California Public Employees Retirement System Sells 11,818 Shares of Qorvo, Inc. (NASDAQ:QRVO)

California Public Employees Retirement System reduced its stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 5.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 189,282 shares of the semiconductor company's stock after selling 11,818 shares during the period. California Public Employees Retirement System owned 0.19% of Qorvo worth $21,315,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. abrdn plc increased its stake in Qorvo by 49.9% in the fourth quarter. abrdn plc now owns 55,064 shares of the semiconductor company's stock valued at $6,201,000 after purchasing an additional 18,326 shares during the last quarter. Resonant Capital Advisors LLC purchased a new position in shares of Qorvo during the fourth quarter worth approximately $251,000. Zhang Financial LLC grew its position in shares of Qorvo by 2.7% during the fourth quarter. Zhang Financial LLC now owns 3,852 shares of the semiconductor company's stock worth $434,000 after acquiring an additional 102 shares during the last quarter. Federated Hermes Inc. grew its position in shares of Qorvo by 9.8% during the fourth quarter. Federated Hermes Inc. now owns 237,251 shares of the semiconductor company's stock worth $26,717,000 after acquiring an additional 21,093 shares during the last quarter. Finally, Daiwa Securities Group Inc. grew its position in Qorvo by 10.8% in the 4th quarter. Daiwa Securities Group Inc. now owns 9,175 shares of the semiconductor company's stock valued at $1,033,000 after buying an additional 896 shares during the last quarter. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Qorvo Price Performance

Qorvo stock traded up $2.08 during midday trading on Monday, reaching $118.83. 1,040,863 shares of the company were exchanged, compared to its average volume of 1,258,573. The company has a market capitalization of $11.47 billion, a price-to-earnings ratio of -55.27, a P/E/G ratio of 0.90 and a beta of 1.56. The firm's 50-day simple moving average is $113.61 and its 200-day simple moving average is $105.23. Qorvo, Inc. has a 1 year low of $80.62 and a 1 year high of $121.65. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.33 and a current ratio of 1.90.

Qorvo (NASDAQ:QRVO - Get Free Report) last posted its quarterly earnings data on Wednesday, January 31st. The semiconductor company reported $1.89 EPS for the quarter, topping 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%. On average, analysts anticipate that Qorvo, Inc. will post 4.95 EPS for the current year.

Insider Buying and Selling at Qorvo

In other Qorvo news, SVP Steven E. Creviston sold 3,000 shares of Qorvo stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $120.00, for a total value of $360,000.00. Following the completion of the sale, the senior vice president now owns 77,552 shares in the company, valued at approximately $9,306,240. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Qorvo news, SVP Steven E. Creviston sold 3,000 shares of Qorvo stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $120.00, for a total value of $360,000.00. Following the completion of the sale, the senior vice president now owns 77,552 shares in the company, valued at approximately $9,306,240. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Gina Harrison sold 354 shares of Qorvo stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $114.00, for a total value of $40,356.00. Following the completion of the sale, the vice president now owns 18,442 shares of the company's stock, valued at approximately $2,102,388. The disclosure for this sale can be found here. Insiders sold 6,381 shares of company stock worth $745,434 in the last 90 days. 0.43% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on QRVO shares. StockNews.com lowered shares of Qorvo from a "buy" rating to a "hold" rating in a research report on Thursday, February 8th. The Goldman Sachs Group lifted their price objective on shares of Qorvo from $104.00 to $117.00 and gave the company a "neutral" rating in a research report on Thursday, February 1st. Needham & Company LLC reiterated a "buy" rating and issued a $125.00 price objective on shares of Qorvo in a research report on Thursday, February 1st. Susquehanna reissued a "neutral" rating and issued a $100.00 target price on shares of Qorvo in a report on Monday, April 8th. Finally, Barclays raised their target price on Qorvo from $95.00 to $100.00 and gave the company an "equal weight" rating in a report on Tuesday, January 16th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $111.53.

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.