OMERS ADMINISTRATION Corp Sells 6,734 Shares of Qorvo, Inc. (NASDAQ:QRVO)

OMERS ADMINISTRATION Corp cut its holdings in Qorvo, Inc. (NASDAQ:QRVO) by 30.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 15,639 shares of the semiconductor company’s stock after selling 6,734 shares during the period. OMERS ADMINISTRATION Corp’s holdings in Qorvo were worth $1,094,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Rakuten Securities Inc. bought a new position in shares of Qorvo in the fourth quarter worth about $28,000. Huntington National Bank increased its stake in shares of Qorvo by 47.1% in the fourth quarter. Huntington National Bank now owns 453 shares of the semiconductor company’s stock worth $32,000 after purchasing an additional 145 shares during the period. SBI Securities Co. Ltd. bought a new position in shares of Qorvo in the fourth quarter worth about $37,000. Venturi Wealth Management LLC increased its stake in shares of Qorvo by 67.4% in the fourth quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company’s stock worth $43,000 after purchasing an additional 250 shares during the period. Finally, CENTRAL TRUST Co increased its stake in shares of Qorvo by 2,621.4% in the fourth quarter. CENTRAL TRUST Co now owns 762 shares of the semiconductor company’s stock worth $53,000 after purchasing an additional 734 shares during the period. 88.57% of the stock is currently owned by institutional investors.

Qorvo Stock Performance

NASDAQ:QRVO opened at $79.64 on Friday. Qorvo, Inc. has a 1 year low of $49.46 and a 1 year high of $130.99. The firm has a 50 day moving average of $67.06 and a 200-day moving average of $71.32. The company has a current ratio of 2.60, a quick ratio of 1.78 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $7.44 billion, a P/E ratio of 284.43, a price-to-earnings-growth ratio of 15.57 and a beta of 1.38.

Qorvo (NASDAQ:QRVO) last posted its earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.42. Qorvo had a net margin of 0.71% and a return on equity of 12.41%. The company had revenue of $869.47 million during the quarter, compared to analysts’ expectations of $850.13 million. During the same quarter in the previous year, the company posted $1.39 earnings per share. Qorvo’s quarterly revenue was down 7.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Qorvo, Inc. will post 4.09 EPS for the current fiscal year.

Insider Activity

In related news, Director John R. Harding sold 1,450 shares of the business’s stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $70.09, for a total value of $101,630.50. Following the completion of the transaction, the director now owns 7,597 shares in the company, valued at $532,473.73. The trade was a 16.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.46% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have recently commented on QRVO. Morgan Stanley upgraded Qorvo from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $90.00 to $106.00 in a research note on Tuesday, January 21st. TD Cowen decreased their target price on Qorvo from $90.00 to $80.00 and set a “hold” rating on the stock in a research report on Wednesday, April 30th. Mizuho lifted their target price on Qorvo from $80.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, January 24th. Barclays lifted their target price on Qorvo from $60.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 30th. Finally, Citigroup decreased their target price on Qorvo from $72.00 to $69.00 and set a “sell” rating on the stock in a research report on Wednesday, January 29th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Qorvo has an average rating of “Hold” and a consensus target price of $91.21.

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.