Retirement Systems of Alabama Decreases Stock Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Retirement Systems of Alabama lessened its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 7.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 110,089 shares of the semiconductor company's stock after selling 9,154 shares during the quarter. Retirement Systems of Alabama owned approximately 0.12% of Qorvo worth $11,372,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Blue Trust Inc. raised its stake in Qorvo by 241.6% during the 2nd quarter. Blue Trust Inc. now owns 345 shares of the semiconductor company's stock valued at $40,000 after purchasing an additional 244 shares during the period. Hennion & Walsh Asset Management Inc. lifted its stake in Qorvo by 45.4% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 2,871 shares of the semiconductor company's stock worth $333,000 after purchasing an additional 897 shares in the last quarter. Fifth Third Bancorp boosted its holdings in shares of Qorvo by 9.5% during the 2nd quarter. Fifth Third Bancorp now owns 6,947 shares of the semiconductor company's stock valued at $806,000 after purchasing an additional 600 shares during the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors grew its position in shares of Qorvo by 12.9% during the second quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 2,061 shares of the semiconductor company's stock valued at $239,000 after purchasing an additional 236 shares in the last quarter. Finally, New Millennium Group LLC bought a new stake in shares of Qorvo in the second quarter worth about $34,000. Hedge funds and other institutional investors own 88.57% of the company's stock.

Qorvo Stock Up 0.9 %

QRVO traded up $0.65 during trading on Tuesday, hitting $70.95. The stock had a trading volume of 2,823,716 shares, compared to its average volume of 1,489,244. Qorvo, Inc. has a twelve month low of $64.54 and a twelve month high of $130.99. The stock has a 50 day simple moving average of $79.63 and a two-hundred day simple moving average of $99.88. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90. The company has a market capitalization of $6.71 billion, a PE ratio of -48.60, a PEG ratio of 5.58 and a beta of 1.42.

Qorvo (NASDAQ:QRVO - Get Free Report) last announced its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share 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 positive return on equity of 13.81% and a negative net margin of 3.58%. During the same period in the previous year, the business earned $1.99 EPS. The firm's revenue for the quarter was down 5.2% on a year-over-year basis. On average, research analysts predict that Qorvo, Inc. will post 3.37 earnings per share for the current year.

Insider Activity at Qorvo

In related news, SVP Philip Chesley sold 4,045 shares of the stock in a transaction 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 sale, the senior vice president now directly owns 30,261 shares of the company's stock, valued at approximately $2,122,809.15. This represents a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.46% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on QRVO shares. BNP Paribas cut Qorvo from an "outperform" rating to a "neutral" rating and set a $80.00 price target for the company. in a report on Wednesday, October 30th. UBS Group reduced their price target on shares of Qorvo from $115.00 to $90.00 and set a "neutral" rating on the stock in a research report on Wednesday, October 30th. Susquehanna decreased their target price on shares of Qorvo from $115.00 to $90.00 and set a "neutral" rating on the stock in a research report on Wednesday, October 30th. StockNews.com downgraded Qorvo from a "buy" rating to a "hold" rating in a research report on Tuesday. Finally, Bank of America lowered their target price on shares of Qorvo from $115.00 to $80.00 and set an "underperform" rating for the company in a report on Wednesday, October 30th. Two research 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's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $102.88.

Qorvo 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.