Allspring Global Investments Holdings LLC Buys 13,072 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Allspring Global Investments Holdings LLC boosted its stake in Qorvo, Inc. (NASDAQ:QRVO) by 21.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 74,722 shares of the semiconductor company’s stock after purchasing an additional 13,072 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.08% of Qorvo worth $7,719,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Hennion & Walsh Asset Management Inc. acquired a new stake in Qorvo in the first quarter worth $227,000. Diversified Trust Co raised its stake in Qorvo by 793.2% during the 1st quarter. Diversified Trust Co now owns 19,347 shares of the semiconductor company’s stock worth $2,222,000 after buying an additional 17,181 shares during the period. Park Place Capital Corp lifted its holdings in Qorvo by 398.1% during the first quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock worth $30,000 after acquiring an additional 207 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of Qorvo by 0.6% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 238,523 shares of the semiconductor company’s stock worth $27,390,000 after acquiring an additional 1,437 shares in the last quarter. Finally, Leeward Investments LLC MA raised its position in shares of Qorvo by 50.6% during the first quarter. Leeward Investments LLC MA now owns 154,346 shares of the semiconductor company’s stock worth $17,724,000 after purchasing an additional 51,850 shares during the period. Institutional investors and hedge funds own 88.57% of the company’s stock.

Insiders Place Their Bets

In other news, VP Gina Harrison sold 689 shares of the stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $107.67, for a total value of $74,184.63. Following the transaction, the vice president now directly owns 21,601 shares of the company’s stock, valued at $2,325,779.67. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.46% of the company’s stock.

Qorvo Trading Down 0.5 %

NASDAQ QRVO opened at $99.01 on Monday. Qorvo, Inc. has a 12 month low of $80.62 and a 12 month high of $130.99. The company has a current ratio of 1.95, a quick ratio of 1.36 and a debt-to-equity ratio of 0.44. The stock has a 50 day moving average of $105.32 and a 200-day moving average of $108.17. The company has a market cap of $9.41 billion, a PE ratio of -135.63, a PEG ratio of 1.22 and a beta of 1.45.

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

Wall Street Analysts Forecast Growth

QRVO has been the subject of a number of research reports. StockNews.com cut Qorvo from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Raymond James increased their price objective on shares of Qorvo from $115.00 to $135.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Susquehanna reduced their target price on shares of Qorvo from $135.00 to $115.00 and set a “neutral” rating for the company in a research note on Monday, October 21st. Piper Sandler dropped their price target on Qorvo from $120.00 to $100.00 and set a “neutral” rating on the stock in a research note on Friday. Finally, Morgan Stanley cut Qorvo from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $130.00 to $120.00 in a research report on Friday, October 11th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $119.86.

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.