Northern Trust Corp Trims Stake in Qorvo, Inc. (NASDAQ:QRVO)

Northern Trust Corp reduced its stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 6.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 843,485 shares of the semiconductor company's stock after selling 53,701 shares during the period. Northern Trust Corp owned approximately 0.90% of Qorvo worth $58,985,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Vulcan Value Partners LLC lifted its position in shares of Qorvo by 53.7% in the fourth quarter. Vulcan Value Partners LLC now owns 2,581,296 shares of the semiconductor company's stock worth $180,487,000 after buying an additional 902,353 shares in the last quarter. Coldstream Capital Management Inc. bought a new position in shares of Qorvo during the 4th quarter valued at approximately $328,000. Symmetry Investments LP purchased a new position in shares of Qorvo in the fourth quarter valued at $548,000. J. Safra Sarasin Holding AG bought a new stake in Qorvo in the fourth quarter worth $1,515,000. Finally, Teachers Retirement System of The State of Kentucky raised its stake in Qorvo by 206.1% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 22,550 shares of the semiconductor company's stock valued at $1,577,000 after purchasing an additional 15,184 shares in the last quarter. Hedge funds and other institutional investors own 88.57% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on QRVO. TD Cowen lowered their price objective on Qorvo from $90.00 to $80.00 and set a "hold" rating for the company in a research note on Wednesday, April 30th. The Goldman Sachs Group lowered their target price on shares of Qorvo from $99.00 to $78.00 and set a "neutral" rating for the company in a report on Friday, January 10th. Morgan Stanley upgraded Qorvo from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $90.00 to $106.00 in a research report on Tuesday, January 21st. Loop Capital cut their price objective on Qorvo from $90.00 to $75.00 and set a "hold" rating on the stock in a research report on Wednesday, April 30th. Finally, StockNews.com upgraded shares of Qorvo from a "hold" rating to a "buy" rating in a report on Wednesday, January 29th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Qorvo presently has a consensus rating of "Hold" and an average price target of $91.21.

Insider Activity at Qorvo

In other Qorvo news, Director John R. Harding sold 1,450 shares of Qorvo 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 directly owns 7,597 shares in the company, valued at approximately $532,473.73. The trade was a 16.03 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.46% of the stock is owned by insiders.

Qorvo Stock Performance

Shares of NASDAQ QRVO traded up $0.82 during midday trading on Friday, reaching $73.19. The company had a trading volume of 1,374,897 shares, compared to its average volume of 2,167,652. The stock has a market cap of $6.84 billion, a P/E ratio of 261.39, a P/E/G ratio of 15.57 and a beta of 1.38. The company has a current ratio of 2.60, a quick ratio of 1.78 and a debt-to-equity ratio of 0.46. Qorvo, Inc. has a 1 year low of $49.46 and a 1 year high of $130.99. The business's 50-day simple moving average is $66.45 and its 200 day simple moving average is $72.04.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 EPS for the quarter, topping analysts' consensus estimates of $1.00 by $0.42. The company had revenue of $869.47 million during the quarter, compared to analysts' expectations of $850.13 million. Qorvo had a return on equity of 12.41% and a net margin of 0.71%. The firm's revenue was down 7.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.39 EPS. On average, analysts forecast that Qorvo, Inc. will post 4.09 earnings per share for the current fiscal 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.