdings in Qorvo were worth $432,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC increased its holdings in shares of Qorvo by 36.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 38,576 shares of the semiconductor company's stock valued at $2,786,000 after purchasing an additional 10,209 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Qorvo by 7.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 134,169 shares of the semiconductor company's stock valued at $9,593,000 after purchasing an additional 9,375 shares during the last quarter. Illinois Municipal Retirement Fund increased its holdings in shares of Qorvo by 463.5% in the first quarter. Illinois Municipal Retirement Fund now owns 139,638 shares of the semiconductor company's stock valued at $10,111,000 after purchasing an additional 114,857 shares during the last quarter. Golden State Wealth Management LLC increased its holdings in shares of Qorvo by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 1,988 shares of the semiconductor company's stock valued at $144,000 after purchasing an additional 994 shares during the last quarter. Finally, Lecap Asset Management Ltd. acquired a new stake in shares of Qorvo in the first quarter valued at approximately $1,218,000. Institutional investors and hedge funds own 88.57% of the company's stock.

Insiders Place Their Bets

In other Qorvo news, Director John R. Harding sold 1,450 shares of the firm's stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $70.09, for a total value of $101,630.50. Following the sale, the director directly 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.41% of the stock is currently owned by corporate insiders.

Qorvo Stock Down 4.5%

Shares of NASDAQ QRVO traded down $3.93 during mid-day trading on Friday, hitting $84.35. The company had a trading volume of 1,361,276 shares, compared to its average volume of 2,247,197. The company has a market capitalization of $7.83 billion, a PE ratio of 145.43, a price-to-earnings-growth ratio of 2.37 and a beta of 1.39. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.77 and a quick ratio of 1.95. Qorvo, Inc. has a 1-year low of $49.46 and a 1-year high of $130.99. The business's 50-day simple moving average is $77.92 and its 200 day simple moving average is $73.99.

Qorvo (NASDAQ:QRVO - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.42. The business had revenue of $869.47 million for the quarter, compared to analysts' expectations of $850.13 million. Qorvo had a return on equity of 12.48% and a net margin of 1.50%. The company's revenue for the quarter was down 7.6% compared to the same quarter last year. During the same period last year, the firm earned $1.39 earnings per share. On average, analysts predict that Qorvo, Inc. will post 4.09 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently commented on QRVO. TD Cowen cut their price target on Qorvo from $90.00 to $80.00 and set a "hold" rating for the company in a report on Wednesday, April 30th. Piper Sandler reiterated an "overweight" rating and issued a $110.00 price objective on shares of Qorvo in a research report on Friday, June 27th. Citigroup reiterated a "sell" rating on shares of Qorvo in a research report on Tuesday, June 10th. Stifel Nicolaus set a $75.00 price objective on Qorvo in a research report on Monday, April 28th. Finally, Loop Capital lowered their price objective on Qorvo from $90.00 to $75.00 and set a "hold" rating for the company in a research report on Wednesday, April 30th. Three 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. According to MarketBeat.com, Qorvo has a consensus rating of "Hold" and an average price target of $90.89.

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.