MetLife Investment Management LLC Sells 22,998 Shares of Qorvo, Inc. (NASDAQ:QRVO)

MetLife Investment Management LLC lowered its holdings in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 93.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,662 shares of the semiconductor company's stock after selling 22,998 shares during the period. MetLife Investment Management LLC's holdings in Qorvo were worth $116,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the business. Ossiam grew its position in Qorvo by 3.4% in the fourth quarter. Ossiam now owns 168,547 shares of the semiconductor company's stock valued at $11,786,000 after purchasing an additional 5,523 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S grew its position in shares of Qorvo by 161.5% in the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 16,117 shares of the semiconductor company's stock valued at $1,127,000 after acquiring an additional 9,953 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Qorvo by 22.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,419,698 shares of the semiconductor company's stock valued at $99,280,000 after acquiring an additional 264,167 shares during the period. CANADA LIFE ASSURANCE Co grew its position in shares of Qorvo by 107.4% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 134,809 shares of the semiconductor company's stock valued at $9,426,000 after acquiring an additional 69,823 shares during the period. Finally, Ontario Teachers Pension Plan Board grew its position in shares of Qorvo by 57.1% in the 4th quarter. Ontario Teachers Pension Plan Board now owns 23,313 shares of the semiconductor company's stock valued at $1,630,000 after acquiring an additional 8,474 shares during the period. Institutional investors own 88.57% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on QRVO shares. Benchmark raised shares of Qorvo from a "hold" rating to a "buy" rating and set a $95.00 price objective for the company in a research report on Wednesday, April 30th. Loop Capital decreased their price objective on shares of Qorvo from $90.00 to $75.00 and set a "hold" rating for the company in a research report on Wednesday, April 30th. Piper Sandler raised shares of Qorvo from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $85.00 to $110.00 in a research report on Monday, January 27th. Barclays lifted their price objective on shares of Qorvo from $60.00 to $70.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 30th. Finally, Citigroup decreased 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. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, Qorvo currently has an average rating of "Hold" and a consensus target price of $91.21.

Qorvo Stock Performance

NASDAQ QRVO traded up $5.23 during trading on Monday, reaching $78.42. The company's stock had a trading volume of 3,319,439 shares, compared to its average volume of 2,177,663. 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 has a market capitalization of $7.32 billion, a price-to-earnings ratio of 280.07, a price-to-earnings-growth ratio of 15.57 and a beta of 1.38. Qorvo, Inc. has a 12 month low of $49.46 and a 12 month high of $130.99. The firm has a 50 day moving average price of $66.60 and a 200 day moving average price of $71.51.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $850.13 million. During the same quarter in the prior year, the firm posted $1.39 EPS. The firm's quarterly revenue was down 7.6% on a year-over-year basis. As a group, equities analysts anticipate that Qorvo, Inc. will post 4.09 EPS for the current fiscal year.

Insider Transactions at Qorvo

In other news, Director John R. Harding sold 1,450 shares of the company's stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $70.09, for a total transaction of $101,630.50. Following the completion of the sale, the director now owns 7,597 shares of the company's stock, valued at approximately $532,473.73. This represents a 16.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.46% of the stock is currently owned by insiders.

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.