Intech Investment Management LLC Cuts Stake in Qorvo, Inc. (NASDAQ:QRVO)

Intech Investment Management LLC lessened its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 36.0% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 31,934 shares of the semiconductor company’s stock after selling 17,978 shares during the quarter. Intech Investment Management LLC’s holdings in Qorvo were worth $3,299,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. O Shaughnessy Asset Management LLC increased its stake in shares of Qorvo by 15.7% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 3,272 shares of the semiconductor company’s stock worth $376,000 after purchasing an additional 443 shares during the last quarter. Lazard Asset Management LLC raised its stake in shares of Qorvo by 23,191.0% in the first quarter. Lazard Asset Management LLC now owns 20,729 shares of the semiconductor company’s stock valued at $2,380,000 after buying an additional 20,640 shares during the period. Tidal Investments LLC lifted its position in shares of Qorvo by 302.9% during the 1st quarter. Tidal Investments LLC now owns 14,369 shares of the semiconductor company’s stock valued at $1,649,000 after buying an additional 10,803 shares during the last quarter. Comerica Bank grew its stake in shares of Qorvo by 13.3% during the 1st quarter. Comerica Bank now owns 17,363 shares of the semiconductor company’s stock worth $1,994,000 after acquiring an additional 2,041 shares during the period. Finally, LBP AM SA increased its holdings in Qorvo by 172.9% in the 1st quarter. LBP AM SA now owns 30,417 shares of the semiconductor company’s stock worth $3,493,000 after acquiring an additional 19,271 shares during the last quarter. Institutional investors own 88.57% of the company’s stock.

Insider Transactions at Qorvo

In other Qorvo news, VP Gina Harrison sold 689 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $107.67, for a total transaction of $74,184.63. Following the transaction, the vice president now directly owns 21,601 shares of the company’s stock, valued at approximately $2,325,779.67. The trade was a 3.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.46% of the company’s stock.

Qorvo Trading Up 2.0 %

Shares of QRVO opened at $69.25 on Friday. The stock has a market capitalization of $6.55 billion, a P/E ratio of -47.43, a PEG ratio of 5.44 and a beta of 1.49. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45. The firm has a fifty day simple moving average of $90.08 and a two-hundred day simple moving average of $103.05. Qorvo, Inc. has a twelve month low of $64.98 and a twelve month high of $130.99.

Qorvo (NASDAQ:QRVO) last posted its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share 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 analyst estimates of $1.03 billion. During the same period in the prior year, the business posted $1.99 earnings per share. Qorvo’s revenue for the quarter was down 5.2% on a year-over-year basis. On average, research analysts anticipate that Qorvo, Inc. will post 3.37 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Qorvo from $115.00 to $95.00 and set an “underweight” rating on the stock in a report on Wednesday, October 30th. Needham & Company LLC assumed coverage on shares of Qorvo in a report on Monday, October 28th. They issued a “buy” rating and a $135.00 price objective for the company. Susquehanna 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. StockNews.com lowered Qorvo from a “buy” rating to a “hold” rating in a report on Thursday, October 31st. Finally, Benchmark lowered Qorvo from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Qorvo presently has a consensus rating of “Hold” and an average price target of $102.88.

About Qorvo

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.