Pzena Investment Management LLC Trims Stock Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Pzena Investment Management LLC cut its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 25.5% during the 3rd quarter, Holdings Channel.com reports. The firm owned 3,244 shares of the semiconductor company’s stock after selling 1,112 shares during the quarter. Pzena Investment Management LLC’s holdings in Qorvo were worth $335,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Qorvo in the second quarter valued at about $29,000. EverSource Wealth Advisors LLC grew its position in shares of Qorvo by 81.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock worth $30,000 after acquiring an additional 115 shares in the last quarter. Versant Capital Management Inc increased its holdings in shares of Qorvo by 9,333.3% in the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock valued at $33,000 after acquiring an additional 280 shares during the last quarter. New Millennium Group LLC acquired a new stake in shares of Qorvo during the 2nd quarter valued at approximately $34,000. Finally, Blue Trust Inc. lifted its stake in Qorvo by 241.6% during the second quarter. Blue Trust Inc. now owns 345 shares of the semiconductor company’s stock worth $40,000 after purchasing an additional 244 shares during the last quarter. 88.57% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Qorvo

In other news, VP Gina Harrison sold 689 shares of the firm’s 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. This trade represents a 3.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. UBS Group dropped their target price on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a report on Wednesday, October 30th. Benchmark lowered shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group lifted their target price on Qorvo from $105.00 to $118.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. Morgan Stanley cut Qorvo from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $130.00 to $120.00 in a research report on Friday, October 11th. Finally, Susquehanna cut their price target on Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a report on Wednesday, October 30th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $102.88.

Qorvo Stock Performance

Qorvo stock opened at $65.66 on Thursday. Qorvo, Inc. has a 52 week low of $64.98 and a 52 week high of $130.99. The company’s 50-day moving average price is $91.60 and its two-hundred day moving average price is $103.48. 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 (NASDAQ:QRVO) last posted its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, beating analysts’ consensus estimates 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 negative net margin of 3.58% and a positive return on equity of 13.81%. The business’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same quarter last year, the business earned $1.99 earnings per share. As a group, analysts expect that Qorvo, Inc. will post 3.37 EPS for the current fiscal 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.