AE Wealth Management LLC cut its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO – Free Report) by 1.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 62,400 shares of the semiconductor company’s stock after selling 959 shares during the quarter. AE Wealth Management LLC owned 0.06% of Qorvo worth $6,338,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also bought and sold shares of QRVO. Point72 Asset Management L.P. purchased a new position in shares of Qorvo during the fourth quarter worth $115,536,000. Norges Bank acquired a new position in shares of Qorvo in the 4th quarter valued at about $101,478,000. Baupost Group LLC MA boosted its stake in shares of Qorvo by 11.8% in the first quarter. Baupost Group LLC MA now owns 6,645,712 shares of the semiconductor company’s stock worth $824,733,000 after buying an additional 699,968 shares during the last quarter. Wellington Management Group LLP raised its position in Qorvo by 52.6% during the first quarter. Wellington Management Group LLP now owns 1,990,306 shares of the semiconductor company’s stock valued at $246,997,000 after acquiring an additional 686,046 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position in Qorvo by 183.8% during the first quarter. Goldman Sachs Group Inc. now owns 690,361 shares of the semiconductor company’s stock valued at $85,674,000 after acquiring an additional 447,129 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of equities research analysts have recently commented on QRVO shares. BMO Capital Markets raised their price objective on shares of Qorvo from $105.00 to $110.00 in a research note on Thursday, May 4th. 92 Resources reissued a “maintains” rating on shares of Qorvo in a research note on Thursday, May 4th. Summit Insights upgraded Qorvo from a “hold” rating to a “buy” rating in a research note on Thursday, May 4th. Mizuho increased their price target on Qorvo from $100.00 to $102.00 in a research report on Thursday, May 4th. Finally, Susquehanna boosted their price objective on Qorvo from $100.00 to $105.00 in a research report on Thursday, May 4th. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Qorvo currently has an average rating of “Hold” and an average target price of $108.78.
Qorvo Price Performance
Qorvo (NASDAQ:QRVO – Free Report) last issued its earnings results on Wednesday, May 3rd. The semiconductor company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.13. Qorvo had a return on equity of 12.53% and a net margin of 2.89%. The company had revenue of $632.70 million during the quarter, compared to analysts’ expectations of $621.35 million. During the same period in the prior year, the business earned $3.03 EPS. The firm’s quarterly revenue was down 45.7% on a year-over-year basis. Equities research analysts anticipate that Qorvo, Inc. will post 3.89 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other news, CEO Robert A. Bruggeworth sold 17,063 shares of the stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $90.73, for a total value of $1,548,125.99. Following the completion of the sale, the chief executive officer now owns 190,024 shares of the company’s stock, valued at approximately $17,240,877.52. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Robert A. Bruggeworth sold 17,063 shares of the stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $90.73, for a total transaction of $1,548,125.99. Following the completion of the transaction, the chief executive officer now directly owns 190,024 shares in the company, valued at approximately $17,240,877.52. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Steven E. Creviston sold 3,000 shares of the company’s stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $100.00, for a total transaction of $300,000.00. Following the completion of the transaction, the senior vice president now directly owns 75,891 shares in the company, valued at approximately $7,589,100. The disclosure for this sale can be found here. Insiders have sold 35,585 shares of company stock valued at $3,309,703 over the last ninety days. Company insiders own 0.45% of the company’s stock.
Qorvo Company Profile
Qorvo, Inc supplies semiconductor solutions for consumer electronics, smart home/IoT, automotive, EVs, battery-powered appliances, network infrastructure, healthcare, and aerospace/defense markets in the United States, China, other Asian countries, Taiwan, and Europe. The company combines product and technology leadership, systems-level expertise, and global manufacturing scale to solve its customers' technical challenges.
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