The Manufacturers Life Insurance Company Lowers Holdings in Qorvo, Inc. (NASDAQ:QRVO)

The Manufacturers Life Insurance Company cut its position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 70.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,678 shares of the semiconductor company's stock after selling 53,490 shares during the quarter. The Manufacturers Life Insurance Company's holdings in Qorvo were worth $1,586,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the company. Alexander Randolph Advisory Inc. lifted its stake in Qorvo by 1.0% in the 4th quarter. Alexander Randolph Advisory Inc. now owns 13,592 shares of the semiconductor company's stock worth $950,000 after purchasing an additional 140 shares in the last quarter. Huntington National Bank lifted its stake in Qorvo by 47.1% in the 4th quarter. Huntington National Bank now owns 453 shares of the semiconductor company's stock worth $32,000 after purchasing an additional 145 shares in the last quarter. Truvestments Capital LLC lifted its stake in Qorvo by 7.2% in the 4th quarter. Truvestments Capital LLC now owns 2,768 shares of the semiconductor company's stock worth $194,000 after purchasing an additional 185 shares in the last quarter. Venturi Wealth Management LLC lifted its stake in Qorvo by 67.4% in the 4th quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company's stock worth $43,000 after purchasing an additional 250 shares in the last quarter. Finally, Arizona State Retirement System lifted its stake in Qorvo by 1.2% in the 4th quarter. Arizona State Retirement System now owns 27,541 shares of the semiconductor company's stock worth $1,926,000 after purchasing an additional 315 shares in the last quarter. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Barclays increased their target price on shares of Qorvo from $60.00 to $70.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 30th. Benchmark upgraded shares of Qorvo from a "hold" rating to a "buy" rating and set a $95.00 price objective on the stock in a research report on Wednesday, April 30th. Mizuho raised their price objective on shares of Qorvo from $80.00 to $90.00 and gave the company a "neutral" rating in a research report on Friday, January 24th. Loop Capital lowered their price objective on shares of Qorvo from $90.00 to $75.00 and set a "hold" rating on the stock in a research report on Wednesday, April 30th. Finally, Piper Sandler upgraded shares of Qorvo from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $85.00 to $110.00 in a research report on Monday, January 27th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, Qorvo currently has an average rating of "Hold" and an average price target of $91.21.

Qorvo Price Performance

Shares of Qorvo stock opened at $73.19 on Monday. The firm has a market cap of $6.84 billion, a PE ratio of 261.39, a price-to-earnings-growth ratio of 15.57 and a beta of 1.38. Qorvo, Inc. has a 12-month low of $49.46 and a 12-month high of $130.99. The company has a quick ratio of 1.78, a current ratio of 2.60 and a debt-to-equity ratio of 0.46. The company's fifty day simple moving average is $66.45 and its two-hundred day simple moving average is $71.65.

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, topping analysts' consensus estimates of $1.00 by $0.42. The business had revenue of $869.47 million for the quarter, compared to analyst estimates of $850.13 million. Qorvo had a net margin of 0.71% and a return on equity of 12.41%. The company's revenue was down 7.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.39 EPS. As a group, equities analysts expect that Qorvo, Inc. will post 4.09 EPS for the current year.

Insider Activity

In other news, Director John R. Harding sold 1,450 shares of Qorvo stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $70.09, for a total transaction of $101,630.50. Following the sale, the director now owns 7,597 shares of the company's stock, valued at approximately $532,473.73. The trade was a 16.03% decrease in their position. The sale was disclosed in a document filed 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.

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