Point72 Hong Kong Ltd Sells 43,901 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Point72 Hong Kong Ltd lessened its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 37.8% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 72,371 shares of the semiconductor company’s stock after selling 43,901 shares during the period. Point72 Hong Kong Ltd owned approximately 0.08% of Qorvo worth $5,061,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in QRVO. Ameriprise Financial Inc. lifted its position in shares of Qorvo by 102.0% during the 4th quarter. Ameriprise Financial Inc. now owns 3,597,546 shares of the semiconductor company’s stock worth $251,577,000 after purchasing an additional 1,816,811 shares during the last quarter. Norges Bank acquired a new position in Qorvo in the 4th quarter valued at approximately $71,825,000. Amundi raised its holdings in Qorvo by 84.4% in the 4th quarter. Amundi now owns 2,143,858 shares of the semiconductor company’s stock valued at $156,673,000 after acquiring an additional 981,519 shares in the last quarter. Wealthfront Advisers LLC raised its holdings in Qorvo by 8,535.6% in the 4th quarter. Wealthfront Advisers LLC now owns 931,690 shares of the semiconductor company’s stock valued at $65,153,000 after acquiring an additional 920,901 shares in the last quarter. Finally, Vulcan Value Partners LLC raised its holdings in Qorvo by 53.7% in the 4th quarter. Vulcan Value Partners LLC now owns 2,581,296 shares of the semiconductor company’s stock valued at $180,487,000 after acquiring an additional 902,353 shares in the last quarter. Institutional investors and hedge funds own 88.57% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on QRVO shares. Needham & Company LLC cut their price target on Qorvo from $100.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, April 30th. Barclays upped their price target on Qorvo from $60.00 to $70.00 and gave the company an “equal weight” rating in a report on Wednesday, April 30th. StockNews.com upgraded Qorvo from a “hold” rating to a “buy” rating in a research note on Wednesday, January 29th. Benchmark upgraded Qorvo from a “hold” rating to a “buy” rating and set a $95.00 price objective on the stock in a research note on Wednesday, April 30th. Finally, Citigroup lowered their price objective on Qorvo from $72.00 to $69.00 and set a “sell” rating on the stock in a research note on Wednesday, January 29th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $91.21.

Qorvo Stock Up 1.1%

NASDAQ QRVO opened at $79.44 on Thursday. The firm has a market cap of $7.42 billion, a PE ratio of 283.71, a price-to-earnings-growth ratio of 15.57 and a beta of 1.38. Qorvo, Inc. has a one year low of $49.46 and a one year high of $130.99. The stock’s 50 day simple moving average is $66.80 and its 200 day simple moving average is $71.61. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.60 and a quick ratio of 1.78.

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

Insider Buying and Selling at Qorvo

In other Qorvo news, Director John R. Harding sold 1,450 shares of the stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $70.09, for a total value of $101,630.50. Following the transaction, the director now directly owns 7,597 shares in the company, valued at approximately $532,473.73. This trade represents a 16.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.46% of the company’s stock.

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.