Citigroup Inc. Sells 8,420 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Citigroup Inc. decreased its position in Qorvo, Inc. (NASDAQ:QRVO) by 2.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 310,251 shares of the semiconductor company’s stock after selling 8,420 shares during the period. Citigroup Inc. owned approximately 0.32% of Qorvo worth $31,655,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. BNP Paribas Arbitrage SNC boosted its stake in Qorvo by 16.1% in the 2nd quarter. BNP Paribas Arbitrage SNC now owns 347,023 shares of the semiconductor company’s stock worth $35,407,000 after purchasing an additional 48,167 shares in the last quarter. Banque Cantonale Vaudoise lifted its stake in Qorvo by 183.9% during the 2nd quarter. Banque Cantonale Vaudoise now owns 6,396 shares of the semiconductor company’s stock valued at $652,000 after acquiring an additional 4,143 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in Qorvo by 2.9% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 17,421 shares of the semiconductor company’s stock valued at $1,777,000 after acquiring an additional 487 shares during the period. Financial Gravity Asset Management Inc. bought a new position in Qorvo during the 2nd quarter valued at about $377,000. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its stake in Qorvo by 8.3% during the 2nd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 83,665 shares of the semiconductor company’s stock valued at $8,536,000 after acquiring an additional 6,403 shares during the period. Institutional investors own 85.60% of the company’s stock.

Qorvo Trading Up 0.2 %

Qorvo stock opened at $94.08 on Friday. The firm has a 50 day moving average of $92.18 and a 200 day moving average of $97.95. The firm has a market capitalization of $9.16 billion, a price-to-earnings ratio of -94.08, a P/E/G ratio of 2.10 and a beta of 1.48. Qorvo, Inc. has a 12-month low of $80.62 and a 12-month high of $114.59. The company has a current ratio of 3.37, a quick ratio of 2.12 and a debt-to-equity ratio of 0.54.

Analyst Upgrades and Downgrades

Several research firms have issued reports on QRVO. BNP Paribas upgraded shares of Qorvo from a “neutral” rating to an “outperform” rating and set a $135.00 target price on the stock in a research note on Thursday, August 3rd. UBS Group upped their target price on shares of Qorvo from $110.00 to $115.00 in a research note on Thursday, August 3rd. StockNews.com upgraded shares of Qorvo from a “hold” rating to a “buy” rating in a research note on Friday, November 3rd. Rosenblatt Securities reiterated a “neutral” rating and issued a $95.00 price objective on shares of Qorvo in a research note on Thursday, August 3rd. Finally, Summit Insights cut shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Thursday, November 2nd. Two analysts have rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Qorvo has a consensus rating of “Hold” and an average price target of $108.33.

Insider Buying and Selling at Qorvo

In other Qorvo news, Director Roderick Nelson sold 2,067 shares of the stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $106.60, for a total transaction of $220,342.20. Following the completion of the sale, the director now directly owns 7,727 shares of the company’s stock, valued at approximately $823,698.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Qorvo news, Director Roderick Nelson sold 2,067 shares of the stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $106.60, for a total transaction of $220,342.20. Following the completion of the sale, the director now directly owns 7,727 shares of the company’s stock, valued at approximately $823,698.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Robert A. Bruggeworth sold 8,689 shares of the stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $101.37, for a total transaction of $880,803.93. Following the sale, the chief executive officer now directly owns 193,994 shares of the company’s stock, valued at $19,665,171.78. The disclosure for this sale can be found here. Insiders own 0.43% of the company’s stock.

Qorvo Company Profile

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.