Fifth Third Wealth Advisors LLC Purchases Shares of 2,883 Qorvo, Inc. (NASDAQ:QRVO)

Fifth Third Wealth Advisors LLC acquired a new stake in shares of Qorvo, Inc. (NASDAQ:QRVO) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 2,883 shares of the semiconductor company’s stock, valued at approximately $202,000.

Several other large investors have also modified their holdings of the stock. 180 Wealth Advisors LLC lifted its holdings in shares of Qorvo by 78.0% during the fourth quarter. 180 Wealth Advisors LLC now owns 5,293 shares of the semiconductor company’s stock valued at $370,000 after purchasing an additional 2,320 shares during the last quarter. Diversified Trust Co acquired a new stake in Qorvo during the 4th quarter worth about $806,000. Everence Capital Management Inc. purchased a new stake in Qorvo during the fourth quarter valued at about $310,000. Versant Capital Management Inc boosted its holdings in shares of Qorvo by 89.7% in the fourth quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company’s stock worth $42,000 after buying an additional 286 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in shares of Qorvo by 1.3% in the third quarter. Principal Financial Group Inc. now owns 109,100 shares of the semiconductor company’s stock worth $11,270,000 after buying an additional 1,426 shares during the period. 88.57% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. StockNews.com lowered shares of Qorvo from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Raymond James downgraded shares of Qorvo from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 30th. Morgan Stanley cut Qorvo from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $130.00 to $120.00 in a research report on Friday, October 11th. Loop Capital initiated coverage on Qorvo in a research report on Monday, November 11th. They set a “hold” rating and a $73.00 price target on the stock. Finally, Needham & Company LLC assumed coverage on Qorvo in a research note on Monday, October 28th. They issued a “buy” rating and a $135.00 price objective for the company. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $98.47.

Qorvo Price Performance

Shares of QRVO opened at $84.21 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90. The firm has a market cap of $7.96 billion, a PE ratio of -57.68, a PEG ratio of 5.74 and a beta of 1.40. The firm’s 50 day moving average price is $70.09 and its 200 day moving average price is $93.69. Qorvo, Inc. has a twelve month low of $64.54 and a twelve month high of $130.99.

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

Insider Buying and Selling at Qorvo

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 transaction of $283,756.75. Following the transaction, 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 position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate 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.