Nuveen Asset Management LLC Trims Position in Qorvo, Inc. (NASDAQ:QRVO)

Posted by on Mar 4th, 2023

Nuveen Asset Management LLC lowered its stake in Qorvo, Inc. (NASDAQ:QRVO – Get Rating) by 4.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 265,796 shares of the semiconductor company’s stock after selling 11,243 shares during the period. Nuveen Asset Management LLC owned 0.26% of Qorvo worth $21,107,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in QRVO. Loomis Sayles & Co. L P boosted its stake in shares of Qorvo by 208.8% during the 2nd quarter. Loomis Sayles & Co. L P now owns 281 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 190 shares in the last quarter. Parkside Financial Bank & Trust grew its holdings in shares of Qorvo by 106.4% during the 1st quarter. Parkside Financial Bank & Trust now owns 225 shares of the semiconductor company’s stock worth $28,000 after acquiring an additional 116 shares during the period. New Millennium Group LLC bought a new position in shares of Qorvo in the 2nd quarter worth approximately $29,000. International Assets Investment Management LLC purchased a new position in shares of Qorvo in the 1st quarter valued at approximately $40,000. Finally, NuWave Investment Management LLC boosted its position in shares of Qorvo by 118.2% during the third quarter. NuWave Investment Management LLC now owns 635 shares of the semiconductor company’s stock valued at $50,000 after purchasing an additional 344 shares in the last quarter. 86.47% of the stock is owned by hedge funds and other institutional investors.

Qorvo Stock Up 1.4 %

Qorvo stock opened at $102.70 on Friday. The stock has a market cap of $10.26 billion, a PE ratio of 24.11, a price-to-earnings-growth ratio of 3.16 and a beta of 1.48. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.28 and a current ratio of 3.68. Qorvo, Inc. has a one year low of $75.38 and a one year high of $133.51. The stock has a fifty day moving average of $101.13 and a 200 day moving average of $94.30.

Qorvo (NASDAQ:QRVO – Get Rating) last posted its quarterly earnings data on Wednesday, February 1st. The semiconductor company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.12. The company had revenue of $743.30 million during the quarter, compared to analysts’ expectations of $726.33 million. Qorvo had a return on equity of 19.41% and a net margin of 11.06%. Qorvo’s revenue for the quarter was down 33.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.81 earnings per share. As a group, sell-side analysts predict that Qorvo, Inc. will post 4.91 EPS for the current year.

Insiders Place Their Bets

In related news, VP Gina Harrison sold 3,559 shares of the firm’s stock in a transaction on Tuesday, December 13th. The stock was sold at an average price of $104.00, for a total value of $370,136.00. Following the transaction, the vice president now directly owns 16,257 shares of the company’s stock, valued at approximately $1,690,728. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.45% of the company’s stock.

Wall Street Analysts Forecast Growth

QRVO has been the topic of several research reports. Raymond James initiated coverage on Qorvo in a research report on Wednesday. They set an “outperform” rating and a $120.00 price target on the stock. Wells Fargo & Company lifted their price target on Qorvo from $90.00 to $110.00 and gave the company an “equal weight” rating in a research report on Thursday, February 2nd. Cowen lifted their price target on Qorvo from $80.00 to $100.00 and gave the company a “market perform” rating in a research report on Thursday, February 2nd. Barclays lifted their price target on Qorvo from $85.00 to $110.00 and gave the company an “equal weight” rating in a research report on Monday, January 23rd. Finally, Susquehanna lifted their price target on Qorvo from $95.00 to $100.00 and gave the company a “neutral” rating in a research report on Thursday, February 2nd. Two analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $109.57.

About Qorvo

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Qorvo, Inc engages in the provision of development and commercialization of technologies and products for wireless and wired connectivity. It operates through the following reportable segments: Mobile Products and Infrastructure & Defense Products. The Mobile Products segment is involved in supplying cellular, UWB, and Wi-Fi solutions for applications, including smartphones, wearables, laptops, tablets, and Internet of things.

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Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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