Swiss National Bank Cuts Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Swiss National Bank cut its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 1.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 282,045 shares of the semiconductor company’s stock after selling 3,300 shares during the quarter. Swiss National Bank’s holdings in Qorvo were worth $29,135,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Capital Research Global Investors increased its position in shares of Qorvo by 2.1% in the 1st quarter. Capital Research Global Investors now owns 4,591,985 shares of the semiconductor company’s stock valued at $527,298,000 after purchasing an additional 93,068 shares during the last quarter. Vulcan Value Partners LLC increased its holdings in Qorvo by 35.0% in the second quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock valued at $246,665,000 after buying an additional 550,111 shares during the last quarter. Pacer Advisors Inc. raised its stake 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 buying an additional 1,418,784 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Qorvo by 0.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,323,463 shares of the semiconductor company’s stock worth $153,558,000 after buying an additional 4,386 shares during the last quarter. Finally, Thrivent Financial for Lutherans boosted its holdings in Qorvo by 140.2% in the third quarter. Thrivent Financial for Lutherans now owns 835,336 shares of the semiconductor company’s stock valued at $86,290,000 after purchasing an additional 487,621 shares in the last quarter. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Qorvo news, VP Gina Harrison sold 689 shares of Qorvo stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $107.67, for a total transaction of $74,184.63. Following the completion of the transaction, the vice president now owns 21,601 shares in the company, valued at approximately $2,325,779.67. The trade was a 3.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.46% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on QRVO. Susquehanna decreased their price objective on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research note on Wednesday, October 30th. Benchmark cut shares of Qorvo from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. TD Cowen decreased their price target on shares of Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a research note on Wednesday, October 30th. Morgan Stanley lowered shares of Qorvo from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $130.00 to $120.00 in a research note on Friday, October 11th. Finally, Piper Sandler decreased their target price on shares of Qorvo from $120.00 to $100.00 and set a “neutral” rating for the company in a research note on Friday, October 25th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, Qorvo has an average rating of “Hold” and a consensus target price of $102.88.

Qorvo Stock Down 0.9 %

QRVO stock opened at $65.66 on Thursday. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45. The company’s 50-day moving average price is $91.60 and its 200 day moving average price is $103.48. Qorvo, Inc. has a 52 week low of $64.98 and a 52 week high of $130.99. The company has a market cap of $6.21 billion, a P/E ratio of -44.97, a P/E/G ratio of 5.26 and a beta of 1.49.

Qorvo (NASDAQ:QRVO) last announced 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. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The company’s quarterly revenue was down 5.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.99 EPS. On average, research analysts expect that Qorvo, Inc. will post 3.37 earnings per share for the current fiscal year.

Qorvo 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.