Franklin Resources Inc. Purchases 15,925 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Franklin Resources Inc. lifted its position in Qorvo, Inc. (NASDAQ:QRVO) by 43.2% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 52,814 shares of the semiconductor company’s stock after buying an additional 15,925 shares during the period. Franklin Resources Inc.’s holdings in Qorvo were worth $5,523,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in QRVO. Vulcan Value Partners LLC lifted its position in shares of Qorvo by 35.0% in the 2nd quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock worth $246,665,000 after purchasing an additional 550,111 shares during the period. Pacer Advisors Inc. raised its stake in Qorvo by 7.1% in the third quarter. Pacer Advisors Inc. now owns 1,528,748 shares of the semiconductor company’s stock worth $157,920,000 after buying an additional 101,742 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Qorvo by 0.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,323,463 shares of the semiconductor company’s stock worth $153,558,000 after buying an additional 4,386 shares during the period. Thrivent Financial for Lutherans boosted its position in Qorvo by 140.2% during the 3rd quarter. Thrivent Financial for Lutherans now owns 835,336 shares of the semiconductor company’s stock valued at $86,290,000 after acquiring an additional 487,621 shares in the last quarter. Finally, Van ECK Associates Corp increased its holdings in shares of Qorvo by 23.9% in the 3rd quarter. Van ECK Associates Corp now owns 832,292 shares of the semiconductor company’s stock valued at $83,429,000 after acquiring an additional 160,534 shares during the period. 88.57% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

QRVO has been the subject of a number of analyst reports. Piper Sandler decreased their price objective on Qorvo from $120.00 to $100.00 and set a “neutral” rating for the company in a research note on Friday, October 25th. Morgan Stanley lowered shares of Qorvo from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $130.00 to $120.00 in a research report on Friday, October 11th. StockNews.com downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Barclays lowered their target price on shares of Qorvo from $120.00 to $90.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 30th. Finally, Susquehanna dropped their target price on Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $102.88.

Qorvo Trading Up 1.0 %

Shares of QRVO opened at $71.54 on Tuesday. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45. The firm has a 50-day moving average price of $76.43 and a 200 day moving average price of $98.88. Qorvo, Inc. has a 12-month low of $64.54 and a 12-month high of $130.99. The firm has a market capitalization of $6.76 billion, a P/E ratio of -49.00, a P/E/G ratio of 5.58 and a beta of 1.42.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter last year, the firm earned $1.99 EPS. The business’s revenue was down 5.2% compared to the same quarter last year. Sell-side analysts forecast that Qorvo, Inc. will post 3.37 EPS for the current year.

Insider Activity

In other news, SVP Philip Chesley sold 4,045 shares of the business’s stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $70.15, for a total value of $283,756.75. Following the sale, the senior vice president now directly owns 30,261 shares of the company’s stock, valued at approximately $2,122,809.15. The trade was a 11.79 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.46% of the company’s stock.

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.