Qorvo, Inc. (NASDAQ:QRVO) Shares Sold by Rafferty Asset Management LLC

Rafferty Asset Management LLC trimmed its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 6.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 806,083 shares of the semiconductor company’s stock after selling 56,543 shares during the period. Rafferty Asset Management LLC owned 0.86% of Qorvo worth $56,369,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Ameriprise Financial Inc. increased its holdings in shares of Qorvo by 102.0% during the fourth quarter. Ameriprise Financial Inc. now owns 3,597,546 shares of the semiconductor company’s stock valued at $251,577,000 after purchasing an additional 1,816,811 shares during the period. Norges Bank acquired a new position in shares of Qorvo in the 4th quarter worth $71,825,000. Amundi raised its holdings in Qorvo by 84.4% during the 4th quarter. Amundi now owns 2,143,858 shares of the semiconductor company’s stock worth $156,673,000 after buying an additional 981,519 shares during the period. Wealthfront Advisers LLC boosted its stake in Qorvo by 8,535.6% in the 4th quarter. Wealthfront Advisers LLC now owns 931,690 shares of the semiconductor company’s stock worth $65,153,000 after purchasing an additional 920,901 shares during the period. Finally, Vulcan Value Partners LLC grew its holdings in shares of Qorvo by 53.7% during the fourth quarter. Vulcan Value Partners LLC now owns 2,581,296 shares of the semiconductor company’s stock valued at $180,487,000 after buying an additional 902,353 shares in the last quarter. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently issued reports on QRVO shares. Piper Sandler raised shares of Qorvo from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $85.00 to $110.00 in a research note on Monday, January 27th. Stifel Nicolaus set a $75.00 price objective on shares of Qorvo in a report on Monday, April 28th. Needham & Company LLC lowered their target price on shares of Qorvo from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, April 30th. Barclays increased their price objective on Qorvo from $60.00 to $70.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 30th. Finally, Mizuho upped their price target on Qorvo from $80.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, January 24th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $91.21.

Insider Buying and Selling

In other Qorvo news, Director John R. Harding sold 1,450 shares of the firm’s 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 completion of the sale, the director now directly owns 7,597 shares of the company’s stock, valued at $532,473.73. This trade represents a 16.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.46% of the stock is currently owned by insiders.

Qorvo Stock Performance

Qorvo stock opened at $79.44 on Thursday. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.60 and a quick ratio of 1.78. The company’s 50-day moving average is $66.80 and its 200 day moving average is $71.61. Qorvo, Inc. has a 1-year low of $49.46 and a 1-year high of $130.99. The firm has a market capitalization of $7.42 billion, a P/E ratio of 283.71, a price-to-earnings-growth ratio of 15.57 and a beta of 1.38.

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

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.