Qorvo, Inc. (NASDAQ:QRVO) Shares Sold by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank reduced its stake in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 77.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,314 shares of the semiconductor company's stock after selling 71,682 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Qorvo were worth $2,202,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Qorvo in the second quarter valued at $29,000. EverSource Wealth Advisors LLC grew its holdings in shares of Qorvo by 81.0% in the first quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company's stock valued at $30,000 after purchasing an additional 115 shares in the last quarter. New Millennium Group LLC purchased a new position in shares of Qorvo in the second quarter valued at $34,000. Larson Financial Group LLC grew its holdings in shares of Qorvo by 163.4% in the third quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company's stock valued at $33,000 after purchasing an additional 201 shares in the last quarter. Finally, Blue Trust Inc. grew its holdings in shares of Qorvo by 241.6% in the second quarter. Blue Trust Inc. now owns 345 shares of the semiconductor company's stock valued at $40,000 after purchasing an additional 244 shares in the last quarter. 88.57% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Qorvo news, VP Gina Harrison sold 689 shares of the business's stock in a transaction that occurred on 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 transaction, the vice president now directly owns 21,601 shares of the company's stock, valued at approximately $2,325,779.67. The trade was a 3.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.46% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Barclays cut their target price on shares of Qorvo from $120.00 to $90.00 and set an "equal weight" rating for the company in a report on Wednesday, October 30th. UBS Group decreased their target price on Qorvo from $115.00 to $90.00 and set a "neutral" rating for the company in a research report on Wednesday, October 30th. Needham & Company LLC started coverage on Qorvo in a research report on Monday, October 28th. They set a "buy" rating and a $135.00 target price for the company. BNP Paribas downgraded Qorvo from an "outperform" rating to a "neutral" rating and set a $80.00 target price for the company. in a research report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. decreased their target price on Qorvo from $115.00 to $95.00 and set an "underweight" rating for the company in a research report on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $102.88.

Qorvo Stock Down 0.2 %

QRVO traded down $0.17 on Wednesday, hitting $70.26. The company had a trading volume of 828,256 shares, compared to its average volume of 1,450,536. Qorvo, Inc. has a 12-month low of $64.98 and a 12-month high of $130.99. The stock has a market capitalization of $6.64 billion, a price-to-earnings ratio of -48.24, a P/E/G ratio of 5.67 and a beta of 1.42. 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 stock has a fifty day moving average price of $85.56 and a 200-day moving average price of $101.70.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the previous year, the firm earned $1.99 earnings per share. The company's revenue was down 5.2% on a year-over-year basis. Analysts predict that Qorvo, Inc. will post 3.37 EPS for the current fiscal year.

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.