Principal Financial Group Inc. Raises Stock Position in Qorvo, Inc. (NASDAQ:QRVO)

Principal Financial Group Inc. raised its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 1.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 109,100 shares of the semiconductor company’s stock after acquiring an additional 1,426 shares during the quarter. Principal Financial Group Inc. owned approximately 0.11% of Qorvo worth $11,270,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in QRVO. Sei Investments Co. raised its stake in Qorvo by 28.0% during the 1st quarter. Sei Investments Co. now owns 35,314 shares of the semiconductor company’s stock valued at $4,055,000 after purchasing an additional 7,735 shares during the period. Orion Portfolio Solutions LLC grew its holdings in Qorvo by 5.4% during the 1st quarter. Orion Portfolio Solutions LLC now owns 16,010 shares of the semiconductor company’s stock valued at $1,838,000 after buying an additional 826 shares in the last quarter. Acadian Asset Management LLC raised its position in shares of Qorvo by 1,531.6% during the first quarter. Acadian Asset Management LLC now owns 116,760 shares of the semiconductor company’s stock valued at $13,404,000 after buying an additional 109,604 shares during the last quarter. Ontario Teachers Pension Plan Board lifted its holdings in shares of Qorvo by 191.1% in the first quarter. Ontario Teachers Pension Plan Board now owns 16,377 shares of the semiconductor company’s stock worth $1,881,000 after buying an additional 10,751 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC boosted its position in shares of Qorvo by 15.7% during the first quarter. O Shaughnessy Asset Management LLC now owns 3,272 shares of the semiconductor company’s stock worth $376,000 after acquiring an additional 443 shares during the last quarter. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Qorvo Price Performance

QRVO opened at $65.61 on Monday. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45. The business has a fifty day moving average of $93.98 and a 200 day moving average of $104.16. Qorvo, Inc. has a 52-week low of $65.35 and a 52-week high of $130.99. The stock has a market cap of $6.20 billion, a P/E ratio of -44.94, a PEG ratio of 5.26 and a beta of 1.49.

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, beating analysts’ consensus estimates of $1.85 by $0.03. The firm had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The business’s revenue was down 5.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.99 earnings per share. As a group, sell-side analysts anticipate that Qorvo, Inc. will post 3.37 EPS for the current year.

Analysts Set New Price Targets

QRVO has been the subject of a number of research analyst reports. The Goldman Sachs Group raised their price objective on Qorvo from $105.00 to $118.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st. StockNews.com downgraded Qorvo from a “buy” rating to a “hold” rating in a research note on Thursday, October 31st. Craig Hallum lowered their target price on Qorvo from $142.00 to $105.00 and set a “buy” rating for the company in a research report on Wednesday, October 30th. Rosenblatt Securities boosted their price target on shares of Qorvo from $105.00 to $120.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. Finally, BNP Paribas lowered shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price objective 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 assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Qorvo presently has a consensus rating of “Hold” and a consensus target price of $102.88.

Insiders Place Their Bets

In other Qorvo news, VP Gina Harrison sold 689 shares of the company’s stock in a transaction 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 sale, the vice president now directly owns 21,601 shares in the company, valued at approximately $2,325,779.67. This represents a 3.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.46% of the company’s stock.

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.