Wolverine Asset Management LLC Sells 4,500 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Wolverine Asset Management LLC lessened its position in shares of Qorvo, Inc. (NASDAQ:QRVOGet Rating) by 75.0% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,501 shares of the semiconductor company’s stock after selling 4,500 shares during the quarter. Wolverine Asset Management LLC’s holdings in Qorvo were worth $186,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Prospera Financial Services Inc increased its position in Qorvo by 134.7% during the first quarter. Prospera Financial Services Inc now owns 3,004 shares of the semiconductor company’s stock valued at $373,000 after acquiring an additional 1,724 shares during the last quarter. Stephens Inc. AR increased its position in Qorvo by 5.7% during the first quarter. Stephens Inc. AR now owns 8,573 shares of the semiconductor company’s stock valued at $1,064,000 after acquiring an additional 465 shares during the last quarter. Arizona State Retirement System increased its position in Qorvo by 1.4% during the first quarter. Arizona State Retirement System now owns 30,682 shares of the semiconductor company’s stock valued at $3,808,000 after acquiring an additional 422 shares during the last quarter. Metis Global Partners LLC purchased a new stake in Qorvo during the first quarter valued at $217,000. Finally, International Assets Investment Management LLC purchased a new stake in Qorvo during the first quarter valued at $40,000. Hedge funds and other institutional investors own 85.87% of the company’s stock.

Insider Activity

In other news, Director Jeffery R. Gardner sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 26th. The stock was sold at an average price of $108.68, for a total value of $543,400.00. Following the completion of the sale, the director now directly owns 32,793 shares of the company’s stock, valued at approximately $3,563,943.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Jeffery R. Gardner sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 26th. The stock was sold at an average price of $108.68, for a total value of $543,400.00. Following the completion of the sale, the director now directly owns 32,793 shares of the company’s stock, valued at approximately $3,563,943.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jeffery R. Gardner sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 31st. The shares were sold at an average price of $110.57, for a total value of $110,570.00. Following the completion of the sale, the director now directly owns 31,793 shares of the company’s stock, valued at $3,515,352.01. The disclosure for this sale can be found here. Insiders sold 20,070 shares of company stock valued at $2,055,769 in the last ninety days. Insiders own 0.45% of the company’s stock.

Qorvo Price Performance

Shares of Qorvo stock opened at $102.97 on Wednesday. The stock has a 50 day moving average of $101.44 and a 200 day moving average of $115.92. Qorvo, Inc. has a 12 month low of $90.16 and a 12 month high of $201.46. The firm has a market cap of $10.68 billion, a PE ratio of 11.13, a PEG ratio of 1.08 and a beta of 1.35. The company has a current ratio of 3.63, a quick ratio of 2.51 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVOGet Rating) last announced its quarterly earnings results on Wednesday, May 4th. The semiconductor company reported $3.03 EPS for the quarter, beating analysts’ consensus estimates of $2.71 by $0.32. Qorvo had a return on equity of 28.07% and a net margin of 22.24%. The company had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period in the prior year, the company earned $2.59 earnings per share. The firm’s revenue was up 8.7% on a year-over-year basis. On average, research analysts expect that Qorvo, Inc. will post 9.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

QRVO has been the subject of a number of analyst reports. Piper Sandler reduced their price target on Qorvo from $190.00 to $135.00 in a research report on Thursday, May 5th. StockNews.com cut Qorvo from a “buy” rating to a “hold” rating in a research report on Tuesday, June 28th. Susquehanna reduced their price target on Qorvo from $150.00 to $120.00 in a research report on Thursday, May 5th. UBS Group reduced their price target on Qorvo from $145.00 to $135.00 in a research report on Thursday, May 5th. Finally, Cowen cut Qorvo from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $150.00 to $108.00 in a research report on Monday, July 11th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $141.19.

About Qorvo

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Qorvo, Inc develops and commercializes technologies and products for wireless, wired, and power markets worldwide. The company operates through two segments, Mobile Products, and Infrastructure and Defense Products. It offers mobile devices, such as smartphones, wearables, laptops, tablets and other devices; radio frequency power management integrated circuits, ultra-wideband (UWB) system-on-a-chip (SoC) and system-in-package (SiP) solutions, MEMS-based sensors, antenna tuners, and antennaplexers, as well as discrete multiplexers, duplexers, filters, and switches; and cellular base stations include switch-low noise amplifier (LNA) modules, variable gain amplifiers, integrated power amplifier (PA) Doherty modules, discrete LNAs, and high power GaN amplifiers.

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