Pinnacle Associates Ltd. Cuts Stake in Qorvo Inc (QRVO)

Pinnacle Associates Ltd. cut its holdings in shares of Qorvo Inc (NASDAQ:QRVO) by 8.5% in the fourth quarter, Holdings Channel reports. The institutional investor owned 1,640,145 shares of the semiconductor company’s stock after selling 151,992 shares during the quarter. Qorvo accounts for about 2.1% of Pinnacle Associates Ltd.’s portfolio, making the stock its 4th biggest holding. Pinnacle Associates Ltd.’s holdings in Qorvo were worth $109,234,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Penserra Capital Management LLC acquired a new position in shares of Qorvo during the third quarter worth approximately $130,000. Harel Insurance Investments & Financial Services Ltd. lifted its holdings in shares of Qorvo by 79.9% during the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,252 shares of the semiconductor company’s stock worth $159,000 after buying an additional 1,000 shares during the last quarter. Achmea Investment Management B.V. acquired a new position in shares of Qorvo during the second quarter worth approximately $188,000. Zeke Capital Advisors LLC acquired a new position in shares of Qorvo during the third quarter worth approximately $206,000. Finally, Wetherby Asset Management Inc. acquired a new position in shares of Qorvo during the fourth quarter worth approximately $209,000. Institutional investors own 96.61% of the company’s stock.

Qorvo Inc (QRVO) opened at $80.17 on Wednesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 3.62 and a current ratio of 4.72. Qorvo Inc has a 12 month low of $62.68 and a 12 month high of $85.24. The stock has a market capitalization of $9,779.22, a price-to-earnings ratio of 400.85, a price-to-earnings-growth ratio of 1.36 and a beta of 1.05.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Wednesday, January 31st. The semiconductor company reported $1.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.09. Qorvo had a return on equity of 11.72% and a net margin of 0.95%. The firm had revenue of $845.70 million during the quarter, compared to analyst estimates of $841.09 million. During the same period in the prior year, the company posted $1.35 earnings per share. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. equities analysts anticipate that Qorvo Inc will post 4.49 EPS for the current fiscal year.

A number of research analysts have recently commented on the company. Barclays upped their price target on Qorvo from $75.00 to $87.00 and gave the stock an “equal weight” rating in a report on Thursday, February 1st. Drexel Hamilton restated a “buy” rating and issued a $95.00 target price on shares of Qorvo in a research note on Thursday, November 2nd. Morgan Stanley upped their target price on Qorvo from $69.00 to $72.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 13th. Needham & Company LLC restated a “buy” rating and issued a $84.00 target price on shares of Qorvo in a research note on Thursday, November 2nd. Finally, Craig Hallum lowered Qorvo from a “buy” rating to a “hold” rating and cut their target price for the company from $78.00 to $71.00 in a research note on Thursday, November 2nd. Three equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twelve have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $80.42.

In other news, Director Walter H. Wilkinson sold 15,925 shares of the stock in a transaction on Monday, November 27th. The stock was sold at an average price of $80.02, for a total transaction of $1,274,318.50. Following the sale, the director now owns 62,480 shares in the company, valued at $4,999,649.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP James L. Klein sold 2,211 shares of the stock in a transaction on Monday, December 4th. The stock was sold at an average price of $74.76, for a total value of $165,294.36. Following the sale, the vice president now owns 42,604 shares in the company, valued at approximately $3,185,075.04. The disclosure for this sale can be found here. Insiders have sold 42,996 shares of company stock valued at $3,193,399 over the last quarter. Corporate insiders own 0.91% of the company’s stock.

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About Qorvo

Qorvo, Inc is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs).

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Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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