Qorvo, Inc. (NASDAQ:QRVO) Holdings Trimmed by Los Angeles Capital Management LLC

Los Angeles Capital Management LLC lowered its position in shares of Qorvo, Inc. (NASDAQ:QRVOGet Rating) by 11.0% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 19,632 shares of the semiconductor company’s stock after selling 2,429 shares during the period. Los Angeles Capital Management LLC’s holdings in Qorvo were worth $1,559,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of QRVO. Stephens Inc. AR boosted its position in shares of Qorvo by 3.9% in the 3rd quarter. Stephens Inc. AR now owns 9,867 shares of the semiconductor company’s stock valued at $784,000 after purchasing an additional 368 shares during the period. Brinker Capital Investments LLC boosted its position in shares of Qorvo by 9.9% in the 3rd quarter. Brinker Capital Investments LLC now owns 29,811 shares of the semiconductor company’s stock valued at $2,367,000 after purchasing an additional 2,687 shares during the period. Great West Life Assurance Co. Can acquired a new position in shares of Qorvo in the 3rd quarter valued at $14,731,000. Park Avenue Securities LLC boosted its position in shares of Qorvo by 10.7% in the 3rd quarter. Park Avenue Securities LLC now owns 6,681 shares of the semiconductor company’s stock valued at $531,000 after purchasing an additional 645 shares during the period. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its position in shares of Qorvo by 15.6% in the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 66,508 shares of the semiconductor company’s stock valued at $5,281,000 after purchasing an additional 8,970 shares during the period. Institutional investors own 86.47% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on QRVO shares. JPMorgan Chase & Co. lowered Qorvo from an “overweight” rating to an “underweight” rating and decreased their price target for the company from $125.00 to $90.00 in a research report on Thursday, November 3rd. Wells Fargo & Company increased their price target on Qorvo from $80.00 to $90.00 and gave the company an “equal weight” rating in a research report on Monday, January 9th. Morgan Stanley reduced their price objective on Qorvo from $109.00 to $87.00 and set an “equal weight” rating for the company in a research note on Thursday, November 3rd. Cowen reduced their price objective 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. Finally, Piper Sandler reduced their price objective on Qorvo from $115.00 to $100.00 and set an “overweight” rating for the company in a research note on Thursday, November 3rd. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $107.00.

Qorvo Stock Up 3.6 %

Shares of QRVO stock opened at $102.39 on Monday. The stock’s 50 day simple moving average is $95.65 and its 200 day simple moving average is $93.79. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.20 and a current ratio of 3.30. Qorvo, Inc. has a twelve month low of $75.38 and a twelve month high of $144.31. The company has a market capitalization of $10.38 billion, a price-to-earnings ratio of 16.07, a PEG ratio of 3.06 and a beta of 1.39.

Qorvo (NASDAQ:QRVOGet Rating) last issued its quarterly earnings data on Wednesday, November 2nd. The semiconductor company reported $2.35 earnings per share for the quarter, beating analysts’ consensus estimates of $2.28 by $0.07. Qorvo had a return on equity of 24.47% and a net margin of 15.34%. The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same period last year, the business earned $3.22 EPS. The firm’s revenue was down 7.7% compared to the same quarter last year. As a group, research analysts predict that Qorvo, Inc. will post 5.16 EPS for the current year.

Qorvo announced that its board has initiated a share buyback plan on Wednesday, November 2nd that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to reacquire up to 22.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at Qorvo

In other Qorvo news, VP Gina Harrison sold 3,559 shares of the firm’s stock in a transaction that occurred on Tuesday, December 13th. The stock was sold at an average price of $104.00, for a total value of $370,136.00. Following the sale, the vice president now owns 16,257 shares of the company’s stock, valued at approximately $1,690,728. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.45% of the stock is owned by company insiders.

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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