Sumitomo Mitsui Trust Group Inc. Purchases 8,371 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Sumitomo Mitsui Trust Group Inc. raised its position in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 4.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 219,484 shares of the semiconductor company's stock after buying an additional 8,371 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.23% of Qorvo worth $22,673,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in QRVO. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Qorvo during the second quarter valued at $29,000. EverSource Wealth Advisors LLC increased its holdings in shares of Qorvo by 81.0% during the first 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. Versant Capital Management Inc increased its holdings in shares of Qorvo by 9,333.3% during the second quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company's stock valued at $33,000 after acquiring an additional 280 shares in the last quarter. New Millennium Group LLC bought a new position in shares of Qorvo during the second quarter valued at $34,000. Finally, Blue Trust Inc. increased its holdings in shares of Qorvo by 241.6% during the second quarter. Blue Trust Inc. now owns 345 shares of the semiconductor company's stock valued at $40,000 after acquiring an additional 244 shares in the last quarter. Hedge funds and other institutional investors own 88.57% of the company's stock.

Qorvo Stock Performance

Shares of NASDAQ:QRVO traded up $0.71 during mid-day trading on Monday, reaching $66.32. 1,618,624 shares of the company traded hands, compared to its average volume of 1,431,448. The company's 50 day moving average price is $93.20 and its 200-day moving average price is $103.96. The firm has a market cap of $6.27 billion, a PE ratio of -45.42, a PEG ratio of 5.26 and a beta of 1.49. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.38. Qorvo, Inc. has a 52 week low of $65.35 and a 52 week high of $130.99.

Qorvo (NASDAQ:QRVO - Get Free Report) last posted its quarterly 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. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the prior year, the company posted $1.99 EPS. The firm's revenue for the quarter was down 5.2% compared to the same quarter last year. On average, equities analysts expect that Qorvo, Inc. will post 3.37 EPS for the current fiscal year.

Analyst Ratings Changes

QRVO has been the subject of several analyst reports. Rosenblatt Securities raised their price target on Qorvo from $105.00 to $120.00 and gave the company a "neutral" rating in a report on Wednesday, July 31st. Benchmark downgraded Qorvo from a "buy" rating to a "hold" rating in a report on Wednesday, October 30th. UBS Group reduced their price objective on Qorvo from $115.00 to $90.00 and set a "neutral" rating for the company in a report on Wednesday, October 30th. Barclays reduced their price objective on Qorvo from $120.00 to $90.00 and set an "equal weight" rating for the company in a report on Wednesday, October 30th. Finally, Needham & Company LLC initiated coverage on Qorvo in a report on Monday, October 28th. They issued a "buy" rating and a $135.00 price objective for the company. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $102.88.

Insiders Place Their Bets

In other news, VP Gina Harrison sold 689 shares of the stock in a transaction that occurred 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 transaction, the vice president now directly owns 21,601 shares in the company, valued at approximately $2,325,779.67. This represents a 3.09 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.46% of the stock is currently owned by corporate insiders.

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.