Qorvo, Inc. (NASDAQ:QRVO) Shares Purchased by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. raised its position in Qorvo, Inc. (NASDAQ:QRVO) by 3.4% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 19,532 shares of the semiconductor company’s stock after purchasing an additional 639 shares during the period. PNC Financial Services Group Inc.’s holdings in Qorvo were worth $2,018,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Mather Group LLC. increased its holdings in Qorvo by 5.6% during the 2nd quarter. Mather Group LLC. now owns 1,812 shares of the semiconductor company’s stock valued at $208,000 after acquiring an additional 96 shares in the last quarter. Farther Finance Advisors LLC grew its position in shares of Qorvo by 33.7% in the third quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock valued at $43,000 after purchasing an additional 104 shares during the last quarter. V Square Quantitative Management LLC increased its stake in shares of Qorvo by 5.0% during the 3rd quarter. V Square Quantitative Management LLC now owns 2,233 shares of the semiconductor company’s stock worth $231,000 after purchasing an additional 107 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Qorvo by 81.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 115 shares during the last quarter. Finally, American Trust lifted its stake in Qorvo by 5.8% in the 2nd quarter. American Trust now owns 2,110 shares of the semiconductor company’s stock valued at $245,000 after buying an additional 115 shares in the last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Barclays cut their price target on Qorvo from $120.00 to $90.00 and set an “equal weight” rating for the company in a report on Wednesday, October 30th. Craig Hallum cut their target price on shares of Qorvo from $142.00 to $105.00 and set a “buy” rating for the company in a research note on Wednesday, October 30th. Morgan Stanley cut shares of Qorvo from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $130.00 to $120.00 in a research note on Friday, October 11th. The Goldman Sachs Group lifted their price target on shares of Qorvo from $105.00 to $118.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Finally, Benchmark downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $102.88.

Qorvo Stock Performance

Qorvo stock opened at $69.71 on Tuesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.38. Qorvo, Inc. has a 12 month low of $64.98 and a 12 month high of $130.99. The company has a market cap of $6.59 billion, a price-to-earnings ratio of -47.75, a price-to-earnings-growth ratio of 5.55 and a beta of 1.49. The stock’s 50-day moving average is $90.08 and its 200-day moving average is $103.14.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.03. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The firm had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same period in the previous year, the company posted $1.99 earnings per share. Qorvo’s revenue was down 5.2% compared to the same quarter last year. Equities analysts anticipate that Qorvo, Inc. will post 3.37 earnings per share for the current year.

Insider Buying and Selling

In other Qorvo news, VP Gina Harrison sold 689 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $107.67, for a total transaction of $74,184.63. Following the transaction, the vice president now owns 21,601 shares in the company, valued at $2,325,779.67. The trade was a 3.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.46% of the stock is owned by corporate insiders.

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.