Zurcher Kantonalbank Zurich Cantonalbank Sells 71,682 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Zurcher Kantonalbank Zurich Cantonalbank trimmed its stake in Qorvo, Inc. (NASDAQ:QRVO) by 77.1% during the 3rd quarter, Holdings Channel reports. The firm owned 21,314 shares of the semiconductor company’s stock after selling 71,682 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Qorvo were worth $2,202,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of QRVO. Mather Group LLC. increased its holdings in shares of Qorvo by 5.6% in the 2nd quarter. Mather Group LLC. now owns 1,812 shares of the semiconductor company’s stock worth $208,000 after buying an additional 96 shares during the last quarter. Farther Finance Advisors LLC increased its stake in 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 acquiring an additional 104 shares during the last quarter. V Square Quantitative Management LLC raised its position in Qorvo by 5.0% during the third quarter. V Square Quantitative Management LLC now owns 2,233 shares of the semiconductor company’s stock valued at $231,000 after purchasing an additional 107 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in Qorvo by 81.0% during the first quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after purchasing an additional 115 shares in the last quarter. Finally, American Trust lifted its stake in Qorvo by 5.8% during the second quarter. American Trust now owns 2,110 shares of the semiconductor company’s stock worth $245,000 after purchasing an additional 115 shares during the last quarter. 88.57% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Qorvo

In other news, VP Gina Harrison sold 689 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $107.67, for a total value of $74,184.63. Following the sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.46% of the company’s stock.

Qorvo Price Performance

Shares of Qorvo stock opened at $70.43 on Wednesday. The company has a market cap of $6.66 billion, a PE ratio of -48.24, a P/E/G ratio of 5.67 and a beta of 1.42. The business has a 50 day moving average of $86.21 and a 200 day moving average of $101.89. Qorvo, Inc. has a 52 week low of $64.98 and a 52 week high of $130.99. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO) last posted its 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 negative net margin of 3.58% and a positive return on equity of 13.81%. The firm had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same period last year, the company posted $1.99 EPS. The company’s quarterly revenue was down 5.2% compared to the same quarter last year. As a group, equities research analysts forecast that Qorvo, Inc. will post 3.37 earnings per share for the current year.

Wall Street Analysts Forecast Growth

QRVO has been the topic of several recent research reports. Bank of America reduced their price objective on Qorvo from $115.00 to $80.00 and set an “underperform” rating on the stock in a research report on Wednesday, October 30th. UBS Group decreased their price target on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 30th. Barclays cut their price objective on shares of Qorvo from $120.00 to $90.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 30th. JPMorgan Chase & Co. lowered their price target on shares of Qorvo from $115.00 to $95.00 and set an “underweight” rating for the company in a research note on Wednesday, October 30th. Finally, Needham & Company LLC started coverage on Qorvo in a report on Monday, October 28th. They issued a “buy” rating and a $135.00 price objective on the stock. Two equities research 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 MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $102.88.

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.