Fmr LLC Trims Stake in Qorvo, Inc. (NASDAQ:QRVO)

FMR LLC lessened its holdings in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 49.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 674,630 shares of the semiconductor company's stock after selling 659,235 shares during the quarter. FMR LLC owned 0.71% of Qorvo worth $69,689,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in QRVO. Comerica Bank increased its position in shares of Qorvo by 13.3% in the first quarter. Comerica Bank now owns 17,363 shares of the semiconductor company's stock valued at $1,994,000 after acquiring an additional 2,041 shares during the period. Cetera Advisors LLC increased its position in shares of Qorvo by 40.9% in the first quarter. Cetera Advisors LLC now owns 2,542 shares of the semiconductor company's stock valued at $292,000 after acquiring an additional 738 shares during the period. CWM LLC increased its position in shares of Qorvo by 6.8% in the second quarter. CWM LLC now owns 3,060 shares of the semiconductor company's stock valued at $355,000 after acquiring an additional 196 shares during the period. SG Americas Securities LLC increased its position in shares of Qorvo by 114.0% in the second quarter. SG Americas Securities LLC now owns 29,020 shares of the semiconductor company's stock valued at $3,367,000 after acquiring an additional 15,457 shares during the period. Finally, Czech National Bank increased its position in shares of Qorvo by 8.3% in the second quarter. Czech National Bank now owns 18,398 shares of the semiconductor company's stock valued at $2,135,000 after acquiring an additional 1,412 shares during the period. Hedge funds and other institutional investors own 88.57% of the company's stock.

Qorvo Stock Down 0.5 %

Shares of NASDAQ QRVO traded down $0.36 during midday trading on Friday, hitting $68.33. The stock had a trading volume of 4,499,485 shares, compared to its average volume of 1,817,977. The business's 50 day moving average is $83.48 and its 200-day moving average is $101.04. The company has a market cap of $6.46 billion, a P/E ratio of -46.80, a PEG ratio of 5.62 and a beta of 1.42. Qorvo, Inc. has a 52 week low of $64.54 and a 52 week high of $130.99. 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 - Get Free Report) last issued its earnings results 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 firm had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The business's revenue was down 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.99 earnings per share. As a group, analysts predict that Qorvo, Inc. will post 3.37 EPS for the current year.

Insider Transactions at Qorvo

In other news, SVP Philip Chesley sold 4,045 shares of the business's stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $70.15, for a total transaction of $283,756.75. Following the completion of the transaction, the senior vice president now directly owns 30,261 shares of the company's stock, 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 at the SEC website. Insiders own 0.46% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on QRVO shares. Morgan Stanley cut shares of Qorvo from an "overweight" rating to an "equal weight" rating and decreased their price objective for the company from $130.00 to $120.00 in a research report on Friday, October 11th. JPMorgan Chase & Co. cut their target price on shares of Qorvo from $115.00 to $95.00 and set an "underweight" rating on the stock in a research note on Wednesday, October 30th. Piper Sandler cut their target price on shares of Qorvo from $120.00 to $100.00 and set a "neutral" rating on the stock in a research note on Friday, October 25th. Bank of America cut their target price on shares of Qorvo from $115.00 to $80.00 and set an "underperform" rating on the stock in a research note on Wednesday, October 30th. Finally, BNP Paribas lowered shares of Qorvo from an "outperform" rating to a "neutral" rating and set a $80.00 target price on the stock. in a research note on Wednesday, October 30th. Two equities research 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's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $102.88.

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.