Qorvo, Inc. (NASDAQ:QRVO) Shares Sold by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board reduced its stake in Qorvo, Inc. (NASDAQ:QRVO) by 23.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 282,000 shares of the semiconductor company’s stock after selling 88,200 shares during the period. Canada Pension Plan Investment Board owned approximately 0.30% of Qorvo worth $32,723,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the stock. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Qorvo in the 2nd quarter valued at about $29,000. Park Place Capital Corp lifted its stake in shares of Qorvo by 398.1% in 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. EverSource Wealth Advisors LLC boosted its holdings in Qorvo by 81.0% in the first quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after purchasing an additional 115 shares during the last quarter. Versant Capital Management Inc grew its stake in Qorvo by 9,333.3% during the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock valued at $33,000 after purchasing an additional 280 shares in the last quarter. Finally, New Millennium Group LLC purchased a new stake in Qorvo during the 2nd quarter worth approximately $34,000. Institutional investors and hedge funds own 88.57% of the company’s stock.

Insider Activity

In related news, VP Gina Harrison sold 689 shares of the stock in a transaction that occurred 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 directly owns 21,601 shares of the company’s stock, valued at approximately $2,325,779.67. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.46% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. TD Cowen upgraded Qorvo to a “hold” rating in a research note on Monday, September 16th. The Goldman Sachs Group increased their price objective on shares of Qorvo from $105.00 to $118.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. Raymond James boosted their target price 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. Craig Hallum increased their price target on shares of Qorvo from $124.00 to $142.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. lifted their price target on Qorvo from $100.00 to $115.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 31st. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $121.00.

Qorvo Price Performance

Shares of NASDAQ QRVO opened at $102.26 on Monday. 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 firm has a market capitalization of $9.72 billion, a PE ratio of -140.08, a P/E/G ratio of 1.23 and a beta of 1.46. Qorvo, Inc. has a 1-year low of $80.62 and a 1-year high of $130.99. The business’s fifty day moving average price is $112.02 and its two-hundred day moving average price is $110.36.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.16. The business had revenue of $886.70 million for 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 earned $0.03 EPS. On average, research analysts expect that Qorvo, Inc. will post 4.8 EPS for the current year.

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.