KBC Group NV Cuts Stock Holdings in Qorvo, Inc. (NASDAQ:QRVO)

KBC Group NV lessened its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 41.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 440,109 shares of the semiconductor company's stock after selling 306,650 shares during the quarter. KBC Group NV owned about 0.47% of Qorvo worth $45,463,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in QRVO. Capital Research Global Investors raised its stake in shares of Qorvo by 2.1% in the 1st quarter. Capital Research Global Investors now owns 4,591,985 shares of the semiconductor company's stock valued at $527,298,000 after acquiring an additional 93,068 shares during the period. Vulcan Value Partners LLC grew its stake in shares of Qorvo by 35.0% in the 2nd quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company's stock worth $246,665,000 after purchasing an additional 550,111 shares during the last quarter. Pacer Advisors Inc. lifted its position in shares of Qorvo by 17,255.9% in the 2nd quarter. Pacer Advisors Inc. now owns 1,427,006 shares of the semiconductor company's stock valued at $165,590,000 after acquiring an additional 1,418,784 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Qorvo by 0.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,323,463 shares of the semiconductor company's stock worth $153,558,000 after purchasing an additional 4,386 shares during the last quarter. Finally, Van ECK Associates Corp boosted its holdings in Qorvo by 23.9% in the third quarter. Van ECK Associates Corp now owns 832,292 shares of the semiconductor company's stock worth $83,429,000 after purchasing an additional 160,534 shares in the last quarter. Hedge funds and other institutional investors own 88.57% of the company's stock.

Qorvo Trading Down 1.0 %

Shares of Qorvo stock traded down $0.69 on Friday, hitting $65.61. 1,892,852 shares of the company's stock traded hands, compared to its average volume of 1,430,602. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.38. The company has a fifty day moving average of $93.98 and a two-hundred day moving average of $104.31. The company has a market capitalization of $6.20 billion, a price-to-earnings ratio of -44.94, a price-to-earnings-growth ratio of 5.26 and a beta of 1.49. Qorvo, Inc. has a one year low of $65.35 and a one year 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 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 the consensus estimate of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The firm's 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, sell-side analysts expect that Qorvo, Inc. will post 3.37 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on QRVO shares. 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 research report on Wednesday, October 30th. Craig Hallum dropped their price objective on Qorvo from $142.00 to $105.00 and set a "buy" rating on the stock in a research note on Wednesday, October 30th. TD Cowen dropped their target price on shares of Qorvo from $125.00 to $85.00 and set a "hold" rating for the company in a report on Wednesday, October 30th. Benchmark cut shares of Qorvo from a "buy" rating to a "hold" rating in a research report on Wednesday, October 30th. Finally, Piper Sandler cut their price objective on shares of Qorvo from $120.00 to $100.00 and set a "neutral" rating for the company in a report on Friday, October 25th. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Qorvo has a consensus rating of "Hold" and an average target price of $102.88.

Insider Activity

In other Qorvo news, VP Gina Harrison sold 689 shares of the stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $107.67, for a total value of $74,184.63. Following the completion of the sale, the vice president now directly owns 21,601 shares in the company, valued at approximately $2,325,779.67. This trade represents a 3.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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.