UBS Asset Management Americas Inc. Lowers Stake in Qorvo, Inc. (NASDAQ:QRVO)

Posted by Defense World Staff on Mar 13th, 2023

UBS Asset Management Americas Inc. lessened its holdings in Qorvo, Inc. (NASDAQ:QRVO – Get Rating) by 4.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 604,120 shares of the semiconductor company’s stock after selling 28,857 shares during the quarter. UBS Asset Management Americas Inc. owned 0.60% of Qorvo worth $47,973,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Martingale Asset Management L P raised its position in Qorvo by 9.5% in the 3rd quarter. Martingale Asset Management L P now owns 12,740 shares of the semiconductor company’s stock worth $1,012,000 after purchasing an additional 1,103 shares during the period. Ethic Inc. purchased a new position in Qorvo in the 3rd quarter worth $310,000. Colony Group LLC increased its position in shares of Qorvo by 7.1% in the second quarter. Colony Group LLC now owns 14,552 shares of the semiconductor company’s stock valued at $1,373,000 after acquiring an additional 965 shares during the period. Brinker Capital Investments LLC increased its position in shares of Qorvo by 9.9% in the third quarter. Brinker Capital Investments LLC now owns 29,811 shares of the semiconductor company’s stock valued at $2,367,000 after acquiring an additional 2,687 shares during the period. Finally, AIA Group Ltd increased its position in shares of Qorvo by 33.4% in the second quarter. AIA Group Ltd now owns 2,291 shares of the semiconductor company’s stock valued at $216,000 after acquiring an additional 573 shares during the period. Hedge funds and other institutional investors own 86.47% of the company’s stock.

Insider Activity

In other news, VP Gina Harrison sold 3,559 shares of the business’s stock in a transaction that occurred on Tuesday, December 13th. The shares were sold at an average price of $104.00, for a total transaction of $370,136.00. Following the completion of the transaction, the vice president now directly owns 16,257 shares of the company’s stock, valued at $1,690,728. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.45% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on QRVO shares. Credit Suisse Group started coverage on shares of Qorvo in a research report on Tuesday, November 15th. They issued an “outperform” rating and a $120.00 price objective on the stock. Raymond James started coverage on shares of Qorvo in a research report on Wednesday, March 1st. They issued an “outperform” rating and a $120.00 price objective on the stock. Mizuho boosted their price objective on shares of Qorvo from $93.00 to $100.00 and gave the company a “neutral” rating in a research report on Thursday, February 2nd. Barclays lifted their target price on shares of Qorvo from $85.00 to $110.00 and gave the company an “equal weight” rating in a research note on Monday, January 23rd. Finally, Wells Fargo & Company lifted their target price on shares of Qorvo from $90.00 to $110.00 and gave the company an “equal weight” rating in a research note on Thursday, February 2nd. Two analysts have rated the stock with a sell rating, sixteen have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Qorvo has an average rating of “Hold” and a consensus price target of $109.57.

Qorvo Trading Down 2.3 %

NASDAQ:QRVO opened at $95.33 on Monday. Qorvo, Inc. has a one year low of $75.38 and a one year high of $132.73. The company has a debt-to-equity ratio of 0.49, a current ratio of 3.68 and a quick ratio of 2.28. The company’s 50-day simple moving average is $102.05 and its 200 day simple moving average is $94.07. The firm has a market capitalization of $9.52 billion, a P/E ratio of 22.38, a PEG ratio of 3.00 and a beta of 1.48.

Qorvo (NASDAQ:QRVO – Get Rating) last issued its earnings results on Wednesday, February 1st. The semiconductor company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.12. Qorvo had a net margin of 11.06% and a return on equity of 19.41%. The firm had revenue of $743.30 million for the quarter, compared to the consensus estimate of $726.33 million. During the same quarter in the prior year, the firm posted $2.81 earnings per share. The business’s revenue was down 33.3% on a year-over-year basis. As a group, analysts forecast that Qorvo, Inc. will post 4.91 EPS for the current fiscal year.

Qorvo Profile

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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.