Point72 Hong Kong Ltd Has $5.06 Million Position in Qorvo, Inc. (NASDAQ:QRVO)

Point72 Hong Kong Ltd lowered its position in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 37.8% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 72,371 shares of the semiconductor company's stock after selling 43,901 shares during the period. Point72 Hong Kong Ltd owned 0.08% of Qorvo worth $5,061,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the company. Alexander Randolph Advisory Inc. grew its position in shares of Qorvo by 1.0% during the fourth quarter. Alexander Randolph Advisory Inc. now owns 13,592 shares of the semiconductor company's stock worth $950,000 after acquiring an additional 140 shares during the last quarter. Huntington National Bank grew its position in shares of Qorvo by 47.1% during the fourth quarter. Huntington National Bank now owns 453 shares of the semiconductor company's stock worth $32,000 after acquiring an additional 145 shares during the last quarter. Truvestments Capital LLC grew its position in shares of Qorvo by 7.2% during the fourth quarter. Truvestments Capital LLC now owns 2,768 shares of the semiconductor company's stock worth $194,000 after acquiring an additional 185 shares during the last quarter. Venturi Wealth Management LLC grew its position in shares of Qorvo by 67.4% during the fourth quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company's stock worth $43,000 after acquiring an additional 250 shares during the last quarter. Finally, Arizona State Retirement System grew its position in shares of Qorvo by 1.2% during the fourth quarter. Arizona State Retirement System now owns 27,541 shares of the semiconductor company's stock worth $1,926,000 after acquiring an additional 315 shares during the last quarter. Institutional investors own 88.57% of the company's stock.

Qorvo Price Performance

QRVO stock traded up $1.22 during trading on Friday, hitting $79.64. 1,290,073 shares of the stock traded hands, compared to its average volume of 2,192,517. Qorvo, Inc. has a one year low of $49.46 and a one year high of $130.99. The stock has a market cap of $7.44 billion, a price-to-earnings ratio of 284.43, a P/E/G ratio of 15.57 and a beta of 1.38. The company has a 50 day simple moving average of $67.06 and a 200 day simple moving average of $71.30. 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 (NASDAQ:QRVO - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.42. Qorvo had a net margin of 0.71% and a return on equity of 12.41%. The firm had revenue of $869.47 million during the quarter, compared to the consensus estimate of $850.13 million. During the same period last year, the firm posted $1.39 EPS. The firm's quarterly revenue was down 7.6% on a year-over-year basis. Equities analysts expect that Qorvo, Inc. will post 4.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on QRVO shares. Benchmark upgraded shares of Qorvo from a "hold" rating to a "buy" rating and set a $95.00 price target for the company in a research report on Wednesday, April 30th. Morgan Stanley upgraded shares of Qorvo from an "equal weight" rating to an "overweight" rating and increased their target price for the company from $90.00 to $106.00 in a research report on Tuesday, January 21st. Piper Sandler upgraded shares of Qorvo from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $85.00 to $110.00 in a research report on Monday, January 27th. Needham & Company LLC reduced their price target on shares of Qorvo from $100.00 to $90.00 and set a "buy" rating for the company in a research note on Wednesday, April 30th. Finally, Barclays increased their price objective on shares of Qorvo from $60.00 to $70.00 and gave the company an "equal weight" rating in a report on Wednesday, April 30th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $91.21.

Insiders Place Their Bets

In other Qorvo news, Director John R. Harding sold 1,450 shares of the business's stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $70.09, for a total value of $101,630.50. Following the completion of the transaction, the director now directly owns 7,597 shares of the company's stock, valued at approximately $532,473.73. The trade was a 16.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.46% of the company's stock.

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.