Geode Capital Management LLC Sells 61,944 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Geode Capital Management LLC lessened its position in shares of Qorvo, Inc. (NASDAQ:QRVO) by 2.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,298,191 shares of the semiconductor company’s stock after selling 61,944 shares during the quarter. Geode Capital Management LLC owned about 2.43% of Qorvo worth $236,617,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in QRVO. Swedbank AB bought a new position in shares of Qorvo in the 2nd quarter valued at about $3,876,000. Blue Trust Inc. boosted its stake in Qorvo by 241.6% in the second quarter. Blue Trust Inc. now owns 345 shares of the semiconductor company’s stock valued at $40,000 after acquiring an additional 244 shares during the last quarter. Gradient Investments LLC bought a new position in Qorvo in the second quarter valued at approximately $58,000. Hennion & Walsh Asset Management Inc. grew its holdings in Qorvo by 45.4% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 2,871 shares of the semiconductor company’s stock worth $333,000 after acquiring an additional 897 shares during the period. Finally, Fifth Third Bancorp raised its position in shares of Qorvo by 9.5% during the 2nd quarter. Fifth Third Bancorp now owns 6,947 shares of the semiconductor company’s stock valued at $806,000 after acquiring an additional 600 shares during the last quarter. Institutional investors own 88.57% of the company’s stock.

Insider Activity

In related news, SVP Philip Chesley sold 4,045 shares of the 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.46% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on QRVO. Bank of America decreased their price objective on Qorvo from $115.00 to $80.00 and set an “underperform” rating for the company in a research note on Wednesday, October 30th. Loop Capital initiated coverage on Qorvo in a research report on Monday, November 11th. They set a “hold” rating and a $73.00 target price for the company. Susquehanna reduced their price objective on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 30th. 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 report on Friday, October 11th. Finally, Craig Hallum dropped their price objective on Qorvo from $142.00 to $105.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $102.88.

Qorvo Trading Down 0.1 %

NASDAQ:QRVO opened at $69.59 on Friday. 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, Inc. has a twelve month low of $64.54 and a twelve month high of $130.99. The company has a market cap of $6.58 billion, a P/E ratio of -47.66, a price-to-earnings-growth ratio of 5.53 and a beta of 1.42. The business has a 50 day moving average price of $80.23 and a two-hundred day moving average price of $100.04.

Qorvo (NASDAQ:QRVO) last announced its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of $1.03 billion. During the same quarter in the prior year, the company posted $1.99 earnings per share. The firm’s revenue was down 5.2% on a year-over-year basis. As a group, analysts expect that Qorvo, Inc. will post 3.37 EPS for the current fiscal 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.