Frontier Capital Management Co. LLC Sells 136,368 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Frontier Capital Management Co. LLC trimmed its position in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 38.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 218,942 shares of the semiconductor company's stock after selling 136,368 shares during the period. Frontier Capital Management Co. LLC owned 0.23% of Qorvo worth $15,311,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Alexander Randolph Advisory Inc. raised its position in shares of Qorvo by 1.0% during the 4th quarter. Alexander Randolph Advisory Inc. now owns 13,592 shares of the semiconductor company's stock valued at $950,000 after purchasing an additional 140 shares during the period. Huntington National Bank raised its position in shares of Qorvo by 47.1% during the 4th 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 period. Truvestments Capital LLC raised its position in shares of Qorvo by 7.2% during the 4th quarter. Truvestments Capital LLC now owns 2,768 shares of the semiconductor company's stock valued at $194,000 after purchasing an additional 185 shares during the period. Venturi Wealth Management LLC raised its position in shares of Qorvo by 67.4% during 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, Arizona State Retirement System raised its position in shares of Qorvo by 1.2% during the 4th quarter. Arizona State Retirement System now owns 27,541 shares of the semiconductor company's stock valued at $1,926,000 after purchasing an additional 315 shares during the period. 88.57% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director John R. Harding sold 1,450 shares of the business's stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $70.09, for a total value of $101,630.50. Following the completion of the sale, the director now owns 7,597 shares in the company, valued at approximately $532,473.73. The trade was a 16.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.46% of the company's stock.

Qorvo Trading Up 1.1%

Qorvo stock traded up $0.82 during trading hours on Friday, hitting $73.19. The company had a trading volume of 1,374,897 shares, compared to its average volume of 2,173,079. The firm has a market cap of $6.84 billion, a P/E ratio of 261.39, a P/E/G ratio of 15.57 and a beta of 1.38. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.78 and a current ratio of 2.60. Qorvo, Inc. has a 1 year low of $49.46 and a 1 year high of $130.99. The company has a 50-day moving average price of $66.45 and a two-hundred day moving average price of $71.65.

Qorvo (NASDAQ:QRVO - Get Free Report) last released 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. Qorvo had a net margin of 0.71% and a return on equity of 12.41%. The company had revenue of $869.47 million during the quarter, compared to analysts' expectations of $850.13 million. During the same period in the previous year, the company earned $1.39 EPS. The firm's quarterly revenue was down 7.6% on a year-over-year basis. On average, sell-side analysts anticipate that Qorvo, Inc. will post 4.09 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have issued reports on QRVO. Needham & Company LLC reduced their price target on shares of Qorvo from $100.00 to $90.00 and set a "buy" rating on the stock in a report on Wednesday, April 30th. Morgan Stanley upgraded shares of Qorvo from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $90.00 to $106.00 in a report on Tuesday, January 21st. Citigroup reduced their price target on shares of Qorvo from $72.00 to $69.00 and set a "sell" rating on the stock in a report on Wednesday, January 29th. Stifel Nicolaus set a $75.00 price target on shares of Qorvo in a report on Monday, April 28th. Finally, Barclays lifted their price target on shares of Qorvo from $60.00 to $70.00 and gave the company an "equal weight" rating in a report on Wednesday, April 30th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Qorvo presently has an average rating of "Hold" and an average price target 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.