Intech Investment Management LLC Sells 17,978 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Intech Investment Management LLC reduced its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 36.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 31,934 shares of the semiconductor company’s stock after selling 17,978 shares during the period. Intech Investment Management LLC’s holdings in Qorvo were worth $3,299,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of QRVO. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Qorvo during the second quarter worth about $29,000. EverSource Wealth Advisors LLC raised its holdings in 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. Versant Capital Management Inc boosted its stake 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 purchasing an additional 280 shares during the last quarter. New Millennium Group LLC bought a new stake in shares of Qorvo in the 2nd quarter valued at $34,000. Finally, Blue Trust Inc. increased its position in shares of 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 buying an additional 244 shares during the period. 88.57% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Qorvo

In related news, VP Gina Harrison sold 689 shares of the business’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 transaction, the vice president now directly owns 21,601 shares in the company, valued at approximately $2,325,779.67. The trade was a 3.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.46% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

QRVO has been the topic of a number of research analyst reports. Craig Hallum cut their price target on shares of Qorvo from $142.00 to $105.00 and set a “buy” rating on the stock in a research report on Wednesday, October 30th. TD Cowen dropped their price objective on Qorvo from $125.00 to $85.00 and set a “hold” rating on the stock in a research note on Wednesday, October 30th. Needham & Company LLC initiated coverage on Qorvo in a research note on Monday, October 28th. They set a “buy” rating and a $135.00 target price for the company. Benchmark lowered Qorvo from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Finally, Morgan Stanley downgraded shares of Qorvo from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $130.00 to $120.00 in a research report on Friday, October 11th. 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, Qorvo presently has an average rating of “Hold” and a consensus price target of $102.88.

Qorvo Trading Up 2.0 %

QRVO opened at $69.25 on Friday. Qorvo, Inc. has a fifty-two week low of $64.98 and a fifty-two week high of $130.99. The firm has a market capitalization of $6.55 billion, a PE ratio of -47.43, a P/E/G ratio of 5.44 and a beta of 1.49. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.38. The company’s 50-day moving average is $90.08 and its 200 day moving average is $103.05.

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

Qorvo 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.