Qorvo, Inc. (NASDAQ:QRVO) Stock Holdings Lessened by Raymond James & Associates

Raymond James & Associates cut its stake in shares of Qorvo, Inc. (NASDAQ:QRVO – Get Rating) by 45.2% in the 4th quarter, HoldingsChannel.com reports. The fund owned 68,150 shares of the semiconductor company’s stock after selling 56,225 shares during the quarter. Raymond James & Associates’ holdings in Qorvo were worth $6,177,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Ronald Blue Trust Inc. increased its stake in Qorvo by 267.8% in the 4th quarter. Ronald Blue Trust Inc. now owns 320 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 233 shares in the last quarter. Parkside Financial Bank & Trust grew its holdings in shares of Qorvo by 106.4% during the first quarter. Parkside Financial Bank & Trust now owns 225 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 116 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in Qorvo in the 1st quarter worth about $40,000. Old North State Trust LLC acquired a new stake in Qorvo during the 3rd quarter worth about $52,000. Finally, Zions Bancorporation N.A. increased its stake in 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 buying an additional 460 shares during the period. 86.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Qorvo

In related 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 completion of the transaction, the chief executive officer now directly owns 190,024 shares of the company’s stock, valued at approximately $17,240,877.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.45% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

QRVO has been the subject of several recent research reports. Craig Hallum boosted their target price on shares of Qorvo from $120.00 to $130.00 and gave the stock a “buy” rating in a research report on Thursday, February 2nd. Raymond James started coverage on Qorvo in a report on Wednesday, March 1st. They set an “outperform” rating and a $120.00 price objective on the stock. Citigroup boosted their target price on Qorvo from $94.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday, February 3rd. Wells Fargo & Company reduced their price objective on shares of Qorvo from $110.00 to $100.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 11th. Finally, StockNews.com initiated coverage on shares of Qorvo in a research note on Thursday. They issued a “hold” rating on the stock. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $108.78.

Qorvo Stock Performance

NASDAQ QRVO opened at $95.04 on Monday. The stock has a market cap of $9.49 billion, a P/E ratio of 103.30, a PEG ratio of 3.77 and a beta of 1.45. The company’s 50-day simple moving average is $94.95 and its 200 day simple moving average is $97.22. Qorvo, Inc. has a twelve month low of $75.38 and a twelve month high of $114.59. The company has a quick ratio of 2.22, a current ratio of 3.65 and a debt-to-equity ratio of 0.52.

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