Principal Financial Group Inc. Acquires 1,426 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Principal Financial Group Inc. grew its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 1.3% in the 3rd quarter, HoldingsChannel reports. The firm owned 109,100 shares of the semiconductor company’s stock after acquiring an additional 1,426 shares during the quarter. Principal Financial Group Inc.’s holdings in Qorvo were worth $11,270,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Wall Street Analyst Weigh In

A number of brokerages have issued reports on QRVO. UBS Group lowered their target price on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a report on Wednesday, October 30th. Craig Hallum cut their target price on Qorvo from $142.00 to $105.00 and set a “buy” rating for the company in a research note on Wednesday, October 30th. JPMorgan Chase & Co. decreased their price target on Qorvo from $115.00 to $95.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 30th. Piper Sandler cut their price objective on shares of Qorvo from $120.00 to $100.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. Finally, Loop Capital started coverage on shares of Qorvo in a report on Monday, November 11th. They set a “hold” rating and a $73.00 target price on the stock. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $102.88.

Insider Buying and Selling

In related news, SVP Philip Chesley sold 4,045 shares of the firm’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 transaction of $283,756.75. Following the completion of the sale, the senior vice president now owns 30,261 shares of the company’s stock, valued at $2,122,809.15. This trade represents a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.46% of the stock is owned by insiders.

Qorvo Trading Down 0.3 %

NASDAQ QRVO opened at $71.42 on Monday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90. Qorvo, Inc. has a fifty-two week low of $64.54 and a fifty-two week high of $130.99. The stock has a market cap of $6.75 billion, a P/E ratio of -48.92, a price-to-earnings-growth ratio of 5.58 and a beta of 1.42. The stock has a 50 day simple moving average of $73.82 and a two-hundred day simple moving average of $98.05.

Qorvo (NASDAQ:QRVO) last released 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 company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the prior year, the firm earned $1.99 earnings per share. Qorvo’s revenue was down 5.2% on a year-over-year basis. On average, analysts forecast that Qorvo, Inc. will post 3.37 earnings per share for the current year.

Qorvo Company 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.