New York State Teachers Retirement System Raises Stake in Qorvo, Inc. (NASDAQ:QRVO)

New York State Teachers Retirement System boosted its position in Qorvo, Inc. (NASDAQ:QRVO) by 6.6% during the third quarter, Holdings Channel.com reports. The institutional investor owned 87,693 shares of the semiconductor company’s stock after purchasing an additional 5,465 shares during the period. New York State Teachers Retirement System’s holdings in Qorvo were worth $9,059,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of QRVO. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Qorvo in the second quarter valued at approximately $29,000. EverSource Wealth Advisors LLC boosted its position in Qorvo by 81.0% in the first quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 115 shares during the last quarter. Versant Capital Management Inc boosted its position in Qorvo by 9,333.3% in the second quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 280 shares during the last quarter. New Millennium Group LLC purchased a new stake in Qorvo in the second quarter valued at approximately $34,000. Finally, Blue Trust Inc. boosted its position in Qorvo by 241.6% in the second quarter. Blue Trust Inc. now owns 345 shares of the semiconductor company’s stock valued at $40,000 after buying an additional 244 shares during the last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Qorvo Trading Up 0.8 %

Shares of QRVO stock opened at $71.86 on Monday. The stock’s fifty day moving average is $102.41 and its two-hundred day moving average is $107.19. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.36 and a current ratio of 1.90. The firm has a market capitalization of $6.79 billion, a P/E ratio of -49.22, a PEG ratio of 3.98 and a beta of 1.49. Qorvo, Inc. has a fifty-two week low of $70.39 and a fifty-two week high of $130.99.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.03. The company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The firm’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.99 EPS. Research analysts expect that Qorvo, Inc. will post 4.84 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

QRVO has been the topic of a number of recent research reports. UBS Group dropped their target price on Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 30th. TD Cowen lowered their price objective on Qorvo from $125.00 to $85.00 and set a “hold” rating on the stock in a research report on Wednesday, October 30th. Susquehanna lowered their price objective on Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 30th. BNP Paribas lowered Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price objective on the stock. in a research report on Wednesday, October 30th. Finally, Piper Sandler lowered their price objective on Qorvo from $120.00 to $100.00 and set a “neutral” rating on the stock in a research report on Friday, October 25th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $104.75.

Insider Buying and Selling at Qorvo

In other Qorvo news, VP Gina Harrison sold 689 shares of the firm’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $107.67, for a total value of $74,184.63. Following the transaction, the vice president now owns 21,601 shares in the company, valued at approximately $2,325,779.67. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.46% of the stock is currently owned by insiders.

Qorvo Profile

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.