Raymond James Financial Services Advisors Inc. Reduces Position in Qorvo, Inc. (NASDAQ:QRVO)

Raymond James Financial Services Advisors Inc. lowered its stake in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 44.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 12,551 shares of the semiconductor company's stock after selling 9,884 shares during the period. Raymond James Financial Services Advisors Inc.'s holdings in Qorvo were worth $1,413,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in QRVO. International Assets Investment Management LLC purchased a new stake in Qorvo in the first quarter valued at $40,000. AlphaCrest Capital Management LLC raised its holdings in shares of Qorvo by 23.2% in the 1st quarter. AlphaCrest Capital Management LLC now owns 3,640 shares of the semiconductor company's stock valued at $452,000 after buying an additional 685 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in shares of Qorvo by 4.9% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 14,508 shares of the semiconductor company's stock valued at $1,800,000 after buying an additional 673 shares during the period. Cibc World Market Inc. raised its holdings in shares of Qorvo by 10.4% in the 1st quarter. Cibc World Market Inc. now owns 8,979 shares of the semiconductor company's stock valued at $1,114,000 after buying an additional 843 shares during the period. Finally, Sei Investments Co. raised its holdings in shares of Qorvo by 18.0% in the 1st quarter. Sei Investments Co. now owns 120,566 shares of the semiconductor company's stock valued at $15,024,000 after buying an additional 18,397 shares during the period. Institutional investors and hedge funds own 88.57% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on QRVO. Needham & Company LLC reiterated a "buy" rating and issued a $125.00 price objective on shares of Qorvo in a report on Thursday, February 1st. The Goldman Sachs Group boosted their price objective on Qorvo from $104.00 to $117.00 and gave the company a "neutral" rating in a report on Thursday, February 1st. JPMorgan Chase & Co. upped their price target on Qorvo from $95.00 to $105.00 and gave the stock an "underweight" rating in a report on Thursday, February 1st. Piper Sandler cut their price target on Qorvo from $120.00 to $105.00 and set a "neutral" rating on the stock in a report on Thursday, February 1st. Finally, Susquehanna restated a "neutral" rating and set a $100.00 price target on shares of Qorvo in a report on Monday, April 8th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $111.53.

Insider Activity at Qorvo

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

Qorvo Stock Performance

Shares of NASDAQ QRVO traded down $4.45 during trading hours on Friday, reaching $111.36. The stock had a trading volume of 1,222,673 shares, compared to its average volume of 975,709. The firm has a market cap of $10.75 billion, a price-to-earnings ratio of -51.80, a PEG ratio of 0.89 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 fifty-two week low of $80.62 and a fifty-two week high of $121.65. The firm has a 50-day moving average of $113.89 and a 200-day moving average of $104.05.

Qorvo (NASDAQ:QRVO - Get Free Report) last announced its earnings results on Wednesday, January 31st. The semiconductor company reported $1.89 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.42 by $0.47. The firm 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%. Equities research analysts predict that Qorvo, Inc. will post 4.95 earnings per share for the current year.

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.