Qorvo Inc (QRVO) Position Decreased by Retirement Systems of Alabama

Retirement Systems of Alabama lessened its holdings in Qorvo Inc (NASDAQ:QRVO) by 2.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 57,942 shares of the semiconductor company’s stock after selling 1,435 shares during the period. Retirement Systems of Alabama’s holdings in Qorvo were worth $4,455,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also made changes to their positions in the company. NEXT Financial Group Inc purchased a new position in shares of Qorvo in the 3rd quarter valued at about $110,000. Piedmont Investment Advisors LLC purchased a new stake in Qorvo during the 2nd quarter worth approximately $119,000. Huntington National Bank increased its stake in Qorvo by 2,381.0% during the 3rd quarter. Huntington National Bank now owns 2,084 shares of the semiconductor company’s stock worth $160,000 after buying an additional 2,000 shares in the last quarter. Cerebellum GP LLC increased its stake in Qorvo by 123.5% during the 3rd quarter. Cerebellum GP LLC now owns 2,461 shares of the semiconductor company’s stock worth $189,000 after buying an additional 1,360 shares in the last quarter. Finally, Engineers Gate Manager LP purchased a new stake in Qorvo during the 2nd quarter worth approximately $200,000. Hedge funds and other institutional investors own 93.93% of the company’s stock.

QRVO stock opened at $70.01 on Wednesday. The company has a quick ratio of 2.48, a current ratio of 3.50 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $9.30 billion, a PE ratio of 14.65, a P/E/G ratio of 1.09 and a beta of 0.92. Qorvo Inc has a 1 year low of $64.53 and a 1 year high of $86.84.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Wednesday, October 31st. The semiconductor company reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.62 by $0.13. The business had revenue of $884.40 million during the quarter, compared to analyst estimates of $855.57 million. Qorvo had a positive return on equity of 13.65% and a negative net margin of 1.41%. The business’s revenue was up 7.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.52 earnings per share. Equities research analysts predict that Qorvo Inc will post 5.66 EPS for the current fiscal year.

QRVO has been the subject of several research reports. Morgan Stanley cut their price objective on Qorvo from $75.00 to $72.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 3rd. BidaskClub lowered Qorvo from a “hold” rating to a “sell” rating in a research note on Friday, July 27th. Zacks Investment Research lowered Qorvo from a “buy” rating to a “hold” rating in a research note on Tuesday, July 24th. BMO Capital Markets boosted their price objective on Qorvo from $67.00 to $75.00 and gave the stock a “market perform” rating in a research note on Thursday, August 2nd. They noted that the move was a valuation call. Finally, Barclays cut their price objective on Qorvo from $95.00 to $85.00 and set an “overweight” rating for the company in a research note on Tuesday, October 23rd. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and twelve have given a buy rating to the stock. Qorvo presently has a consensus rating of “Hold” and an average price target of $83.43.

In other news, VP Steven E. Creviston sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $74.88, for a total value of $224,640.00. Following the completion of the sale, the vice president now directly owns 76,446 shares in the company, valued at $5,724,276.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Roderick Nelson sold 1,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $81.00, for a total value of $121,500.00. Following the completion of the sale, the director now owns 3,609 shares of the company’s stock, valued at $292,329. The disclosure for this sale can be found here. Insiders sold 41,073 shares of company stock valued at $3,246,651 over the last 90 days. Company insiders own 0.85% of the company’s stock.

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About Qorvo

Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.

Further Reading: Return on Investment (ROI)

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Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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