Pinnacle Associates Ltd. Acquires 9,673 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Pinnacle Associates Ltd. increased its stake in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 2.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 395,546 shares of the semiconductor company's stock after buying an additional 9,673 shares during the period. Pinnacle Associates Ltd. owned 0.42% of Qorvo worth $44,542,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of QRVO. Mather Group LLC. boosted its stake in Qorvo by 5.6% in the second quarter. Mather Group LLC. now owns 1,812 shares of the semiconductor company's stock valued at $208,000 after acquiring an additional 96 shares during the last quarter. V Square Quantitative Management LLC boosted its position in Qorvo by 5.0% during the 3rd quarter. V Square Quantitative Management LLC now owns 2,233 shares of the semiconductor company's stock worth $231,000 after acquiring an additional 107 shares during the last quarter. EverSource Wealth Advisors LLC grew 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 valued at $30,000 after acquiring an additional 115 shares in the last quarter. American Trust increased its position in shares of Qorvo by 5.8% during the 2nd quarter. American Trust now owns 2,110 shares of the semiconductor company's stock worth $245,000 after purchasing an additional 115 shares during the last quarter. Finally, Empirical Finance LLC raised its position in Qorvo by 3.2% during the first quarter. Empirical Finance LLC now owns 3,768 shares of the semiconductor company's stock worth $433,000 after acquiring an additional 117 shares in the last quarter. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Qorvo

In related 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 transaction of $74,184.63. Following the completion of the sale, the vice president now owns 21,601 shares in the company, valued at approximately $2,325,779.67. This represents a 0.00 % 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.

Qorvo Trading Down 27.3 %

Qorvo stock traded down $27.44 during mid-day trading on Wednesday, hitting $73.04. 10,432,682 shares of the stock were exchanged, compared to its average volume of 1,394,354. The stock has a market capitalization of $6.94 billion, a price-to-earnings ratio of -100.05, a PEG ratio of 1.20 and a beta of 1.45. The company has a quick ratio of 1.36, a current ratio of 1.95 and a debt-to-equity ratio of 0.44. Qorvo, Inc. has a 12 month low of $71.31 and a 12 month high of $130.99. The firm's fifty day simple moving average is $104.86 and its two-hundred day simple moving average is $107.98.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.03. The firm had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The company's revenue was down 5.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.99 earnings per share. Analysts forecast that Qorvo, Inc. will post 4.84 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on QRVO. Needham & Company LLC started coverage on Qorvo in a research report on Monday. They issued a "buy" rating and a $135.00 price objective for the company. Craig Hallum cut their price objective on shares of Qorvo from $142.00 to $105.00 and set a "buy" rating for the company in a report on Wednesday. Benchmark lowered Qorvo from a "buy" rating to a "hold" rating in a report on Wednesday. Barclays decreased their price objective on shares of Qorvo from $120.00 to $90.00 and set an "equal weight" rating on the stock in a research note on Wednesday. Finally, The Goldman Sachs Group boosted their target price on Qorvo from $105.00 to $118.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 31st. Two investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $104.47.

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.