Qorvo, Inc. (NASDAQ:QRVO) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. lessened its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 26.3% in the third quarter, according to its most recent filing with the SEC. The firm owned 86,158 shares of the semiconductor company’s stock after selling 30,701 shares during the quarter. Victory Capital Management Inc. owned about 0.09% of Qorvo worth $8,900,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. GDS Wealth Management acquired a new position in Qorvo during the 3rd quarter worth $2,171,000. Robeco Institutional Asset Management B.V. boosted its position in Qorvo by 78.6% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock worth $55,548,000 after acquiring an additional 236,590 shares during the period. Bessemer Group Inc. boosted its position in Qorvo by 1,361.9% during the 1st quarter. Bessemer Group Inc. now owns 13,596 shares of the semiconductor company’s stock worth $1,562,000 after acquiring an additional 12,666 shares during the period. Canada Pension Plan Investment Board raised its stake in shares of Qorvo by 23.8% in the 1st quarter. Canada Pension Plan Investment Board now owns 370,200 shares of the semiconductor company’s stock worth $42,510,000 after buying an additional 71,200 shares in the last quarter. Finally, APG Asset Management N.V. raised its stake in shares of Qorvo by 21.9% in the 2nd quarter. APG Asset Management N.V. now owns 101,243 shares of the semiconductor company’s stock worth $10,962,000 after buying an additional 18,178 shares in the last quarter. Institutional investors and hedge funds own 88.57% of the company’s stock.

Qorvo Stock Performance

Shares of NASDAQ QRVO opened at $67.62 on Friday. The business’s 50-day moving average price is $90.84 and its two-hundred day moving average price is $103.23. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.38. Qorvo, Inc. has a one year low of $64.98 and a one year high of $130.99. The company has a market capitalization of $6.39 billion, a P/E ratio of -46.32, a price-to-earnings-growth ratio of 5.31 and a beta of 1.49.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.03. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The firm had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the previous year, the company posted $1.99 earnings per share. The business’s quarterly revenue was down 5.2% compared to the same quarter last year. Analysts anticipate that Qorvo, Inc. will post 3.37 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

QRVO has been the topic of a number of research reports. Needham & Company LLC initiated coverage on Qorvo in a research note on Monday, October 28th. They issued a “buy” rating and a $135.00 price objective on the stock. BNP Paribas downgraded Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price objective on the stock. in a research note on Wednesday, October 30th. JPMorgan Chase & Co. dropped their price objective on Qorvo from $115.00 to $95.00 and set an “underweight” rating on the stock in a research note on Wednesday, October 30th. Craig Hallum dropped their price objective on Qorvo from $142.00 to $105.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th. Finally, Bank of America dropped their price objective on Qorvo from $115.00 to $80.00 and set an “underperform” rating on the stock in a research note on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $102.88.

Insider Transactions at Qorvo

In related news, VP Gina Harrison sold 689 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $107.67, for a total transaction of $74,184.63. Following the completion of the transaction, the vice president now owns 21,601 shares of the company’s stock, valued at approximately $2,325,779.67. The trade was a 3.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.46% of the stock is currently owned by corporate insiders.

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.