Qorvo, Inc. (NASDAQ:QRVO) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans cut its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO – Get Rating) by 85.2% in the 4th quarter, Holdings Channel reports. The firm owned 17,388 shares of the semiconductor company’s stock after selling 100,229 shares during the period. Thrivent Financial for Lutherans’ holdings in Qorvo were worth $1,576,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Ronald Blue Trust Inc. lifted its position in shares of Qorvo by 267.8% in the 4th quarter. Ronald Blue Trust Inc. now owns 320 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 233 shares in the last quarter. Parkside Financial Bank & Trust lifted its position in shares of Qorvo by 106.4% in the 1st quarter. Parkside Financial Bank & Trust now owns 225 shares of the semiconductor company’s stock valued at $28,000 after acquiring an additional 116 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Qorvo in the 1st quarter valued at approximately $40,000. Old North State Trust LLC purchased a new stake in shares of Qorvo in the 3rd quarter valued at approximately $52,000. Finally, Zions Bancorporation N.A. lifted its position in shares of Qorvo by 3,833.3% in the 1st quarter. Zions Bancorporation N.A. now owns 472 shares of the semiconductor company’s stock valued at $59,000 after acquiring an additional 460 shares in the last quarter. Hedge funds and other institutional investors own 86.47% of the company’s stock.

Wall Street Analyst Weigh In

QRVO has been the subject of several research analyst reports. Piper Sandler upped their price target on shares of Qorvo from $100.00 to $120.00 and gave the company an “overweight” rating in a research report on Thursday, February 2nd. Citigroup upped their price objective on shares of Qorvo from $94.00 to $113.00 and gave the company a “neutral” rating in a research note on Friday, February 3rd. KGI Securities upgraded shares of Qorvo from a “neutral” rating to an “outperform” rating in a research note on Tuesday, May 9th. Mizuho upped their price objective on shares of Qorvo from $100.00 to $102.00 in a research note on Thursday, May 4th. Finally, Barclays upped their price objective on shares of Qorvo from $85.00 to $110.00 and gave the company an “equal weight” rating in a research note on Monday, January 23rd. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $108.78.

Insider Activity

In other news, CEO Robert A. Bruggeworth sold 17,063 shares of Qorvo stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $90.73, for a total transaction of $1,548,125.99. Following the sale, the chief executive officer now directly owns 190,024 shares in the company, valued at approximately $17,240,877.52. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.45% of the stock is owned by company insiders.

Qorvo Stock Performance

NASDAQ:QRVO opened at $95.04 on Friday. The firm’s 50-day moving average is $94.95 and its 200-day moving average is $97.13. Qorvo, Inc. has a 52-week low of $75.38 and a 52-week high of $114.59. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.22 and a current ratio of 3.65. The company has a market cap of $9.49 billion, a price-to-earnings ratio of 103.30, a PEG ratio of 3.77 and a beta of 1.45.

Qorvo (NASDAQ:QRVO – Get Rating) last issued its earnings results on Wednesday, May 3rd. The semiconductor company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.13. Qorvo had a net margin of 2.89% and a return on equity of 12.53%. The business had revenue of $632.70 million for the quarter, compared to analyst estimates of $621.35 million. During the same period in the previous year, the business earned $3.03 EPS. The firm’s revenue was down 45.7% on a year-over-year basis. Equities research analysts anticipate that Qorvo, Inc. will post 3.89 earnings per share for the current year.

Qorvo Profile

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Qorvo, Inc engages in the provision of development and commercialization of technologies and products for wireless and wired connectivity. It operates through the following reportable segments: Mobile Products and Infrastructure & Defense Products. The Mobile Products segment is involved in supplying cellular, UWB, and Wi-Fi solutions for applications, including smartphones, wearables, laptops, tablets, and Internet of things.