Intech Investment Management LLC Trims Position in Qorvo, Inc. (NASDAQ:QRVO)

Intech Investment Management LLC lessened its position in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 36.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 31,934 shares of the semiconductor company's stock after selling 17,978 shares during the quarter. Intech Investment Management LLC's holdings in Qorvo were worth $3,299,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Pacer Advisors Inc. boosted its stake in shares of Qorvo by 17,255.9% during the 2nd quarter. Pacer Advisors Inc. now owns 1,427,006 shares of the semiconductor company's stock worth $165,590,000 after acquiring an additional 1,418,784 shares in the last quarter. Vulcan Value Partners LLC boosted its stake in shares of Qorvo by 35.0% during the 2nd quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company's stock worth $246,665,000 after acquiring an additional 550,111 shares in the last quarter. Thrivent Financial for Lutherans boosted its stake in shares of Qorvo by 140.2% during the 3rd quarter. Thrivent Financial for Lutherans now owns 835,336 shares of the semiconductor company's stock worth $86,290,000 after acquiring an additional 487,621 shares in the last quarter. Caxton Associates LP purchased a new stake in shares of Qorvo during the 2nd quarter worth about $34,812,000. Finally, Robeco Institutional Asset Management B.V. boosted its stake in shares of Qorvo by 78.6% during 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 acquiring an additional 236,590 shares in the last quarter. Hedge funds and other institutional investors own 88.57% of the company's stock.

Insider Buying and Selling at Qorvo

In other Qorvo news, VP Gina Harrison sold 689 shares of the company's stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $107.67, for a total transaction of $74,184.63. Following the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.46% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. TD Cowen lowered their target price on shares of Qorvo from $125.00 to $85.00 and set a "hold" rating on the stock in a research note on Wednesday, October 30th. Morgan Stanley lowered shares of Qorvo from an "overweight" rating to an "equal weight" rating and lowered their target price for the stock from $130.00 to $120.00 in a research note on Friday, October 11th. Benchmark lowered shares of Qorvo from a "buy" rating to a "hold" rating in a research note on Wednesday, October 30th. The Goldman Sachs Group raised their price target on shares of Qorvo from $105.00 to $118.00 and gave the company a "neutral" rating in a research note on Wednesday, July 31st. Finally, Susquehanna decreased their price target on shares of Qorvo from $115.00 to $90.00 and set a "neutral" rating on the stock in a research note on Wednesday, October 30th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Qorvo currently has an average rating of "Hold" and an average price target of $102.88.

Qorvo Stock Up 2.0 %

Shares of NASDAQ:QRVO traded up $1.38 during trading on Friday, hitting $69.25. The company's stock had a trading volume of 1,885,884 shares, compared to its average volume of 2,462,038. The business has a 50 day moving average price of $90.08 and a two-hundred day moving average price of $103.14. The company has a market capitalization of $6.55 billion, a PE ratio of -47.43, a P/E/G ratio of 5.44 and a beta of 1.49. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90. Qorvo, Inc. has a fifty-two week low of $64.98 and a fifty-two week high of $130.99.

Qorvo (NASDAQ:QRVO - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.03. The business had revenue of $1.05 billion during the quarter, compared to analysts' expectations of $1.03 billion. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The company's revenue for the quarter was down 5.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.99 EPS. As a group, research analysts expect that Qorvo, Inc. will post 3.37 EPS for the current fiscal 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.