Penserra Capital Management LLC Trims Stock Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Penserra Capital Management LLC trimmed its position in Qorvo, Inc. (NASDAQ:QRVO) by 21.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 120,509 shares of the semiconductor company’s stock after selling 33,505 shares during the period. Penserra Capital Management LLC’s holdings in Qorvo were worth $12,295,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. grew its stake in Qorvo by 3.1% in the second quarter. PNC Financial Services Group Inc. now owns 16,460 shares of the semiconductor company’s stock worth $1,679,000 after purchasing an additional 497 shares during the period. ProShare Advisors LLC grew its stake in shares of Qorvo by 0.8% in the second quarter. ProShare Advisors LLC now owns 33,524 shares of the semiconductor company’s stock worth $3,420,000 after acquiring an additional 277 shares during the last quarter. Profund Advisors LLC grew its stake in shares of Qorvo by 20.5% in the second quarter. Profund Advisors LLC now owns 5,985 shares of the semiconductor company’s stock worth $611,000 after acquiring an additional 1,018 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Qorvo by 2.3% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 104,949 shares of the semiconductor company’s stock worth $10,708,000 after acquiring an additional 2,385 shares during the last quarter. Finally, Great Lakes Advisors LLC grew its stake in shares of Qorvo by 39.0% in the second quarter. Great Lakes Advisors LLC now owns 25,965 shares of the semiconductor company’s stock worth $2,649,000 after acquiring an additional 7,285 shares during the last quarter. 85.60% of the stock is owned by hedge funds and other institutional investors.

Qorvo Stock Performance

QRVO stock traded down $2.07 during trading on Tuesday, reaching $93.07. The stock had a trading volume of 88,513 shares, compared to its average volume of 1,255,680. Qorvo, Inc. has a 52 week low of $80.62 and a 52 week high of $114.59. The stock’s 50 day moving average is $92.14 and its two-hundred day moving average is $98.02. The company has a current ratio of 3.37, a quick ratio of 2.12 and a debt-to-equity ratio of 0.54. The firm has a market cap of $9.06 billion, a PE ratio of -93.35, a PEG ratio of 2.10 and a beta of 1.48.

Insider Buying and Selling at Qorvo

In other Qorvo news, Director Roderick Nelson sold 2,067 shares of the stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $106.60, for a total value of $220,342.20. Following the transaction, the director now owns 7,727 shares of the company’s stock, valued at $823,698.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.43% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on QRVO. StockNews.com raised Qorvo from a “hold” rating to a “buy” rating in a research note on Friday, November 3rd. Mizuho cut their target price on Qorvo from $107.00 to $97.00 and set a “neutral” rating on the stock in a research note on Friday, November 3rd. BMO Capital Markets cut their target price on Qorvo from $110.00 to $100.00 and set a “market perform” rating on the stock in a research note on Friday, November 3rd. Summit Insights cut Qorvo from a “buy” rating to a “hold” rating in a research note on Thursday, November 2nd. Finally, Susquehanna lowered their price target on Qorvo from $110.00 to $95.00 and set a “neutral” rating on the stock in a report on Tuesday, October 24th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Qorvo has a consensus rating of “Hold” and a consensus target price of $108.33.

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.