Thrivent Financial for Lutherans Sells 1,285,667 Shares of Qorvo, Inc. $QRVO

Thrivent Financial for Lutherans lowered its position in Qorvo, Inc. (NASDAQ:QRVO) by 95.7% in the fourth quarter, HoldingsChannel.com reports. The fund owned 57,776 shares of the semiconductor company’s stock after selling 1,285,667 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Qorvo were worth $4,883,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Qorvo by 0.9% in the third quarter. Vanguard Group Inc. now owns 11,105,104 shares of the semiconductor company’s stock valued at $1,011,453,000 after acquiring an additional 100,058 shares during the last quarter. State Street Corp raised its stake in shares of Qorvo by 5.0% in the second quarter. State Street Corp now owns 3,704,113 shares of the semiconductor company’s stock valued at $314,516,000 after acquiring an additional 175,031 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Qorvo by 16.4% in the third quarter. Dimensional Fund Advisors LP now owns 1,727,103 shares of the semiconductor company’s stock valued at $157,298,000 after acquiring an additional 243,147 shares during the last quarter. LSV Asset Management raised its stake in shares of Qorvo by 10.0% in the third quarter. LSV Asset Management now owns 1,520,856 shares of the semiconductor company’s stock valued at $138,520,000 after acquiring an additional 137,886 shares during the last quarter. Finally, Bank of America Corp DE raised its stake in shares of Qorvo by 20.2% in the second quarter. Bank of America Corp DE now owns 1,518,964 shares of the semiconductor company’s stock valued at $128,975,000 after acquiring an additional 255,068 shares during the last quarter. Institutional investors own 88.57% of the company’s stock.

Qorvo Stock Performance

Shares of Qorvo stock opened at $97.74 on Friday. The firm has a fifty day moving average of $83.87 and a two-hundred day moving average of $83.89. The stock has a market capitalization of $8.60 billion, a price-to-earnings ratio of 27.00, a PEG ratio of 1.54 and a beta of 1.42. Qorvo, Inc. has a 52 week low of $73.00 and a 52 week high of $106.30. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.46 and a current ratio of 3.24.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 EPS for the quarter, beating the consensus estimate of $1.21 by $0.48. The company had revenue of $808.28 million during the quarter, compared to analysts’ expectations of $801.31 million. Qorvo had a net margin of 9.22% and a return on equity of 15.32%. The business’s revenue for the quarter was down 7.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.42 EPS. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. As a group, equities research analysts predict that Qorvo, Inc. will post 5.87 EPS for the current year.

Insider Activity at Qorvo

In other Qorvo news, VP Gina Harrison sold 956 shares of the company’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $95.00, for a total transaction of $90,820.00. Following the completion of the sale, the vice president owned 29,143 shares in the company, valued at approximately $2,768,585. The trade was a 3.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Stifel Nicolaus cut their target price on shares of Qorvo from $88.00 to $85.00 and set a “hold” rating for the company in a research note on Wednesday, January 28th. JPMorgan Chase & Co. boosted their price objective on shares of Qorvo from $85.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Susquehanna dropped their price objective on shares of Qorvo from $95.00 to $90.00 and set a “neutral” rating for the company in a research report on Thursday, January 22nd. UBS Group boosted their price objective on shares of Qorvo from $87.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Finally, Morgan Stanley set a $84.00 price objective on shares of Qorvo in a research report on Wednesday, January 28th. Three research analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Qorvo presently has an average rating of “Hold” and an average target price of $96.63.

About Qorvo

Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.

Qorvo’s product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.