Franklin Resources Inc. Increases Position in Qorvo, Inc. (NASDAQ:QRVO)

Franklin Resources Inc. increased its stake in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 43.2% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 52,814 shares of the semiconductor company's stock after acquiring an additional 15,925 shares during the quarter. Franklin Resources Inc. owned about 0.06% of Qorvo worth $5,523,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Farther Finance Advisors LLC increased its stake in Qorvo by 33.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company's stock worth $43,000 after acquiring an additional 104 shares during the last quarter. V Square Quantitative Management LLC raised its stake in Qorvo by 5.0% during the third quarter. V Square Quantitative Management LLC now owns 2,233 shares of the semiconductor company's stock valued at $231,000 after purchasing an additional 107 shares in the last quarter. American Trust lifted its position in Qorvo by 5.8% during the second quarter. American Trust now owns 2,110 shares of the semiconductor company's stock valued at $245,000 after purchasing an additional 115 shares during the last quarter. Verdence Capital Advisors LLC grew its stake in shares of Qorvo by 3.7% in the 3rd quarter. Verdence Capital Advisors LLC now owns 3,884 shares of the semiconductor company's stock worth $401,000 after buying an additional 140 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of Qorvo by 1.6% in the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 9,526 shares of the semiconductor company's stock worth $1,105,000 after buying an additional 150 shares during the last quarter. 88.57% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. StockNews.com downgraded shares of Qorvo from a "buy" rating to a "hold" rating in a report on Tuesday, December 17th. JPMorgan Chase & Co. lowered their price objective on Qorvo from $115.00 to $95.00 and set an "underweight" rating for the company in a research note on Wednesday, October 30th. Raymond James downgraded Qorvo from an "outperform" rating to a "market perform" rating in a research report on Wednesday, October 30th. Craig Hallum decreased their price target on Qorvo from $142.00 to $105.00 and set a "buy" rating on the stock in a report on Wednesday, October 30th. Finally, Morgan Stanley lowered shares of Qorvo from an "overweight" rating to an "equal weight" rating and dropped their price objective for the stock from $130.00 to $120.00 in a research note on Friday, October 11th. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $102.88.

Qorvo Trading Down 0.1 %

Shares of Qorvo stock traded down $0.04 on Tuesday, hitting $71.50. 973,753 shares of the company traded hands, compared to its average volume of 1,633,942. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45. The company has a market cap of $6.76 billion, a PE ratio of -48.97, a PEG ratio of 5.58 and a beta of 1.42. The stock's 50 day moving average price is $75.79 and its 200-day moving average price is $98.68. Qorvo, Inc. has a 52 week low of $64.54 and a 52 week high of $130.99.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its 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. 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 during the quarter, compared to analyst estimates of $1.03 billion. During the same period in the previous year, the company posted $1.99 EPS. Qorvo's revenue was down 5.2% on a year-over-year basis. Equities research analysts predict that Qorvo, Inc. will post 3.37 EPS for the current year.

Insider Buying and Selling

In other news, SVP Philip Chesley sold 4,045 shares of the business's stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $70.15, for a total value of $283,756.75. Following the completion of the sale, the senior vice president now owns 30,261 shares in the company, valued at approximately $2,122,809.15. The trade was a 11.79 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.46% of the stock is owned by insiders.

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.