State of Michigan Retirement System Lowers Position in Qorvo, Inc. (NASDAQ:QRVO)

State of Michigan Retirement System trimmed its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 0.6% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 32,419 shares of the semiconductor company’s stock after selling 200 shares during the period. State of Michigan Retirement System’s holdings in Qorvo were worth $3,723,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of QRVO. Allspring Global Investments Holdings LLC lifted its position in Qorvo by 65.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 9,491 shares of the semiconductor company’s stock worth $1,090,000 after buying an additional 3,744 shares during the last quarter. Park Place Capital Corp boosted its holdings in shares of Qorvo by 398.1% in the 1st quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 207 shares in the last quarter. Oliver Luxxe Assets LLC increased its position in Qorvo by 50.9% during the 1st quarter. Oliver Luxxe Assets LLC now owns 9,946 shares of the semiconductor company’s stock valued at $1,142,000 after buying an additional 3,355 shares in the last quarter. Diversified Trust Co boosted its stake in Qorvo by 793.2% in the 1st quarter. Diversified Trust Co now owns 19,347 shares of the semiconductor company’s stock worth $2,222,000 after purchasing an additional 17,181 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. purchased a new position in Qorvo in the 1st quarter worth $227,000. 88.57% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently weighed in on QRVO. StockNews.com cut Qorvo from a “buy” rating to a “hold” rating in a research report on Tuesday, June 25th. Barclays reduced 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. Susquehanna dropped their target price on Qorvo from $100.00 to $95.00 and set a “neutral” rating for the company in a report on Thursday, May 2nd. The Goldman Sachs Group lowered their price objective on Qorvo from $117.00 to $105.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Finally, JPMorgan Chase & Co. decreased their price target on Qorvo from $105.00 to $100.00 and set an “underweight” rating on the stock in a research note on Thursday, May 2nd. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $110.83.

Qorvo Stock Performance

Shares of QRVO opened at $118.90 on Wednesday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.41 and a current ratio of 1.99. The company’s fifty day moving average is $105.10 and its two-hundred day moving average is $108.75. Qorvo, Inc. has a 1 year low of $80.62 and a 1 year high of $121.65. The stock has a market capitalization of $11.37 billion, a P/E ratio of -162.88, a P/E/G ratio of 1.12 and a beta of 1.46.

Qorvo (NASDAQ:QRVO) last posted its earnings results on Wednesday, May 1st. The semiconductor company reported $1.39 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $941.00 million for the quarter, compared to analyst estimates of $927.24 million. During the same quarter in the prior year, the company earned $0.11 earnings per share. Qorvo’s revenue was up 48.7% compared to the same quarter last year. On average, sell-side analysts predict that Qorvo, Inc. will post 5.16 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Robert A. Bruggeworth sold 15,279 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $100.00, for a total value of $1,527,900.00. Following the completion of the sale, the chief executive officer now directly owns 190,161 shares in the company, valued at $19,016,100. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Qorvo news, CEO Robert A. Bruggeworth sold 15,279 shares of Qorvo stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $100.00, for a total transaction of $1,527,900.00. Following the transaction, the chief executive officer now directly owns 190,161 shares of the company’s stock, valued at $19,016,100. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director John R. Harding sold 941 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $97.36, for a total value of $91,615.76. Following the completion of the transaction, the director now directly owns 6,950 shares in the company, valued at $676,652. The disclosure for this sale can be found here. In the last three months, insiders sold 45,372 shares of company stock valued at $4,517,858. Company 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.