Quest Partners LLC Has $1.20 Million Position in Qorvo, Inc. (NASDAQ:QRVO)

Quest Partners LLC increased its position in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 504.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,596 shares of the semiconductor company's stock after purchasing an additional 9,678 shares during the period. Quest Partners LLC's holdings in Qorvo were worth $1,198,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. GDS Wealth Management acquired a new position in Qorvo in the third quarter worth approximately $2,171,000. Robeco Institutional Asset Management B.V. raised its position in shares of Qorvo by 78.6% during the third quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company's stock worth $55,548,000 after purchasing an additional 236,590 shares during the period. Bessemer Group Inc. raised its position in shares of Qorvo by 1,361.9% during the first quarter. Bessemer Group Inc. now owns 13,596 shares of the semiconductor company's stock worth $1,562,000 after purchasing an additional 12,666 shares during the period. Canada Pension Plan Investment Board lifted its holdings in shares of Qorvo by 23.8% during the first quarter. Canada Pension Plan Investment Board now owns 370,200 shares of the semiconductor company's stock valued at $42,510,000 after purchasing an additional 71,200 shares during the last quarter. Finally, APG Asset Management N.V. boosted its position in shares of Qorvo by 21.9% in the 2nd quarter. APG Asset Management N.V. now owns 101,243 shares of the semiconductor company's stock valued at $10,962,000 after purchasing an additional 18,178 shares during the period. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, VP Gina Harrison sold 689 shares of Qorvo 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 directly owns 21,601 shares of the company's stock, valued at $2,325,779.67. The trade was a 3.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.46% of the company's stock.

Qorvo Stock Performance

QRVO traded down $0.62 during trading on Wednesday, reaching $65.66. 2,089,309 shares of the company's stock were exchanged, compared to its average volume of 1,434,029. Qorvo, Inc. has a fifty-two week low of $64.98 and a fifty-two week high of $130.99. The company has a market capitalization of $6.21 billion, a P/E ratio of -45.40, a PEG ratio of 5.26 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 has a 50 day moving average price of $92.43 and a 200 day moving average price of $103.75.

Qorvo (NASDAQ:QRVO - Get Free Report) last posted its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, beating analysts' consensus estimates of $1.85 by $0.03. The business had revenue of $1.05 billion for 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 firm's revenue for the quarter was down 5.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.99 earnings per share. As a group, analysts predict that Qorvo, Inc. will post 3.37 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Needham & Company LLC started coverage on shares of Qorvo in a research note on Monday, October 28th. They set a "buy" rating and a $135.00 price objective for the company. Piper Sandler reduced their price target on shares of Qorvo from $120.00 to $100.00 and set a "neutral" rating for the company in a research report on Friday, October 25th. Bank of America lowered their price objective on shares of Qorvo from $115.00 to $80.00 and set an "underperform" rating on the stock in a research report on Wednesday, October 30th. TD Cowen reduced their target price on Qorvo from $125.00 to $85.00 and set a "hold" rating for the company in a report on Wednesday, October 30th. Finally, Rosenblatt Securities raised their target price on Qorvo from $105.00 to $120.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 31st. Two investment 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. Based on data from MarketBeat, Qorvo presently has a consensus rating of "Hold" and a consensus target price of $102.88.

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.