Two Sigma Investments LP Cuts Stake in Qorvo, Inc. (NASDAQ:QRVO)

Two Sigma Investments LP decreased its position in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 43.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 172,157 shares of the semiconductor company's stock after selling 129,832 shares during the quarter. Two Sigma Investments LP owned about 0.18% of Qorvo worth $12,039,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Rakuten Securities Inc. bought a new position in Qorvo during the fourth quarter worth $28,000. Huntington National Bank raised its position in shares of Qorvo by 47.1% in the 4th quarter. Huntington National Bank now owns 453 shares of the semiconductor company's stock worth $32,000 after acquiring an additional 145 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Qorvo in the 4th quarter valued at about $37,000. Venturi Wealth Management LLC lifted its stake in shares of Qorvo by 67.4% in the 4th quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company's stock valued at $43,000 after purchasing an additional 250 shares during the period. Finally, CENTRAL TRUST Co grew its stake in Qorvo by 2,621.4% during the fourth quarter. CENTRAL TRUST Co now owns 762 shares of the semiconductor company's stock worth $53,000 after purchasing an additional 734 shares during the period. Institutional investors own 88.57% of the company's stock.

Insider Activity

In related 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 value of $101,630.50. Following the transaction, the director now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.46% of the company's stock.

Qorvo Stock Performance

Shares of QRVO stock traded up $2.35 on Tuesday, hitting $76.95. 2,212,120 shares of the stock were exchanged, compared to its average volume of 2,200,623. The firm has a market capitalization of $7.16 billion, a PE ratio of 274.82, a P/E/G ratio of 15.57 and a beta of 1.38. Qorvo, Inc. has a one year low of $49.46 and a one year high of $130.99. The company has a current ratio of 2.60, a quick ratio of 1.78 and a debt-to-equity ratio of 0.46. The firm's 50 day moving average is $67.71 and its two-hundred day moving average is $71.51.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 12.41% and a net margin of 0.71%. The firm's quarterly revenue was down 7.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.39 EPS. Sell-side analysts expect that Qorvo, Inc. will post 4.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Citigroup reduced their price objective on shares of Qorvo from $72.00 to $69.00 and set a "sell" rating for the company in a research report on Wednesday, January 29th. TD Cowen decreased their price target on shares of Qorvo from $90.00 to $80.00 and set a "hold" rating for the company in a research note on Wednesday, April 30th. Piper Sandler upgraded shares of Qorvo from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $85.00 to $110.00 in a report on Monday, January 27th. Benchmark raised Qorvo from a "hold" rating to a "buy" rating and set a $95.00 target price for the company in a research report on Wednesday, April 30th. Finally, Wall Street Zen raised Qorvo from a "hold" rating to a "buy" rating in a research note on Saturday. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, Qorvo has a consensus rating of "Hold" and an average target price of $91.21.

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.