Man Group plc Decreases Stock Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Man Group plc trimmed its stake in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 43.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 260,842 shares of the semiconductor company's stock after selling 202,002 shares during the quarter. Man Group plc owned about 0.28% of Qorvo worth $18,241,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Nissay Asset Management Corp Japan ADV grew its stake in Qorvo by 2.8% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 32,344 shares of the semiconductor company's stock worth $2,310,000 after buying an additional 889 shares during the last quarter. Occudo Quantitative Strategies LP acquired a new position in shares of Qorvo during the fourth quarter valued at $522,000. Investment Management Corp of Ontario grew its position in shares of Qorvo by 505.7% during the fourth quarter. Investment Management Corp of Ontario now owns 19,164 shares of the semiconductor company's stock worth $1,340,000 after acquiring an additional 16,000 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its position in shares of Qorvo by 1,137.1% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 101,542 shares of the semiconductor company's stock worth $7,101,000 after acquiring an additional 93,334 shares during the last quarter. Finally, Ethic Inc. increased its holdings in shares of Qorvo by 6.6% in the 4th quarter. Ethic Inc. now owns 14,926 shares of the semiconductor company's stock worth $1,044,000 after acquiring an additional 921 shares during the period. Institutional investors own 88.57% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on QRVO. Needham & Company LLC reduced their target price 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. Piper Sandler upgraded Qorvo from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $85.00 to $110.00 in a research report on Monday, January 27th. Benchmark raised Qorvo from a "hold" rating to a "buy" rating and set a $95.00 price objective for the company in a report on Wednesday, April 30th. Stifel Nicolaus set a $75.00 target price on Qorvo in a research note on Monday, April 28th. Finally, Wall Street Zen upgraded Qorvo from a "hold" rating to a "buy" rating in a research report on Wednesday, January 29th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $91.21.

Insider Transactions at Qorvo

In other news, Director John R. Harding sold 1,450 shares of the company's stock in a transaction on Wednesday, May 7th. The stock was 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. This represents a 16.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.46% of the stock is owned by corporate insiders.

Qorvo Stock Down 0.6%

Shares of QRVO traded down $0.49 on Thursday, hitting $76.02. The company's stock had a trading volume of 189,811 shares, compared to its average volume of 2,186,045. The company has a quick ratio of 1.78, a current ratio of 2.60 and a debt-to-equity ratio of 0.46. Qorvo, Inc. has a fifty-two week low of $49.46 and a fifty-two week high of $130.99. The firm's fifty day moving average price is $67.55 and its 200-day moving average price is $71.44. The firm has a market capitalization of $7.10 billion, a price-to-earnings ratio of 271.66, a P/E/G ratio of 15.57 and a beta of 1.38.

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

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.