Glenmede Trust Co. NA Sells 109,157 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Glenmede Trust Co. NA trimmed its stake in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 86.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 17,785 shares of the semiconductor company's stock after selling 109,157 shares during the quarter. Glenmede Trust Co. NA's holdings in Qorvo were worth $1,837,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Qorvo in the second quarter valued at approximately $29,000. EverSource Wealth Advisors LLC increased its holdings in shares of Qorvo by 81.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company's stock worth $30,000 after buying an additional 115 shares during the last quarter. Versant Capital Management Inc lifted its holdings in shares of Qorvo by 9,333.3% during the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company's stock worth $33,000 after acquiring an additional 280 shares during the last quarter. Larson Financial Group LLC grew its position in Qorvo by 163.4% in the third quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company's stock worth $33,000 after acquiring an additional 201 shares in the last quarter. Finally, New Millennium Group LLC bought a new position in Qorvo in the second quarter valued at $34,000. Hedge funds and other institutional investors own 88.57% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on QRVO. JPMorgan Chase & Co. cut their price objective on Qorvo from $115.00 to $95.00 and set an "underweight" rating for the company in a report on Wednesday, October 30th. Barclays lowered their price objective on shares of Qorvo from $120.00 to $90.00 and set an "equal weight" rating for the company in a report on Wednesday, October 30th. Needham & Company LLC began coverage on shares of Qorvo in a report on Monday, October 28th. They set a "buy" rating and a $135.00 target price on the stock. TD Cowen lowered their price target on shares of Qorvo from $125.00 to $85.00 and set a "hold" rating for the company in a research note on Wednesday, October 30th. Finally, BNP Paribas lowered Qorvo from an "outperform" rating to a "neutral" rating and set a $80.00 price objective for the company. in a research note on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $102.88.

Qorvo Stock Up 2.5 %

Shares of NASDAQ QRVO traded up $1.75 during midday trading on Monday, hitting $70.80. The stock had a trading volume of 1,947,027 shares, compared to its average volume of 1,452,800. The company has a market cap of $6.69 billion, a P/E ratio of -47.29, a PEG ratio of 5.53 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. The business's 50 day moving average is $86.84 and its 200-day moving average is $102.09. Qorvo, Inc. has a 52 week low of $64.98 and a 52 week high of $130.99.

Qorvo (NASDAQ:QRVO - Get Free Report) last posted its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, topping analysts' consensus estimates of $1.85 by $0.03. The business 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%. The company's quarterly revenue was down 5.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.99 EPS. As a group, analysts predict that Qorvo, Inc. will post 3.37 EPS for the current year.

Insider Buying and Selling at Qorvo

In other news, VP Gina Harrison sold 689 shares of the firm'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 transaction, the vice president now directly owns 21,601 shares in the company, valued at $2,325,779.67. This trade represents a 3.09 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.46% of the company's stock.

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.