Swiss National Bank Sells 93,900 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Swiss National Bank reduced its stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 35.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 174,045 shares of the semiconductor company's stock after selling 93,900 shares during the quarter. Swiss National Bank owned 0.19% of Qorvo worth $12,603,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in QRVO. City Holding Co. acquired a new position in shares of Qorvo during the first quarter worth about $25,000. Larson Financial Group LLC raised its position in Qorvo by 222.6% in the 1st quarter. Larson Financial Group LLC now owns 429 shares of the semiconductor company's stock valued at $31,000 after buying an additional 296 shares during the last quarter. Curat Global LLC bought a new stake in Qorvo in the 1st quarter valued at approximately $34,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Qorvo during the 1st quarter worth approximately $34,000. Finally, Signaturefd LLC grew its stake in shares of Qorvo by 34.6% during the 1st quarter. Signaturefd LLC now owns 662 shares of the semiconductor company's stock worth $48,000 after acquiring an additional 170 shares in the last quarter. 88.57% of the stock is owned by institutional investors and hedge funds.

Qorvo Stock Up 0.6%

Shares of Qorvo stock opened at $90.66 on Friday. The stock's 50-day moving average is $85.15 and its 200 day moving average is $76.35. Qorvo, Inc. has a one year low of $49.46 and a one year high of $117.90. The firm has a market cap of $8.40 billion, a price-to-earnings ratio of 106.66, a PEG ratio of 1.76 and a beta of 1.35. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.81 and a quick ratio of 2.01.

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 firm had revenue of $818.80 million for the quarter, compared to analysts' expectations of $775.61 million. Qorvo had a return on equity of 12.63% and a net margin of 2.21%. The company's revenue for the quarter was down 7.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.87 EPS. Equities research analysts anticipate that Qorvo, Inc. will post 4.09 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on QRVO shares. Citigroup reissued a "sell" rating on shares of Qorvo in a research note on Tuesday, June 10th. Stifel Nicolaus set a $88.00 price target on Qorvo and gave the company a "hold" rating in a research note on Wednesday, July 30th. Barclays raised their price objective on Qorvo from $70.00 to $90.00 and gave the company an "equal weight" rating in a report on Wednesday, July 30th. Craig Hallum reaffirmed a "buy" rating on shares of Qorvo in a report on Wednesday, July 30th. Finally, TD Cowen increased their target price on Qorvo from $80.00 to $95.00 and gave the company a "hold" rating in a research report on Wednesday, July 30th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $95.35.

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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