Commonwealth Equity Services LLC Decreases Position in Qorvo, Inc. (NASDAQ:QRVO)

Commonwealth Equity Services LLC reduced its stake in Qorvo, Inc. (NASDAQ:QRVO) by 9.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,245 shares of the semiconductor company’s stock after selling 814 shares during the period. Commonwealth Equity Services LLC’s holdings in Qorvo were worth $957,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Qorvo in the second quarter valued at approximately $29,000. Park Place Capital Corp boosted its stake 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 during the period. EverSource Wealth Advisors LLC grew its position in Qorvo by 81.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 115 shares during the last quarter. Versant Capital Management Inc increased its stake in Qorvo by 9,333.3% in the second quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock valued at $33,000 after purchasing an additional 280 shares during the period. Finally, New Millennium Group LLC purchased a new stake in shares of Qorvo in the second quarter valued at about $34,000. Institutional investors and hedge funds own 88.57% of the company’s stock.

Insider Transactions at Qorvo

In other news, VP Gina Harrison sold 689 shares of Qorvo stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $107.67, for a total transaction of $74,184.63. Following the completion of the sale, the vice president now directly owns 21,601 shares in the company, valued at $2,325,779.67. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.46% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on QRVO. StockNews.com downgraded Qorvo from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Piper Sandler reaffirmed a “neutral” rating and set a $120.00 price target (up from $105.00) on shares of Qorvo in a report on Wednesday, July 31st. Susquehanna dropped their price objective on shares of Qorvo from $145.00 to $135.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 31st. Raymond James raised their target price on shares of Qorvo from $115.00 to $135.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. Finally, JPMorgan Chase & Co. boosted their price target on shares of Qorvo from $100.00 to $115.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 31st. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $121.00.

Qorvo Price Performance

Qorvo stock opened at $100.00 on Wednesday. The firm has a market capitalization of $9.50 billion, a PE ratio of -137.00, a P/E/G ratio of 1.28 and a beta of 1.46. Qorvo, Inc. has a 52 week low of $80.62 and a 52 week high of $130.99. The firm’s 50-day simple moving average is $113.71 and its 200 day simple moving average is $110.81. The company has a quick ratio of 1.36, a current ratio of 1.95 and a debt-to-equity ratio of 0.44.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.16. Qorvo had a negative net margin of 0.66% and a positive return on equity of 14.92%. The company had revenue of $886.70 million for the quarter, compared to the consensus estimate of $851.95 million. During the same quarter in the prior year, the firm earned $0.03 earnings per share. The company’s revenue for the quarter was up 36.2% compared to the same quarter last year. On average, equities research analysts predict that Qorvo, Inc. will post 4.84 EPS for the current fiscal year.

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.