Qorvo, Inc. (NASDAQ:QRVO) Stake Lifted by MML Investors Services LLC

MML Investors Services LLC grew its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 10.9% in the third quarter, according to its most recent filing with the SEC. The fund owned 3,532 shares of the semiconductor company’s stock after acquiring an additional 347 shares during the period. MML Investors Services LLC’s holdings in Qorvo were worth $365,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. GDS Wealth Management acquired a new position in Qorvo in the 3rd quarter valued at approximately $2,171,000. Robeco Institutional Asset Management B.V. increased its position in Qorvo by 78.6% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock worth $55,548,000 after buying an additional 236,590 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in Qorvo in the 3rd quarter worth $2,507,000. Quest Partners LLC lifted its position in shares of Qorvo by 504.6% in the 3rd quarter. Quest Partners LLC now owns 11,596 shares of the semiconductor company’s stock worth $1,198,000 after acquiring an additional 9,678 shares during the period. Finally, Paloma Partners Management Co bought a new position in shares of Qorvo during the 3rd quarter worth about $5,165,000. Institutional investors and hedge funds own 88.57% of the company’s stock.

Wall Street Analyst Weigh In

QRVO has been the topic of several research analyst reports. Bank of America decreased their target price on Qorvo from $115.00 to $80.00 and set an “underperform” rating on the stock in a report on Wednesday, October 30th. Needham & Company LLC assumed coverage on Qorvo in a research note on Monday, October 28th. They set a “buy” rating and a $135.00 price objective for the company. Craig Hallum cut their target price on Qorvo from $142.00 to $105.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th. Benchmark lowered Qorvo from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Finally, Raymond James cut shares of Qorvo from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 30th. Two 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $102.88.

Insider Transactions at Qorvo

In other news, SVP Philip Chesley sold 4,045 shares of the business’s stock in a transaction on 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 transaction, the senior vice president now owns 30,261 shares in the company, valued at $2,122,809.15. The trade was a 11.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.46% of the company’s stock.

Qorvo Stock Down 0.1 %

Qorvo stock opened at $71.50 on Wednesday. Qorvo, Inc. has a twelve month low of $64.54 and a twelve month high of $130.99. The firm has a 50 day moving average price of $75.79 and a 200-day moving average price of $98.68. The company has a market capitalization of $6.76 billion, a P/E ratio of -48.97, a P/E/G ratio of 5.58 and a beta of 1.42. 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 issued its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, topping the consensus estimate of $1.85 by $0.03. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. Qorvo’s revenue was down 5.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.99 earnings per share. As a group, equities analysts predict that Qorvo, Inc. will post 3.37 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.