Everence Capital Management Inc. Buys New Shares in Qorvo, Inc. (NASDAQ:QRVO)

Everence Capital Management Inc. purchased a new position in Qorvo, Inc. (NASDAQ:QRVO) in the fourth quarter, HoldingsChannel.com reports. The firm purchased 4,430 shares of the semiconductor company’s stock, valued at approximately $310,000.

Several other institutional investors have also recently made changes to their positions in QRVO. Larson Financial Group LLC boosted its holdings in Qorvo by 163.4% in the 3rd 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 in the third quarter valued at about $41,000. Versant Capital Management Inc lifted its position in shares of Qorvo by 89.7% in the fourth quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company’s stock valued at $42,000 after acquiring an additional 286 shares in the last quarter. Farther Finance Advisors LLC boosted its stake 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 period. Finally, UMB Bank n.a. grew its position in shares of Qorvo by 33.8% during the third quarter. UMB Bank n.a. now owns 736 shares of the semiconductor company’s stock worth $76,000 after purchasing an additional 186 shares in the last quarter. Institutional investors own 88.57% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. UBS Group lowered their price target on Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a report on Wednesday, October 30th. Bank of America dropped their target price on shares of Qorvo from $115.00 to $80.00 and set an “underperform” rating for the company in a research report on Wednesday, October 30th. Barclays reduced their price target on shares of Qorvo from $120.00 to $90.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 30th. Susquehanna dropped their price objective on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a report on Wednesday, October 30th. Finally, Benchmark cut Qorvo from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Qorvo presently has a consensus rating of “Hold” and a consensus target price of $101.41.

Insider Activity at Qorvo

In related news, SVP Philip Chesley sold 4,045 shares of Qorvo stock in a transaction dated 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 in the company, valued at $2,122,809.15. This trade represents a 11.79 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.46% of the stock is owned by company insiders.

Qorvo Trading Up 2.1 %

Shares of QRVO opened at $73.63 on Wednesday. The company’s fifty day simple moving average is $69.69 and its 200-day simple moving average is $95.86. The company has a market cap of $6.96 billion, a P/E ratio of -50.43, a P/E/G ratio of 5.58 and a beta of 1.40. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45. Qorvo, Inc. has a twelve month low of $64.54 and a twelve month 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 (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.03. The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The firm’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.99 earnings per share. As a group, analysts expect that Qorvo, Inc. will post 3.37 EPS for the current year.

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.