Qorvo, Inc. (NASDAQ:QRVO) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. decreased its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 49.2% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 558,511 shares of the semiconductor company’s stock after selling 539,891 shares during the quarter. JPMorgan Chase & Co.’s holdings in Qorvo were worth $57,694,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in QRVO. Larson Financial Group LLC lifted its position in Qorvo by 163.4% during the third quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock worth $33,000 after buying an additional 201 shares during the period. Livforsakringsbolaget Skandia Omsesidigt purchased a new position in shares of Qorvo during the 3rd quarter worth about $41,000. Farther Finance Advisors LLC boosted its position in shares of Qorvo by 33.7% in the third quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock worth $43,000 after acquiring an additional 104 shares during the last quarter. UMB Bank n.a. grew its holdings in Qorvo by 33.8% in the third quarter. UMB Bank n.a. now owns 736 shares of the semiconductor company’s stock valued at $76,000 after purchasing an additional 186 shares during the period. Finally, Brooklyn Investment Group acquired a new position in Qorvo during the third quarter worth approximately $96,000. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on QRVO shares. Barclays lowered their price objective 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. Morgan Stanley downgraded Qorvo from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $130.00 to $120.00 in a report on Friday, October 11th. StockNews.com cut Qorvo from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. TD Cowen dropped their target price on shares of Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a research report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Qorvo from $115.00 to $95.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Qorvo currently has a consensus rating of “Hold” and a consensus price target of $102.88.

Qorvo Price Performance

Shares of QRVO stock opened at $70.63 on Friday. The firm has a market cap of $6.68 billion, a P/E ratio of -48.38, a P/E/G ratio of 5.58 and a beta of 1.40. The firm has a fifty day moving average of $70.79 and a two-hundred day moving average of $96.55. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.38. Qorvo, Inc. has a 1-year low of $64.54 and a 1-year high of $130.99.

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

Insider Buying and Selling at Qorvo

In other news, SVP Philip Chesley sold 4,045 shares of the company’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $70.15, for a total transaction of $283,756.75. Following the completion of the transaction, the senior vice president now directly owns 30,261 shares of the company’s stock, valued at approximately $2,122,809.15. This represents a 11.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.46% of the stock is 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.