Kentucky Retirement Systems Insurance Trust Fund Reduces Stake in Qorvo, Inc. (NASDAQ:QRVO)

Kentucky Retirement Systems Insurance Trust Fund cut its stake in Qorvo, Inc. (NASDAQ:QRVO) by 9.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,809 shares of the semiconductor company’s stock after selling 305 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Qorvo were worth $290,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of QRVO. Pacer Advisors Inc. lifted its holdings in Qorvo by 17,255.9% in the second quarter. Pacer Advisors Inc. now owns 1,427,006 shares of the semiconductor company’s stock valued at $165,590,000 after acquiring an additional 1,418,784 shares during the period. Vulcan Value Partners LLC raised its stake in shares of Qorvo by 35.0% during the 2nd quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock worth $246,665,000 after buying an additional 550,111 shares during the period. Thrivent Financial for Lutherans raised its stake in shares of Qorvo by 1,507.7% during the 2nd quarter. Thrivent Financial for Lutherans now owns 347,715 shares of the semiconductor company’s stock worth $40,349,000 after buying an additional 326,087 shares during the period. Caxton Associates LP acquired a new position in shares of Qorvo during the 2nd quarter worth approximately $34,812,000. Finally, Robeco Institutional Asset Management B.V. raised its stake in shares of Qorvo by 78.6% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock worth $55,548,000 after buying an additional 236,590 shares during the period. 88.57% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

QRVO has been the subject of several analyst reports. Bank of America dropped their target price on Qorvo from $115.00 to $80.00 and set an “underperform” rating for the company in a report on Wednesday, October 30th. Raymond James cut Qorvo from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 30th. Loop Capital initiated coverage on Qorvo in a report on Monday, November 11th. They set a “hold” rating and a $73.00 price target for the company. Barclays lowered their target price on Qorvo from $120.00 to $90.00 and set an “equal weight” rating for the company in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. lowered their target price on Qorvo from $115.00 to $95.00 and set an “underweight” rating for the company in a 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 assigned a buy rating to the company’s stock. According to MarketBeat.com, Qorvo has a consensus rating of “Hold” and an average price target of $102.88.

Qorvo Price Performance

Shares of NASDAQ QRVO opened at $66.28 on Wednesday. Qorvo, Inc. has a 1-year low of $65.35 and a 1-year high of $130.99. The business has a 50-day moving average of $92.43 and a 200-day moving average of $103.75. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.38. The company has a market capitalization of $6.27 billion, a price-to-earnings ratio of -45.40, a PEG ratio of 5.26 and a beta of 1.49.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of $1.03 billion. During the same quarter in the previous year, the firm posted $1.99 earnings per share. The company’s revenue was down 5.2% compared to the same quarter last year. On average, equities analysts anticipate that Qorvo, Inc. will post 3.37 EPS for the current fiscal year.

Insider Transactions at Qorvo

In related news, VP Gina Harrison sold 689 shares of the 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 $2,325,779.67. This represents a 3.09 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.46% of the company’s stock.

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.