Qorvo, Inc. (NASDAQ:QRVO) Position Lessened by Pzena Investment Management LLC

Pzena Investment Management LLC trimmed its position in shares of Qorvo, Inc. (NASDAQ:QRVO) by 10.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,272 shares of the semiconductor company’s stock after selling 261 shares during the period. Pzena Investment Management LLC’s holdings in Qorvo were worth $256,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of QRVO. Barclays PLC raised its holdings in Qorvo by 646.2% during the third quarter. Barclays PLC now owns 3,866,040 shares of the semiconductor company’s stock valued at $369,091,000 after buying an additional 3,347,972 shares in the last quarter. UBS Group AG raised its holdings in Qorvo by 491.9% during the third quarter. UBS Group AG now owns 1,267,273 shares of the semiconductor company’s stock valued at $120,987,000 after buying an additional 1,053,157 shares in the last quarter. Norges Bank bought a new position in Qorvo during the fourth quarter valued at about $118,120,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in Qorvo by 268.3% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 537,541 shares of the semiconductor company’s stock valued at $51,319,000 after buying an additional 391,570 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in Qorvo by 18.9% during the third quarter. Invesco Ltd. now owns 1,989,776 shares of the semiconductor company’s stock valued at $189,964,000 after buying an additional 316,328 shares in the last quarter. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. StockNews.com downgraded Qorvo from a “buy” rating to a “hold” rating in a research report on Saturday, May 11th. The Goldman Sachs Group decreased their price objective on Qorvo from $117.00 to $105.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Susquehanna decreased their price objective on Qorvo from $100.00 to $95.00 and set a “neutral” rating on the stock in a report on Thursday, May 2nd. Craig Hallum lifted their price objective on Qorvo from $110.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, February 1st. Finally, JPMorgan Chase & Co. decreased their price objective on Qorvo from $105.00 to $100.00 and set an “underweight” rating on the stock in a report on Thursday, May 2nd. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Qorvo currently has a consensus rating of “Hold” and a consensus price target of $110.83.

Qorvo Trading Down 1.7 %

Shares of Qorvo stock traded down $1.72 on Thursday, hitting $97.83. 271,990 shares of the company’s stock traded hands, compared to its average volume of 1,311,664. The firm’s 50-day moving average price is $108.42 and its two-hundred day moving average price is $106.60. The stock has a market capitalization of $9.36 billion, a PE ratio of -136.37, a price-to-earnings-growth ratio of 0.95 and a beta of 1.53. Qorvo, Inc. has a one year low of $80.62 and a one year high of $121.65. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.99 and a quick ratio of 1.41.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Wednesday, May 1st. The semiconductor company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.21 by $0.18. The company had revenue of $941.00 million during the quarter, compared to analysts’ expectations of $927.24 million. Qorvo had a negative net margin of 1.86% and a positive return on equity of 13.43%. The business’s revenue for the quarter was up 48.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.11 EPS. On average, research analysts expect that Qorvo, Inc. will post 5.16 EPS for the current fiscal year.

Insider Activity

In other news, SVP Steven E. Creviston sold 3,000 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $120.00, for a total value of $360,000.00. Following the sale, the senior vice president now directly owns 77,552 shares of the company’s stock, valued at approximately $9,306,240. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, SVP Steven E. Creviston sold 3,000 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $120.00, for a total value of $360,000.00. Following the sale, the senior vice president now directly owns 77,552 shares of the company’s stock, valued at approximately $9,306,240. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director John R. Harding sold 941 shares of the company’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $97.36, for a total transaction of $91,615.76. Following the completion of the sale, the director now directly owns 6,950 shares in the company, valued at $676,652. The disclosure for this sale can be found here. Insiders sold 28,372 shares of company stock valued at $2,877,858 in the last quarter. Company insiders own 0.43% of the company’s stock.

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.