Pacer Advisors Inc. Sells 57,722 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Pacer Advisors Inc. cut its stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 87.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,187 shares of the semiconductor company's stock after selling 57,722 shares during the quarter. Pacer Advisors Inc.'s holdings in Qorvo were worth $922,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Parkside Financial Bank & Trust lifted its stake in Qorvo by 106.4% in the first quarter. Parkside Financial Bank & Trust now owns 225 shares of the semiconductor company's stock valued at $28,000 after acquiring an additional 116 shares during the last quarter. Resurgent Financial Advisors LLC bought a new position in shares of Qorvo during the 4th quarter valued at $34,000. International Assets Investment Management LLC acquired a new stake in shares of Qorvo in the 1st quarter valued at $40,000. RVW Wealth LLC bought a new stake in Qorvo in the third quarter worth $53,000. Finally, Providence Capital Advisors LLC boosted its holdings in Qorvo by 10,057.1% in the first quarter. Providence Capital Advisors LLC now owns 5,688 shares of the semiconductor company's stock worth $56,000 after purchasing an additional 5,632 shares in the last quarter. 88.57% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Qorvo

In other news, SVP Paul J. Fego sold 3,027 shares of the business's stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $114.00, for a total value of $345,078.00. Following the sale, the senior vice president now owns 29,705 shares in the company, valued at approximately $3,386,370. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Steven E. Creviston sold 3,000 shares of the firm's stock in a transaction on Friday, March 1st. The stock was sold at an average price of $120.00, for a total transaction of $360,000.00. Following the completion of the sale, the senior vice president now directly owns 77,552 shares of the company's stock, valued at approximately $9,306,240. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Paul J. Fego sold 3,027 shares of the business's stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $114.00, for a total value of $345,078.00. Following the completion of the transaction, the senior vice president now directly owns 29,705 shares in the company, valued at approximately $3,386,370. The disclosure for this sale can be found here. Over the last three months, insiders sold 6,381 shares of company stock valued at $745,434. 0.43% of the stock is currently owned by company insiders.

Qorvo Price Performance

NASDAQ QRVO traded up $1.10 on Wednesday, reaching $114.90. The company's stock had a trading volume of 775,279 shares, compared to its average volume of 1,302,061. The firm has a market cap of $11.09 billion, a PE ratio of -53.44, a price-to-earnings-growth ratio of 0.88 and a beta of 1.56. The company has a current ratio of 1.90, a quick ratio of 1.33 and a debt-to-equity ratio of 0.43. Qorvo, Inc. has a 52 week low of $80.62 and a 52 week high of $121.65. The business has a 50-day moving average price of $112.36 and a 200 day moving average price of $103.12.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its earnings results on Wednesday, January 31st. The semiconductor company reported $1.89 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.42 by $0.47. The business had revenue of $1.07 billion during the quarter, compared to analysts' expectations of $1 billion. Qorvo had a positive return on equity of 10.41% and a negative net margin of 6.11%. Sell-side analysts expect that Qorvo, Inc. will post 4.95 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Piper Sandler cut their target price on Qorvo from $120.00 to $105.00 and set a "neutral" rating on the stock in a report on Thursday, February 1st. JPMorgan Chase & Co. increased their price target on Qorvo from $95.00 to $105.00 and gave the company an "underweight" rating in a report on Thursday, February 1st. Raymond James boosted their price objective on shares of Qorvo from $115.00 to $120.00 and gave the stock an "outperform" rating in a research note on Thursday, February 1st. Morgan Stanley upgraded shares of Qorvo from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $120.00 to $134.00 in a research note on Friday, December 8th. Finally, Barclays lifted their target price on shares of Qorvo from $95.00 to $100.00 and gave the stock an "equal weight" rating in a report on Tuesday, January 16th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $111.17.

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.