Sanctuary Advisors LLC Has $366,000 Position in Qorvo, Inc. (NASDAQ:QRVO)

Sanctuary Advisors LLC reduced its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 22.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,541 shares of the semiconductor company’s stock after selling 1,040 shares during the quarter. Sanctuary Advisors LLC’s holdings in Qorvo were worth $366,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Larson Financial Group LLC increased its stake in shares of Qorvo by 163.4% in the third quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 201 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in shares of Qorvo in the third quarter valued at $41,000. Farther Finance Advisors LLC increased its stake in shares of Qorvo by 33.7% in the third quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock valued at $43,000 after buying an additional 104 shares in the last quarter. UMB Bank n.a. increased its stake in shares of Qorvo by 382.5% in the second quarter. UMB Bank n.a. now owns 550 shares of the semiconductor company’s stock valued at $64,000 after buying an additional 436 shares in the last quarter. Finally, Brooklyn Investment Group acquired a new stake in shares of Qorvo in the third quarter valued at $96,000. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on QRVO. JPMorgan Chase & Co. lowered their price objective on Qorvo from $115.00 to $95.00 and set an “underweight” rating for the company in a research report on Wednesday, October 30th. Bank of America lowered their price objective on Qorvo from $115.00 to $80.00 and set an “underperform” rating for the company in a research report on Wednesday, October 30th. Raymond James lowered Qorvo from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 30th. Barclays lowered their price objective on Qorvo from $120.00 to $90.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 30th. Finally, TD Cowen lowered their price objective on Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a research report on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $102.88.

Qorvo Price Performance

Shares of QRVO stock opened at $71.42 on Friday. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45. Qorvo, Inc. has a twelve month low of $64.54 and a twelve month high of $130.99. The company has a market cap of $6.75 billion, a P/E ratio of -48.92, a P/E/G ratio of 5.58 and a beta of 1.42. The business has a fifty day simple moving average of $74.49 and a 200 day simple moving average of $98.30.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter in the prior year, the firm earned $1.99 EPS. The business’s revenue for the quarter was down 5.2% compared to the same quarter last year. On average, sell-side analysts forecast that Qorvo, Inc. will post 3.37 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Philip Chesley sold 4,045 shares of the stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $70.15, for a total value of $283,756.75. Following the completion of the sale, the senior vice president now owns 30,261 shares of the company’s stock, valued at approximately $2,122,809.15. This represents a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.46% of the company’s stock.

About Qorvo

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.