Zurcher Kantonalbank Zurich Cantonalbank trimmed its stake in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 81.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,397 shares of the semiconductor company's stock after selling 72,219 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Qorvo were worth $1,187,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. City Holding Co. purchased a new position in Qorvo during the 1st quarter valued at approximately $25,000. Larson Financial Group LLC increased its position in Qorvo by 222.6% in the first quarter. Larson Financial Group LLC now owns 429 shares of the semiconductor company's stock worth $31,000 after purchasing an additional 296 shares during the last quarter. Huntington National Bank lifted its position in Qorvo by 47.1% during the fourth quarter. Huntington National Bank now owns 453 shares of the semiconductor company's stock valued at $32,000 after purchasing an additional 145 shares during the last quarter. Curat Global LLC purchased a new position in shares of Qorvo in the 1st quarter worth $34,000. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Qorvo in the 1st quarter worth about $34,000. Institutional investors own 88.57% of the company's stock.
Qorvo Price Performance
NASDAQ QRVO traded down $0.76 on Wednesday, hitting $84.19. 1,243,914 shares of the company were exchanged, compared to its average volume of 2,453,351. Qorvo, Inc. has a 1-year low of $49.46 and a 1-year high of $117.90. The firm has a 50 day moving average of $83.61 and a two-hundred day moving average of $76.24. The company has a current ratio of 2.81, a quick ratio of 2.01 and a debt-to-equity ratio of 0.45. The company has a market cap of $7.80 billion, a P/E ratio of 99.05, a P/E/G ratio of 1.66 and a beta of 1.35.
Qorvo (NASDAQ:QRVO - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The semiconductor company reported $0.92 earnings per share for the quarter, beating analysts' consensus estimates of $0.62 by $0.30. Qorvo had a net margin of 2.21% and a return on equity of 12.63%. The business had revenue of $818.80 million for the quarter, compared to the consensus estimate of $775.61 million. During the same period last year, the company posted $0.87 EPS. Qorvo's revenue for the quarter was down 7.7% on a year-over-year basis. On average, equities analysts predict that Qorvo, Inc. will post 4.09 EPS for the current year.
Analyst Upgrades and Downgrades
Several research firms have commented on QRVO. Needham & Company LLC lifted their price objective on shares of Qorvo from $90.00 to $104.00 and gave the stock a "buy" rating in a research note on Wednesday, July 30th. Wall Street Zen raised shares of Qorvo from a "hold" rating to a "strong-buy" rating in a research note on Saturday. Susquehanna reissued a "neutral" rating and issued a $95.00 price objective (up from $90.00) on shares of Qorvo in a research report on Wednesday, July 30th. Benchmark boosted their target price on Qorvo from $95.00 to $125.00 and gave the company a "buy" rating in a research report on Wednesday, July 30th. Finally, Piper Sandler lifted their target price on Qorvo from $110.00 to $125.00 and gave the stock an "overweight" 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 given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $95.35.
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Qorvo Company Profile
(
Free Report)
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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