Pinnacle Associates Ltd. Lowers Holdings in Qorvo Inc (QRVO)

Pinnacle Associates Ltd. reduced its holdings in shares of Qorvo Inc (NASDAQ:QRVO) by 12.6% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 1,177,376 shares of the semiconductor company’s stock after selling 169,188 shares during the period. Qorvo makes up 1.9% of Pinnacle Associates Ltd.’s investment portfolio, making the stock its 2nd largest holding. Pinnacle Associates Ltd. owned about 0.94% of Qorvo worth $90,528,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the business. NEXT Financial Group Inc acquired a new stake in shares of Qorvo in the 3rd quarter worth $110,000. Piedmont Investment Advisors LLC acquired a new stake in shares of Qorvo in the 2nd quarter worth $119,000. Huntington National Bank lifted its stake in shares of Qorvo by 2,381.0% in the 3rd quarter. Huntington National Bank now owns 2,084 shares of the semiconductor company’s stock worth $160,000 after acquiring an additional 2,000 shares during the period. Migdal Insurance & Financial Holdings Ltd. lifted its stake in shares of Qorvo by 216.5% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,225 shares of the semiconductor company’s stock worth $171,000 after acquiring an additional 1,522 shares during the period. Finally, Cerebellum GP LLC lifted its stake in shares of Qorvo by 123.5% in the 3rd quarter. Cerebellum GP LLC now owns 2,461 shares of the semiconductor company’s stock worth $189,000 after acquiring an additional 1,360 shares during the period. 94.77% of the stock is currently owned by institutional investors.

In related news, VP Gina Harrison sold 1,016 shares of the business’s stock in a transaction that occurred on Friday, September 7th. The shares were sold at an average price of $74.00, for a total value of $75,184.00. Following the completion of the sale, the vice president now directly owns 18,381 shares in the company, valued at $1,360,194. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Robert A. Bruggeworth sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, November 12th. The shares were sold at an average price of $63.92, for a total transaction of $319,600.00. Following the completion of the sale, the chief executive officer now owns 178,872 shares of the company’s stock, valued at $11,433,498.24. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 34,296 shares of company stock valued at $2,456,170. Insiders own 0.85% of the company’s stock.

Several analysts have recently commented on QRVO shares. UBS Group reduced their target price on shares of Qorvo from $83.00 to $68.00 and set a “neutral” rating for the company in a research note on Wednesday, November 14th. Morgan Stanley reduced their price objective on shares of Qorvo from $75.00 to $72.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 3rd. KeyCorp reduced their price objective on shares of Qorvo from $95.00 to $80.00 and set an “overweight” rating for the company in a research note on Wednesday, November 14th. Craig Hallum reduced their price objective on shares of Qorvo from $76.00 to $74.00 and set a “hold” rating for the company in a research note on Monday. Finally, BidaskClub cut shares of Qorvo from a “hold” rating to a “sell” rating in a research note on Friday, July 27th. Five research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $81.00.

Shares of NASDAQ QRVO traded up $0.90 during midday trading on Friday, reaching $64.48. 4,437 shares of the stock were exchanged, compared to its average volume of 2,050,282. The company has a market cap of $7.94 billion, a PE ratio of 13.49, a price-to-earnings-growth ratio of 1.08 and a beta of 0.92. Qorvo Inc has a 52-week low of $61.00 and a 52-week high of $86.84. The company has a debt-to-equity ratio of 0.16, a current ratio of 3.50 and a quick ratio of 2.48.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Wednesday, October 31st. The semiconductor company reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.62 by $0.13. The business had revenue of $884.40 million during the quarter, compared to the consensus estimate of $855.57 million. Qorvo had a negative net margin of 1.41% and a positive return on equity of 13.65%. The company’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.52 earnings per share. On average, analysts anticipate that Qorvo Inc will post 5.32 EPS for the current year.

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Qorvo Company Profile

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.

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Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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