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

Kentucky Retirement Systems Insurance Trust Fund decreased its position in shares of Qorvo, Inc. (NASDAQ:QRVO) by 8.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,186 shares of the semiconductor company’s stock after selling 282 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Qorvo were worth $366,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bessemer Group Inc. increased its stake in Qorvo by 1,361.9% during the 1st quarter. Bessemer Group Inc. now owns 13,596 shares of the semiconductor company’s stock worth $1,562,000 after buying an additional 12,666 shares during the period. FIL Ltd increased its position in shares of Qorvo by 4.5% in the 4th quarter. FIL Ltd now owns 2,778,629 shares of the semiconductor company’s stock worth $312,901,000 after purchasing an additional 120,213 shares during the last quarter. Daiwa Securities Group Inc. increased its position in shares of Qorvo by 44.4% in the 1st quarter. Daiwa Securities Group Inc. now owns 13,247 shares of the semiconductor company’s stock worth $1,521,000 after purchasing an additional 4,072 shares during the last quarter. Leeward Investments LLC MA increased its position in shares of Qorvo by 50.6% in the 1st quarter. Leeward Investments LLC MA now owns 154,346 shares of the semiconductor company’s stock worth $17,724,000 after purchasing an additional 51,850 shares during the last quarter. Finally, Rafferty Asset Management LLC increased its position in shares of Qorvo by 14.6% in the 4th quarter. Rafferty Asset Management LLC now owns 647,517 shares of the semiconductor company’s stock worth $72,917,000 after purchasing an additional 82,426 shares during the last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Qorvo Price Performance

Shares of NASDAQ QRVO traded up $2.13 during midday trading on Monday, reaching $124.14. The company’s stock had a trading volume of 478,713 shares, compared to its average volume of 1,332,504. The company has a current ratio of 1.99, a quick ratio of 1.41 and a debt-to-equity ratio of 0.44. The company has a 50 day moving average price of $111.88 and a 200 day moving average price of $110.36. Qorvo, Inc. has a one year low of $80.62 and a one year high of $130.99. The company has a market cap of $11.80 billion, a price-to-earnings ratio of -167.14, a price-to-earnings-growth ratio of 1.18 and a beta of 1.46.

Qorvo (NASDAQ:QRVO) last released 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. Qorvo had a negative net margin of 1.86% and a positive return on equity of 13.43%. The business had revenue of $941.00 million for the quarter, compared to the consensus estimate of $927.24 million. During the same period in the previous year, the firm earned $0.11 EPS. The business’s revenue for the quarter was up 48.7% on a year-over-year basis. On average, equities research analysts expect that Qorvo, Inc. will post 5.16 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on QRVO shares. Benchmark dropped their target price on shares of Qorvo from $136.00 to $128.00 and set a “buy” rating for the company in a research report on Thursday, May 2nd. Barclays dropped their target price on shares of Qorvo from $110.00 to $100.00 and set an “equal weight” rating for the company in a research report on Thursday, May 2nd. StockNews.com raised shares of Qorvo from a “hold” rating to a “buy” rating in a report on Wednesday, July 24th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $105.00 price target on shares of Qorvo in a report on Wednesday, June 12th. Finally, The Goldman Sachs Group decreased their price target on shares of Qorvo from $117.00 to $105.00 and set a “neutral” rating for the company in a report on Friday, May 3rd. Two analysts have rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $112.94.

Insider Activity

In other news, CEO Robert A. Bruggeworth sold 22,299 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $99.31, for a total transaction of $2,214,513.69. Following the sale, the chief executive officer now owns 154,714 shares in the company, valued at $15,364,647.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Qorvo news, CEO Robert A. Bruggeworth sold 22,299 shares of the company’s 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 $2,214,513.69. Following the transaction, the chief executive officer now owns 154,714 shares in the company, valued at approximately $15,364,647.34. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Robert A. Bruggeworth sold 4,721 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The stock was 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 disclosure for this sale can be found here. Insiders have sold 45,372 shares of company stock worth $4,517,858 over the last 90 days. 0.46% of the stock is owned by company 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.