Qorvo, Inc. (NASDAQ:QRVO) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company cut its position in Qorvo, Inc. (NASDAQ:QRVO) by 0.9% during the third quarter, HoldingsChannel.com reports. The fund owned 76,168 shares of the semiconductor company’s stock after selling 690 shares during the period. The Manufacturers Life Insurance Company’s holdings in Qorvo were worth $7,868,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its holdings in Qorvo by 81.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after purchasing an additional 115 shares during the last quarter. Larson Financial Group LLC boosted its stake in shares of Qorvo by 163.4% in the 3rd quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 201 shares during the period. New Millennium Group LLC acquired a new stake in shares of Qorvo in the 2nd quarter valued at $34,000. Blue Trust Inc. raised its position in shares of Qorvo by 241.6% during the 2nd quarter. Blue Trust Inc. now owns 345 shares of the semiconductor company’s stock worth $40,000 after acquiring an additional 244 shares in the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in Qorvo during the 3rd quarter worth $41,000. 88.57% of the stock is owned by institutional investors and hedge funds.

Qorvo Stock Down 0.5 %

QRVO opened at $70.08 on Thursday. Qorvo, Inc. has a one year low of $64.98 and a one year high of $130.99. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90. The business’s fifty day moving average is $84.91 and its two-hundred day moving average is $101.47. The company has a market cap of $6.62 billion, a price-to-earnings ratio of -48.00, a PEG ratio of 5.67 and a beta of 1.42.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, beating the consensus estimate of $1.85 by $0.03. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period in the prior year, the business earned $1.99 earnings per share. The company’s quarterly revenue was down 5.2% on a year-over-year basis. Analysts anticipate that Qorvo, Inc. will post 3.37 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

QRVO has been the subject of several research analyst reports. UBS Group decreased their price objective on Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a report on Wednesday, October 30th. Loop Capital assumed coverage on shares of Qorvo in a research note on Monday, November 11th. They issued a “hold” rating and a $73.00 price objective on the stock. Raymond James downgraded shares of Qorvo from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 30th. Needham & Company LLC started coverage on Qorvo in a research report on Monday, October 28th. They issued a “buy” rating and a $135.00 price target on the stock. Finally, Barclays reduced their price objective on Qorvo from $120.00 to $90.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $102.88.

Insiders Place Their Bets

In other Qorvo news, VP Gina Harrison sold 689 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $107.67, for a total transaction of $74,184.63. Following the sale, the vice president now directly owns 21,601 shares of the company’s stock, valued at $2,325,779.67. This trade represents a 3.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.46% of the stock is currently owned by company 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.