Chevy Chase Trust Holdings LLC Sells 1,858 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Chevy Chase Trust Holdings LLC lessened its position in shares of Qorvo, Inc. (NASDAQ:QRVO) by 3.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 51,035 shares of the semiconductor company’s stock after selling 1,858 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Qorvo were worth $5,272,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Comerica Bank increased its position in shares of Qorvo by 13.3% during the first quarter. Comerica Bank now owns 17,363 shares of the semiconductor company’s stock worth $1,994,000 after purchasing an additional 2,041 shares in the last quarter. Cetera Advisors LLC raised its stake in Qorvo by 40.9% in the first quarter. Cetera Advisors LLC now owns 2,542 shares of the semiconductor company’s stock valued at $292,000 after buying an additional 738 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in Qorvo by 81.0% in the first quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 115 shares during the last quarter. CWM LLC boosted its holdings in Qorvo by 6.8% in the second quarter. CWM LLC now owns 3,060 shares of the semiconductor company’s stock worth $355,000 after acquiring an additional 196 shares in the last quarter. Finally, BDF Gestion purchased a new stake in shares of Qorvo during the second quarter worth about $1,556,000. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Qorvo Trading Down 2.0 %

QRVO stock opened at $68.69 on Friday. 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. The firm has a market cap of $6.49 billion, a P/E ratio of -47.05, a PEG ratio of 5.64 and a beta of 1.42. The company’s 50-day simple moving average is $84.18 and its 200-day simple moving average is $101.25.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.03. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. Qorvo’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.99 earnings per share. As a group, equities analysts forecast that Qorvo, Inc. will post 3.37 EPS for the current fiscal year.

Analysts Set New Price Targets

QRVO has been the subject of a number of recent analyst reports. Morgan Stanley cut shares of Qorvo from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $130.00 to $120.00 in a research note on Friday, October 11th. JPMorgan Chase & Co. dropped their price objective on shares of Qorvo from $115.00 to $95.00 and set an “underweight” rating on the stock in a report on Wednesday, October 30th. Bank of America reduced their target price on Qorvo from $115.00 to $80.00 and set an “underperform” rating for the company in a research note on Wednesday, October 30th. Benchmark downgraded Qorvo from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Finally, TD Cowen cut their price objective on Qorvo from $125.00 to $85.00 and set a “hold” rating on the stock in a report on Wednesday, October 30th. Two equities research 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. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $102.88.

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.