Qorvo, Inc. (NASDAQ:QRVO) Holdings Lowered by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC trimmed its stake in shares of Qorvo, Inc. (NASDAQ:QRVOGet Rating) by 41.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,789 shares of the semiconductor company’s stock after selling 10,471 shares during the period. Mutual of America Capital Management LLC’s holdings in Qorvo were worth $1,395,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of QRVO. International Assets Investment Management LLC purchased a new stake in Qorvo in the 1st quarter worth about $40,000. Metis Global Partners LLC acquired a new position in shares of Qorvo during the 1st quarter valued at about $217,000. Arizona State Retirement System increased its holdings in shares of Qorvo by 1.4% during the 1st 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. Stephens Inc. AR increased its holdings in shares of Qorvo by 5.7% during the 1st 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. Finally, Prospera Financial Services Inc grew its holdings in Qorvo by 134.7% in the 1st quarter. Prospera Financial Services Inc now owns 3,004 shares of the semiconductor company’s stock valued at $373,000 after buying an additional 1,724 shares during the last quarter. 88.31% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Paul J. Fego sold 2,413 shares of the company’s stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $85.42, for a total value of $206,118.46. Following the transaction, the vice president now owns 31,666 shares of the company’s stock, valued at $2,704,909.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.45% of the stock is owned by company insiders.

Qorvo Stock Performance

QRVO opened at $97.58 on Friday. Qorvo, Inc. has a 52-week low of $75.38 and a 52-week high of $163.95. The firm has a market capitalization of $9.89 billion, a PE ratio of 15.32, a PEG ratio of 2.93 and a beta of 1.36. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.20 and a current ratio of 3.30. The business’s 50-day simple moving average is $86.60 and its 200 day simple moving average is $95.83.

Qorvo (NASDAQ:QRVOGet Rating) last released its earnings results on Wednesday, November 2nd. The semiconductor company reported $2.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.28 by $0.38. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.13 billion. Qorvo had a return on equity of 24.47% and a net margin of 15.34%. Qorvo’s revenue was down 7.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.22 earnings per share. As a group, sell-side analysts expect that Qorvo, Inc. will post 5.11 earnings per share for the current fiscal year.

Qorvo declared that its board has approved a stock repurchase plan on Wednesday, November 2nd that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to buy up to 22.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

QRVO has been the topic of several recent research reports. Rosenblatt Securities decreased their price objective on Qorvo from $110.00 to $85.00 and set a “neutral” rating on the stock in a report on Thursday, November 3rd. Exane BNP Paribas initiated coverage on Qorvo in a research report on Tuesday, September 13th. They set a “neutral” rating for the company. Benchmark cut their price objective on Qorvo from $152.00 to $120.00 in a research report on Thursday, November 3rd. Wells Fargo & Company downgraded Qorvo from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $130.00 to $85.00 in a research report on Tuesday, October 11th. Finally, Cowen lowered their target price on Qorvo from $100.00 to $80.00 and set a “market perform” rating for the company in a research note on Tuesday, October 18th. Two research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Qorvo presently has a consensus rating of “Hold” and an average price target of $106.78.

Qorvo Profile

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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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Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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