Louisiana State Employees Retirement System Sells 200 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Louisiana State Employees Retirement System cut its holdings in Qorvo, Inc. (NASDAQ:QRVO) by 3.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,300 shares of the semiconductor company’s stock after selling 200 shares during the period. Louisiana State Employees Retirement System’s holdings in Qorvo were worth $547,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in QRVO. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Qorvo in the 2nd quarter valued at about $29,000. EverSource Wealth Advisors LLC increased its position in Qorvo by 81.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 115 shares in the last quarter. Versant Capital Management Inc increased its position in Qorvo by 9,333.3% in the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 280 shares in the last quarter. New Millennium Group LLC bought a new stake in Qorvo in the 2nd quarter valued at about $34,000. Finally, Blue Trust Inc. increased its position in Qorvo by 241.6% in the 2nd quarter. Blue Trust Inc. now owns 345 shares of the semiconductor company’s stock valued at $40,000 after buying an additional 244 shares in the last quarter. 88.57% of the stock is owned by institutional investors.

Insider Activity at Qorvo

In related news, VP Gina Harrison sold 689 shares of the company’s 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 transaction, the vice president now owns 21,601 shares in the company, valued at approximately $2,325,779.67. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.46% of the stock is owned by company insiders.

Qorvo Price Performance

Shares of NASDAQ QRVO opened at $71.80 on Wednesday. Qorvo, Inc. has a twelve month low of $70.39 and a twelve month high of $130.99. The stock’s 50 day moving average price is $101.59 and its 200-day moving average price is $106.91. The company has a market capitalization of $6.79 billion, a PE ratio of -49.18, a PEG ratio of 4.23 and a beta of 1.49. 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 (NASDAQ:QRVO) last posted its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the business earned $1.99 earnings per share. Qorvo’s revenue for the quarter was down 5.2% on a year-over-year basis. On average, equities analysts anticipate that Qorvo, Inc. will post 4.59 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on QRVO shares. Barclays decreased their target price 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. Rosenblatt Securities boosted their target price on Qorvo from $105.00 to $120.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st. The Goldman Sachs Group boosted their price objective on Qorvo from $105.00 to $118.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Piper Sandler decreased their price objective on Qorvo from $120.00 to $100.00 and set a “neutral” rating for the company in a report on Friday, October 25th. Finally, Benchmark lowered Qorvo from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $104.75.

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.