State of Michigan Retirement System Sells 200 Shares of Qorvo, Inc. (NASDAQ:QRVO)

State of Michigan Retirement System lowered its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 0.6% in the 1st quarter, HoldingsChannel reports. The firm owned 32,419 shares of the semiconductor company’s stock after selling 200 shares during the period. State of Michigan Retirement System’s holdings in Qorvo were worth $3,723,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Allspring Global Investments Holdings LLC boosted its holdings in Qorvo by 65.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 9,491 shares of the semiconductor company’s stock worth $1,090,000 after acquiring an additional 3,744 shares in the last quarter. Park Place Capital Corp lifted its position in shares of Qorvo by 398.1% during the 1st quarter. Park Place Capital Corp now owns 259 shares of the semiconductor company’s stock worth $30,000 after buying an additional 207 shares in the last quarter. Oliver Luxxe Assets LLC grew its stake in Qorvo by 50.9% in the 1st quarter. Oliver Luxxe Assets LLC now owns 9,946 shares of the semiconductor company’s stock valued at $1,142,000 after purchasing an additional 3,355 shares during the period. Diversified Trust Co increased its holdings in Qorvo by 793.2% during the first quarter. Diversified Trust Co now owns 19,347 shares of the semiconductor company’s stock worth $2,222,000 after buying an additional 17,181 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. bought a new stake in shares of Qorvo in the 1st quarter worth approximately $227,000. Institutional investors own 88.57% of the company’s stock.

Insider Buying and Selling at Qorvo

In other Qorvo news, CEO Robert A. Bruggeworth sold 4,721 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $100.00, for a total transaction of $472,100.00. Following the completion of the sale, the chief executive officer now directly owns 205,440 shares of the company’s stock, valued at $20,544,000. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, SVP Paul J. Fego sold 2,132 shares of the stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $99.31, for a total value of $211,728.92. Following the completion of the sale, the senior vice president now directly owns 25,201 shares of the company’s stock, valued at approximately $2,502,711.31. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert A. Bruggeworth sold 4,721 shares of the company’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $100.00, for a total value of $472,100.00. Following the completion of the transaction, the chief executive officer now directly owns 205,440 shares of the company’s stock, valued at approximately $20,544,000. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 45,372 shares of company stock valued at $4,517,858. 0.43% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have weighed in on QRVO. JPMorgan Chase & Co. cut their target price on shares of Qorvo from $105.00 to $100.00 and set an “underweight” rating for the company in a research report on Thursday, May 2nd. Mizuho cut their target price on shares of Qorvo from $115.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, May 2nd. The Goldman Sachs Group reduced their target price on shares of Qorvo from $117.00 to $105.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Rosenblatt Securities restated a “neutral” rating and issued a $105.00 target price on shares of Qorvo in a report on Wednesday, June 12th. Finally, Benchmark dropped their price target on Qorvo from $136.00 to $128.00 and set a “buy” rating for the company in a research note on Thursday, May 2nd. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $110.83.

Qorvo Price Performance

QRVO opened at $118.90 on Wednesday. The company’s 50-day simple moving average is $105.10 and its two-hundred day simple moving average is $108.75. Qorvo, Inc. has a 52-week low of $80.62 and a 52-week high of $121.65. The stock has a market capitalization of $11.37 billion, a P/E ratio of -162.88, a P/E/G ratio of 1.12 and a beta of 1.46. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.41 and a current ratio of 1.99.

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