Oak Thistle LLC Trims Stake in Qorvo, Inc. (NASDAQ:QRVO)

Oak Thistle LLC decreased its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 19.5% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,134 shares of the semiconductor company’s stock after selling 761 shares during the period. Oak Thistle LLC’s holdings in Qorvo were worth $360,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Park Place Capital Corp increased its position in Qorvo by 398.1% during the 1st quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 207 shares in the last quarter. Riverview Trust Co purchased a new stake in shares of Qorvo during the first quarter worth about $40,000. GAMMA Investing LLC acquired a new position in shares of Qorvo in the fourth quarter valued at approximately $104,000. Quadrant Capital Group LLC lifted its stake in shares of Qorvo by 18.7% during the fourth quarter. Quadrant Capital Group LLC now owns 951 shares of the semiconductor company’s stock valued at $107,000 after buying an additional 150 shares during the period. Finally, Wahed Invest LLC boosted its position in Qorvo by 7.5% during the third quarter. Wahed Invest LLC now owns 1,540 shares of the semiconductor company’s stock worth $147,000 after acquiring an additional 108 shares during the last quarter. 88.57% of the stock is owned by institutional investors and hedge funds.

Qorvo Stock Performance

Qorvo stock opened at $117.81 on Tuesday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.99 and a quick ratio of 1.41. The firm’s fifty day moving average price is $104.88 and its 200 day moving average price is $108.70. The company has a market capitalization of $11.27 billion, a price-to-earnings ratio of -161.38, a price-to-earnings-growth ratio of 1.12 and a beta of 1.46. Qorvo, Inc. has a 12-month low of $80.62 and a 12-month high of $121.65.

Qorvo (NASDAQ:QRVO) last announced its earnings results on Wednesday, May 1st. The semiconductor company reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.18. Qorvo had a positive return on equity of 13.43% and a negative net margin of 1.86%. The business had revenue of $941.00 million for the quarter, compared to analyst estimates of $927.24 million. During the same period in the previous year, the company earned $0.11 earnings per share. The company’s revenue for the quarter was up 48.7% compared to the same quarter last year. On average, research analysts forecast that Qorvo, Inc. will post 5.16 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have weighed in on QRVO shares. Benchmark cut their price target on Qorvo from $136.00 to $128.00 and set a “buy” rating for the company in a report on Thursday, May 2nd. Mizuho dropped their price target on shares of Qorvo from $115.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, May 2nd. StockNews.com downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Tuesday, June 25th. Rosenblatt Securities reissued a “neutral” rating and set a $105.00 price objective on shares of Qorvo in a research note on Wednesday, June 12th. Finally, Barclays dropped their target price on shares of Qorvo from $110.00 to $100.00 and set an “equal weight” rating for the company in a research report on Thursday, May 2nd. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Qorvo has a consensus rating of “Hold” and a consensus price target of $110.83.

Insider Buying and Selling at Qorvo

In other news, Director John R. Harding sold 941 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $97.36, for a total transaction of $91,615.76. Following the completion of the sale, the director now owns 6,950 shares of the company’s stock, valued at $676,652. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Robert A. Bruggeworth sold 22,299 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $99.31, for a total transaction of $2,214,513.69. Following the transaction, the chief executive officer now directly owns 154,714 shares in the company, valued at $15,364,647.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John R. Harding sold 941 shares of Qorvo stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $97.36, for a total transaction of $91,615.76. Following the completion of the transaction, the director now directly owns 6,950 shares of the company’s stock, valued at $676,652. The disclosure for this sale can be found here. Insiders have sold a total of 45,372 shares of company stock valued at $4,517,858 in the last three months. Corporate insiders own 0.43% of the company’s stock.

Qorvo 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.