Principal Financial Group Inc. decreased its stake in shares of Qorvo Inc (NASDAQ:QRVO) by 1.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 195,188 shares of the semiconductor company’s stock after selling 3,311 shares during the period. Principal Financial Group Inc. owned about 0.15% of Qorvo worth $13,751,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in the stock. BlackRock Inc. boosted its position in shares of Qorvo by 1.6% during the first quarter. BlackRock Inc. now owns 8,740,166 shares of the semiconductor company’s stock valued at $615,745,000 after buying an additional 138,378 shares during the last quarter. Manning & Napier Group LLC boosted its position in shares of Qorvo by 29.7% during the first quarter. Manning & Napier Group LLC now owns 4,054,232 shares of the semiconductor company’s stock valued at $285,619,000 after buying an additional 927,978 shares during the last quarter. Boston Partners boosted its position in shares of Qorvo by 0.9% during the first quarter. Boston Partners now owns 2,894,223 shares of the semiconductor company’s stock valued at $203,898,000 after buying an additional 25,013 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Qorvo by 3.8% during the fourth quarter. Geode Capital Management LLC now owns 1,400,759 shares of the semiconductor company’s stock valued at $93,101,000 after buying an additional 51,844 shares during the last quarter. Finally, Guggenheim Capital LLC boosted its position in shares of Qorvo by 63.9% during the fourth quarter. Guggenheim Capital LLC now owns 1,339,659 shares of the semiconductor company’s stock valued at $89,223,000 after buying an additional 522,526 shares during the last quarter. 97.51% of the stock is currently owned by institutional investors.
Several research firms have weighed in on QRVO. Loop Capital began coverage on Qorvo in a research report on Thursday, June 21st. They issued a “buy” rating and a $95.00 price objective on the stock. Cowen boosted their price objective on Qorvo from $75.00 to $80.00 and gave the stock a “market perform” rating in a research report on Monday. Citigroup boosted their price objective on Qorvo from $75.00 to $80.00 and gave the stock a “neutral” rating in a research report on Friday, May 4th. ValuEngine raised Qorvo from a “hold” rating to a “buy” rating in a research report on Tuesday. Finally, BidaskClub raised Qorvo from a “sell” rating to a “hold” rating in a research report on Thursday, May 3rd. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have issued a buy rating to the company. Qorvo has a consensus rating of “Hold” and an average target price of $83.32.
Shares of QRVO opened at $79.89 on Thursday. The firm has a market capitalization of $10.16 billion, a price-to-earnings ratio of 16.71, a PEG ratio of 1.31 and a beta of 1.00. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.11 and a current ratio of 4.18. Qorvo Inc has a 1 year low of $62.68 and a 1 year high of $86.84.
Qorvo (NASDAQ:QRVO) last issued its earnings results on Wednesday, May 2nd. The semiconductor company reported $1.07 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.05 by $0.02. The firm had revenue of $665.40 million for the quarter, compared to analyst estimates of $655.67 million. Qorvo had a positive return on equity of 12.50% and a negative net margin of 1.35%. The business’s revenue was up 3.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.85 earnings per share. research analysts anticipate that Qorvo Inc will post 5.14 earnings per share for the current fiscal year.
In other Qorvo news, Director Daniel A. Dileo sold 1,625 shares of the business’s stock in a transaction on Wednesday, May 16th. The stock was sold at an average price of $80.75, for a total value of $131,218.75. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Steven E. Creviston sold 6,000 shares of the business’s stock in a transaction on Monday, April 16th. The shares were sold at an average price of $72.75, for a total value of $436,500.00. Following the completion of the sale, the vice president now owns 64,725 shares in the company, valued at $4,708,743.75. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 60,404 shares of company stock worth $4,798,110. Corporate insiders own 0.91% of the company’s stock.
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 (PA), low noise amplifiers, 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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