Qorvo Inc (NASDAQ:QRVO) Shares Sold by Sumitomo Mitsui Trust Holdings Inc.
Sumitomo Mitsui Trust Holdings Inc. cut its stake in Qorvo Inc (NASDAQ:QRVO) by 11.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 611,233 shares of the semiconductor company’s stock after selling 81,949 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.53% of Qorvo worth $67,560,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the company. Moody Lynn & Lieberson LLC acquired a new position in shares of Qorvo during the 2nd quarter worth approximately $216,000. Creative Planning raised its stake in shares of Qorvo by 48.9% during the 2nd quarter. Creative Planning now owns 8,419 shares of the semiconductor company’s stock worth $931,000 after buying an additional 2,766 shares during the period. Janney Montgomery Scott LLC raised its stake in shares of Qorvo by 11.4% during the 2nd quarter. Janney Montgomery Scott LLC now owns 19,615 shares of the semiconductor company’s stock worth $2,168,000 after buying an additional 2,004 shares during the period. First Trust Advisors LP raised its stake in shares of Qorvo by 84.7% during the 2nd quarter. First Trust Advisors LP now owns 242,482 shares of the semiconductor company’s stock worth $26,802,000 after buying an additional 111,217 shares during the period. Finally, SG Americas Securities LLC raised its stake in shares of Qorvo by 70.8% during the 2nd quarter. SG Americas Securities LLC now owns 29,547 shares of the semiconductor company’s stock worth $3,266,000 after buying an additional 12,245 shares during the period. 88.02% of the stock is owned by institutional investors and hedge funds.
In other news, CEO Robert A. Bruggeworth sold 15,933 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $102.96, for a total transaction of $1,640,461.68. Following the completion of the transaction, the chief executive officer now directly owns 159,993 shares in the company, valued at approximately $16,472,879.28. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Steven E. Creviston sold 2,000 shares of the stock in a transaction on Monday, July 13th. The stock was sold at an average price of $113.15, for a total value of $226,300.00. Following the transaction, the vice president now owns 65,018 shares of the company’s stock, valued at $7,356,786.70. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,877 shares of company stock valued at $3,409,446. Company insiders own 0.66% of the company’s stock.
Qorvo (NASDAQ:QRVO) last issued its earnings results on Wednesday, July 29th. The semiconductor company reported $1.50 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.13 by $0.37. The company had revenue of $787.50 million during the quarter, compared to analysts’ expectations of $729.91 million. Qorvo had a return on equity of 16.15% and a net margin of 12.05%. The firm’s quarterly revenue was up 1.5% on a year-over-year basis. During the same period in the prior year, the business earned $1.36 EPS. On average, equities analysts anticipate that Qorvo Inc will post 4.73 earnings per share for the current year.
QRVO has been the subject of several research analyst reports. UBS Group upped their target price on Qorvo from $91.00 to $100.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Canaccord Genuity reduced their target price on Qorvo from $125.00 to $115.00 and set a “buy” rating for the company in a research note on Tuesday, April 14th. Oppenheimer raised Qorvo from a “market perform” rating to an “outperform” rating and set a $150.00 price objective for the company in a research note on Thursday. Bank of America reissued a “buy” rating on shares of Qorvo in a research note on Thursday, May 21st. Finally, Goldman Sachs Group increased their price objective on Qorvo from $115.00 to $137.00 and gave the company a “buy” rating in a research note on Monday, July 6th. Six research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. Qorvo has an average rating of “Buy” and an average target price of $121.36.
Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.
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