Illinois Municipal Retirement Fund Has $10.50 Million Stock Position in Qorvo, Inc. (NASDAQ:QRVO)

Illinois Municipal Retirement Fund decreased its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 13.4% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 93,235 shares of the semiconductor company's stock after selling 14,471 shares during the period. Illinois Municipal Retirement Fund owned approximately 0.10% of Qorvo worth $10,499,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Huntington National Bank boosted its position in Qorvo by 8,090.0% in the third quarter. Huntington National Bank now owns 819 shares of the semiconductor company's stock valued at $78,000 after buying an additional 809 shares during the last quarter. BluePath Capital Management LLC purchased a new stake in Qorvo in the third quarter valued at approximately $133,000. Allworth Financial LP boosted its position in Qorvo by 16.7% in the third quarter. Allworth Financial LP now owns 1,416 shares of the semiconductor company's stock valued at $135,000 after buying an additional 203 shares during the last quarter. Wahed Invest LLC boosted its position in Qorvo by 7.5% in the third quarter. Wahed Invest LLC now owns 1,540 shares of the semiconductor company's stock valued at $147,000 after buying an additional 108 shares during the last quarter. Finally, William Blair Investment Management LLC purchased a new stake in Qorvo in the third quarter valued at approximately $203,000. Hedge funds and other institutional investors own 88.57% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on QRVO. Piper Sandler lowered their price objective on Qorvo from $120.00 to $105.00 and set a "neutral" rating on the stock in a research report on Thursday, February 1st. Barclays upped their price objective on Qorvo from $95.00 to $100.00 and gave the stock an "equal weight" rating in a research report on Tuesday, January 16th. Rosenblatt Securities upped their price objective on Qorvo from $95.00 to $105.00 and gave the stock a "neutral" rating in a research report on Thursday, February 1st. Raymond James upped their price objective on Qorvo from $115.00 to $120.00 and gave the stock an "outperform" rating in a research report on Thursday, February 1st. Finally, Craig Hallum upped their price objective on Qorvo from $110.00 to $125.00 and gave the stock a "buy" rating in a research report on Thursday, February 1st. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $111.53.

Qorvo Trading Up 0.8 %

Shares of QRVO traded up $0.86 during midday trading on Tuesday, reaching $107.98. The company had a trading volume of 1,001,677 shares, compared to its average volume of 1,260,339. Qorvo, Inc. has a 1-year low of $80.62 and a 1-year high of $121.65. The stock has a market cap of $10.43 billion, a PE ratio of -50.22, a price-to-earnings-growth ratio of 0.81 and a beta of 1.56. The firm has a 50 day simple moving average of $113.60 and a 200-day simple moving average of $104.70. The company has a quick ratio of 1.33, a current ratio of 1.90 and a debt-to-equity ratio of 0.43.

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. Qorvo had a positive return on equity of 10.41% and a negative net margin of 6.11%. The business had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1 billion. Research analysts forecast that Qorvo, Inc. will post 4.95 EPS for the current fiscal year.

Insiders Place Their Bets

In other Qorvo news, SVP Paul J. Fego sold 3,027 shares of the firm'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 sale, the senior vice president now directly owns 29,705 shares of the company's stock, valued at approximately $3,386,370. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, SVP Paul J. Fego sold 3,027 shares of the stock in a transaction 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 transaction, the senior vice president now directly owns 29,705 shares in the company, valued at approximately $3,386,370. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Steven E. Creviston sold 3,000 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $120.00, for a total value of $360,000.00. Following the transaction, the senior vice president now 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 6,381 shares of company stock valued at $745,434 in the last three months. 0.43% of the stock is currently owned by insiders.

About Qorvo

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.