PGGM Investments Trims Stock Position in Qorvo, Inc. (NASDAQ:QRVO)

PGGM Investments reduced its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 18.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,108 shares of the semiconductor company’s stock after selling 1,342 shares during the quarter. PGGM Investments’ holdings in Qorvo were worth $688,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in QRVO. Russell Investments Group Ltd. lifted its position in Qorvo by 31.0% during the 4th quarter. Russell Investments Group Ltd. now owns 283,785 shares of the semiconductor company’s stock worth $31,967,000 after acquiring an additional 67,100 shares during the period. Alexander Randolph Advisory Inc. acquired a new stake in shares of Qorvo in the 4th quarter worth $1,529,000. Headlands Technologies LLC boosted its holdings in shares of Qorvo by 119.8% in the fourth quarter. Headlands Technologies LLC now owns 11,097 shares of the semiconductor company’s stock valued at $1,250,000 after acquiring an additional 6,048 shares in the last quarter. Argonautica Private Wealth Management Inc. acquired a new position in shares of Qorvo during the fourth quarter worth about $206,000. Finally, GAMMA Investing LLC acquired a new stake in Qorvo in the fourth quarter valued at about $104,000. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Qorvo Stock Performance

NASDAQ:QRVO opened at $118.83 on Tuesday. The company has a market cap of $11.47 billion, a P/E ratio of -55.27, a P/E/G ratio of 0.90 and a beta of 1.56. The firm’s 50 day moving average is $113.61 and its two-hundred day moving average is $105.23. Qorvo, Inc. has a fifty-two week low of $80.62 and a fifty-two week high of $121.65. The company has a quick ratio of 1.33, a current ratio of 1.90 and a debt-to-equity ratio of 0.43.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Wednesday, January 31st. The semiconductor company reported $1.89 EPS for the quarter, topping analysts’ consensus estimates of $1.42 by $0.47. Qorvo had a positive return on equity of 10.41% and a negative net margin of 6.11%. The company had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1 billion. Analysts expect that Qorvo, Inc. will post 4.95 EPS for the current year.

Insider Transactions at Qorvo

In related news, SVP Paul J. Fego sold 3,027 shares of Qorvo stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $114.00, for a total transaction of $345,078.00. Following the transaction, the senior vice president now owns 29,705 shares in the company, valued at approximately $3,386,370. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Qorvo news, VP Gina Harrison sold 354 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $114.00, for a total value of $40,356.00. Following the transaction, the vice president now owns 18,442 shares in the company, valued at approximately $2,102,388. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Paul J. Fego sold 3,027 shares of Qorvo stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $114.00, for a total value of $345,078.00. Following the sale, the senior vice president now directly owns 29,705 shares in the company, valued at $3,386,370. The disclosure for this sale can be found here. Insiders sold 6,381 shares of company stock valued at $745,434 over the last 90 days. Corporate insiders own 0.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. StockNews.com cut shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Thursday, February 8th. Raymond James lifted their price objective on Qorvo from $115.00 to $120.00 and gave the stock an “outperform” rating in a report on Thursday, February 1st. JPMorgan Chase & Co. upped their target price on Qorvo from $95.00 to $105.00 and gave the company an “underweight” rating in a report on Thursday, February 1st. The Goldman Sachs Group lifted their price target on Qorvo from $104.00 to $117.00 and gave the stock a “neutral” rating in a research note on Thursday, February 1st. Finally, Needham & Company LLC reissued a “buy” rating and issued a $125.00 price objective on shares of Qorvo in a research note on Thursday, February 1st. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Qorvo has an average rating of “Hold” and a consensus price target of $111.53.

About Qorvo

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.