Banque Cantonale Vaudoise cut its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO – Free Report) by 61.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,253 shares of the semiconductor company’s stock after selling 3,540 shares during the quarter. Banque Cantonale Vaudoise’s holdings in Qorvo were worth $228,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in QRVO. Vanguard Group Inc. lifted its position in shares of Qorvo by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 12,196,858 shares of the semiconductor company’s stock worth $1,513,630,000 after buying an additional 58,395 shares during the last quarter. Baupost Group LLC MA boosted its stake in shares of Qorvo by 11.8% during the first quarter. Baupost Group LLC MA now owns 6,645,712 shares of the semiconductor company’s stock valued at $824,733,000 after purchasing an additional 699,968 shares in the last quarter. State Street Corp raised its position in shares of Qorvo by 0.3% during the first quarter. State Street Corp now owns 4,801,902 shares of the semiconductor company’s stock worth $595,916,000 after acquiring an additional 16,097 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Qorvo by 52.6% during the first quarter. Wellington Management Group LLP now owns 1,990,306 shares of the semiconductor company’s stock worth $246,997,000 after acquiring an additional 686,046 shares during the last quarter. Finally, LSV Asset Management increased its holdings in Qorvo by 3.0% in the fourth quarter. LSV Asset Management now owns 1,791,794 shares of the semiconductor company’s stock worth $162,408,000 after purchasing an additional 51,965 shares in the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.
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 stock was sold at an average price of $90.73, for a total value of $1,548,125.99. Following the completion of the transaction, the chief executive officer now owns 190,024 shares of the company’s stock, valued at approximately $17,240,877.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Robert A. Bruggeworth sold 11,218 shares of the stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $93.84, for a total value of $1,052,697.12. Following the completion of the transaction, the chief executive officer now owns 178,806 shares of the company’s stock, valued at approximately $16,779,155.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert A. Bruggeworth sold 17,063 shares of the stock in a transaction that occurred on Wednesday, May 17th. The stock was sold at an average price of $90.73, for a total value of $1,548,125.99. Following the completion of the transaction, the chief executive officer now directly owns 190,024 shares of the company’s stock, valued at approximately $17,240,877.52. The disclosure for this sale can be found here. In the last 90 days, insiders sold 35,585 shares of company stock worth $3,309,703. 0.43% of the stock is currently owned by company insiders.
Qorvo Trading Down 5.4 %
Qorvo (NASDAQ:QRVO – Free Report) last released its quarterly earnings data on Wednesday, May 3rd. The semiconductor company reported $0.26 earnings per share for the quarter, topping 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 business had revenue of $632.70 million during the quarter, compared to analysts’ expectations of $621.35 million. During the same quarter last year, the business posted $3.03 EPS. The business’s revenue was down 45.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Qorvo, Inc. will post 3.89 earnings per share for the current year.
Analysts Set New Price Targets
QRVO has been the subject of a number of research analyst reports. KGI Securities upgraded Qorvo from a “neutral” rating to an “outperform” rating in a report on Tuesday, May 9th. Summit Insights upgraded Qorvo from a “hold” rating to a “buy” rating in a report on Thursday, May 4th. Susquehanna boosted their price objective on Qorvo from $100.00 to $105.00 in a report on Thursday, May 4th. BMO Capital Markets boosted their price objective on Qorvo from $105.00 to $110.00 in a report on Thursday, May 4th. Finally, 92 Resources restated a “maintains” rating on shares of Qorvo in a report on Thursday, May 4th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $109.41.
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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