Amalgamated Bank Sells 2,060 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Amalgamated Bank decreased its position in Qorvo, Inc. (NASDAQ:QRVOGet Rating) by 6.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 27,671 shares of the semiconductor company’s stock after selling 2,060 shares during the quarter. Amalgamated Bank’s holdings in Qorvo were worth $3,434,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Edmond DE Rothschild Holding S.A. grew its stake in shares of Qorvo by 128.5% in the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 610 shares of the semiconductor company’s stock valued at $76,000 after buying an additional 343 shares in the last quarter. Hennion & Walsh Asset Management Inc. boosted its position in Qorvo by 2.8% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 10,276 shares of the semiconductor company’s stock worth $1,275,000 after purchasing an additional 279 shares during the period. Daiwa Securities Group Inc. boosted its position in Qorvo by 3.4% during the first quarter. Daiwa Securities Group Inc. now owns 8,944 shares of the semiconductor company’s stock worth $1,110,000 after purchasing an additional 293 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in Qorvo by 9,752.8% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 150,748 shares of the semiconductor company’s stock worth $18,708,000 after purchasing an additional 149,218 shares during the period. Finally, Duality Advisers LP bought a new stake in Qorvo during the first quarter worth approximately $293,000. Institutional investors own 88.31% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on QRVO. Exane BNP Paribas began coverage on Qorvo in a research report on Tuesday, September 13th. They set a “neutral” rating for the company. Piper Sandler decreased their target price on Qorvo from $135.00 to $115.00 and set an “overweight” rating for the company in a research report on Thursday, August 4th. Morgan Stanley reduced their price objective on Qorvo from $120.00 to $109.00 and set an “equal weight” rating for the company in a research report on Thursday, August 4th. Bank of America cut Qorvo from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $125.00 to $95.00 in a research report on Wednesday, June 29th. Finally, StockNews.com cut Qorvo from a “buy” rating to a “hold” rating in a research report on Tuesday, June 28th. One equities research analyst has rated the stock with a sell rating, eighteen have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $131.13.

Insider Transactions at Qorvo

In other news, VP Paul J. Fego sold 2,438 shares of the stock in a transaction on Monday, August 15th. The stock was sold at an average price of $110.18, for a total transaction of $268,618.84. Following the sale, the vice president now owns 34,079 shares in the company, valued at $3,754,824.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Frank P. Stewart sold 1,224 shares of the stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $100.27, for a total transaction of $122,730.48. Following the sale, the vice president now owns 4,950 shares in the company, valued at $496,336.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul J. Fego sold 2,438 shares of the stock in a transaction on Monday, August 15th. The stock was sold at an average price of $110.18, for a total value of $268,618.84. Following the sale, the vice president now owns 34,079 shares in the company, valued at approximately $3,754,824.22. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,075 shares of company stock worth $597,468. Insiders own 0.45% of the company’s stock.

Qorvo Stock Performance

Qorvo stock opened at $81.97 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.30 and a quick ratio of 2.12. The stock has a fifty day moving average price of $98.21 and a two-hundred day moving average price of $106.33. Qorvo, Inc. has a 52-week low of $81.15 and a 52-week high of $178.50. The firm has a market capitalization of $8.46 billion, a P/E ratio of 11.09, a P/E/G ratio of 1.89 and a beta of 1.38.

Qorvo (NASDAQ:QRVOGet Rating) last released its quarterly earnings data on Wednesday, August 3rd. The semiconductor company reported $1.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.90 by $0.05. Qorvo had a return on equity of 26.50% and a net margin of 17.87%. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. As a group, analysts anticipate that Qorvo, Inc. will post 7.03 EPS for the current fiscal year.

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.

See Also

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Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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