Teachers Retirement System of The State of Kentucky Cuts Stock Position in Qorvo, Inc. (NASDAQ:QRVO)

Teachers Retirement System of The State of Kentucky decreased its holdings in Qorvo, Inc. (NASDAQ:QRVO) by 9.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,366 shares of the semiconductor company’s stock after selling 741 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Qorvo were worth $761,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Larson Financial Group LLC boosted its position in Qorvo by 163.4% in the 3rd quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 201 shares during the period. New Millennium Group LLC acquired a new stake in shares of Qorvo in the second quarter valued at $34,000. Blue Trust Inc. boosted its holdings in Qorvo by 241.6% in the second quarter. Blue Trust Inc. now owns 345 shares of the semiconductor company’s stock valued at $40,000 after purchasing an additional 244 shares during the period. Livforsakringsbolaget Skandia Omsesidigt acquired a new position in Qorvo during the 3rd quarter worth $41,000. Finally, Farther Finance Advisors LLC increased its holdings in Qorvo by 33.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock worth $43,000 after purchasing an additional 104 shares during the period. Institutional investors and hedge funds own 88.57% of the company’s stock.

Qorvo Trading Down 3.5 %

Shares of Qorvo stock opened at $68.50 on Thursday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90. The company has a market capitalization of $6.48 billion, a P/E ratio of -46.92, a PEG ratio of 5.58 and a beta of 1.42. Qorvo, Inc. has a 1 year low of $64.54 and a 1 year high of $130.99. The company’s fifty day moving average is $79.04 and its two-hundred day moving average is $99.69.

Qorvo (NASDAQ:QRVO) last released 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. 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 for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter last year, the company posted $1.99 earnings per share. The business’s revenue was down 5.2% on a year-over-year basis. Analysts forecast that Qorvo, Inc. will post 3.37 earnings per share for the current year.

Insider Transactions at Qorvo

In related news, SVP Philip Chesley sold 4,045 shares of the stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $70.15, for a total transaction of $283,756.75. Following the completion of the transaction, the senior vice president now directly owns 30,261 shares of the company’s stock, valued at $2,122,809.15. This represents a 11.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.46% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on QRVO shares. Needham & Company LLC began coverage on Qorvo in a research report on Monday, October 28th. They set a “buy” rating and a $135.00 price objective for the company. Raymond James cut shares of Qorvo from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 30th. Barclays reduced their price objective on shares of Qorvo from $120.00 to $90.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 30th. Bank of America dropped their target price on Qorvo from $115.00 to $80.00 and set an “underperform” rating on the stock in a report on Wednesday, October 30th. Finally, Susquehanna decreased their price target on Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a report on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Qorvo presently has an average rating of “Hold” and a consensus target price of $102.88.

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.