Edgestream Partners L.P. Cuts Position in Qorvo, Inc. (NASDAQ:QRVO)

Edgestream Partners L.P. trimmed its position in shares of Qorvo, Inc. (NASDAQ:QRVO) by 72.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,907 shares of the semiconductor company’s stock after selling 23,972 shares during the period. Edgestream Partners L.P.’s holdings in Qorvo were worth $1,034,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Bessemer Group Inc. increased its stake in Qorvo by 1,361.9% in the first quarter. Bessemer Group Inc. now owns 13,596 shares of the semiconductor company’s stock valued at $1,562,000 after purchasing an additional 12,666 shares during the last quarter. FIL Ltd increased its stake in Qorvo by 4.5% in the fourth quarter. FIL Ltd now owns 2,778,629 shares of the semiconductor company’s stock valued at $312,901,000 after purchasing an additional 120,213 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in Qorvo by 44.4% in the first quarter. Daiwa Securities Group Inc. now owns 13,247 shares of the semiconductor company’s stock valued at $1,521,000 after purchasing an additional 4,072 shares during the last quarter. Canada Pension Plan Investment Board increased its stake in Qorvo by 23.8% in the first quarter. Canada Pension Plan Investment Board now owns 370,200 shares of the semiconductor company’s stock valued at $42,510,000 after purchasing an additional 71,200 shares during the last quarter. Finally, Leeward Investments LLC MA increased its stake in Qorvo by 50.6% in the first quarter. Leeward Investments LLC MA now owns 154,346 shares of the semiconductor company’s stock valued at $17,724,000 after purchasing an additional 51,850 shares during the last quarter. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Rosenblatt Securities increased their price target on shares of Qorvo from $105.00 to $120.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. Raymond James increased their price objective on Qorvo from $115.00 to $135.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Craig Hallum increased their price objective on Qorvo from $124.00 to $142.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. StockNews.com downgraded Qorvo from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Piper Sandler reissued a “neutral” rating and issued a $120.00 price objective (up from $105.00) on shares of Qorvo in a report on Wednesday, July 31st. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $121.00.

Qorvo Price Performance

Shares of NASDAQ QRVO opened at $102.26 on Friday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.95 and a quick ratio of 1.36. The stock has a fifty day moving average price of $112.02 and a 200 day moving average price of $110.42. Qorvo, Inc. has a 1-year low of $80.62 and a 1-year high of $130.99. The company has a market cap of $9.70 billion, a PE ratio of -140.08, a P/E/G ratio of 1.23 and a beta of 1.46.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.16. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The firm had revenue of $886.70 million during the quarter, compared to the consensus estimate of $851.95 million. During the same period last year, the company earned $0.03 earnings per share. The company’s revenue for the quarter was up 36.2% on a year-over-year basis. Sell-side analysts forecast that Qorvo, Inc. will post 4.8 EPS for the current year.

Insiders Place Their Bets

In other Qorvo news, VP Gina Harrison sold 689 shares of the stock in a transaction on Friday, September 6th. The stock was sold at an average price of $107.67, for a total value of $74,184.63. Following the completion of the transaction, the vice president now owns 21,601 shares in the company, valued at $2,325,779.67. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.46% of the stock is currently owned by company insiders.

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.