Qorvo, Inc. (NASDAQ:QRVO) Shares Acquired by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans raised its position in shares of Qorvo, Inc. (NASDAQ:QRVO) by 140.2% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 835,336 shares of the semiconductor company’s stock after purchasing an additional 487,621 shares during the period. Thrivent Financial for Lutherans owned 0.88% of Qorvo worth $86,290,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. AM Squared Ltd bought a new position in Qorvo in the 3rd quarter worth approximately $289,000. Natixis Advisors LLC grew its stake in shares of Qorvo by 3.6% in the third quarter. Natixis Advisors LLC now owns 66,128 shares of the semiconductor company’s stock worth $6,831,000 after purchasing an additional 2,319 shares in the last quarter. Mizuho Securities USA LLC increased its holdings in shares of Qorvo by 871.8% during the third quarter. Mizuho Securities USA LLC now owns 72,237 shares of the semiconductor company’s stock valued at $7,462,000 after purchasing an additional 64,804 shares during the period. Empowered Funds LLC increased its holdings in shares of Qorvo by 33.3% during the third quarter. Empowered Funds LLC now owns 11,387 shares of the semiconductor company’s stock valued at $1,176,000 after purchasing an additional 2,843 shares during the period. Finally, CIBC Asset Management Inc lifted its holdings in Qorvo by 6.9% in the third quarter. CIBC Asset Management Inc now owns 13,923 shares of the semiconductor company’s stock worth $1,438,000 after purchasing an additional 897 shares during the period. Institutional investors own 88.57% of the company’s stock.

Qorvo Price Performance

Shares of NASDAQ:QRVO opened at $65.61 on Monday. The company’s fifty day moving average is $93.98 and its two-hundred day moving average is $104.16. The company has a market cap of $6.20 billion, a P/E ratio of -44.94, a price-to-earnings-growth ratio of 5.26 and a beta of 1.49. Qorvo, Inc. has a 12-month low of $65.35 and a 12-month high of $130.99. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45.

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

Insider Transactions at Qorvo

In other Qorvo news, VP Gina Harrison sold 689 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $107.67, for a total value of $74,184.63. Following the transaction, the vice president now owns 21,601 shares in the company, valued at approximately $2,325,779.67. This represents a 3.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.46% of the stock is owned by insiders.

Analysts Set New Price Targets

QRVO has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. dropped 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. Morgan Stanley downgraded Qorvo from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $130.00 to $120.00 in a research report on Friday, October 11th. UBS Group lowered their price target on Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 30th. Loop Capital began coverage on Qorvo in a report on Monday, November 11th. They issued a “hold” rating and a $73.00 price objective for the company. Finally, Benchmark lowered Qorvo from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Qorvo has an average rating of “Hold” and an average target price of $102.88.

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.