Nordea Investment Management AB Sells 876 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Posted by Defense World Staff on Jul 6th, 2023

Nordea Investment Management AB cut its stake in shares of Qorvo, Inc. (NASDAQ:QRVO – Free Report) by 2.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 40,138 shares of the semiconductor company’s stock after selling 876 shares during the quarter. Nordea Investment Management AB’s holdings in Qorvo were worth $4,037,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in QRVO. International Assets Investment Management LLC bought a new position in Qorvo in the first quarter valued at $40,000. AlphaCrest Capital Management LLC raised its holdings in shares of Qorvo by 23.2% during the 1st quarter. AlphaCrest Capital Management LLC now owns 3,640 shares of the semiconductor company’s stock valued at $452,000 after buying an additional 685 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in Qorvo by 4.9% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 14,508 shares of the semiconductor company’s stock worth $1,800,000 after buying an additional 673 shares during the last quarter. Cibc World Market Inc. boosted its stake in Qorvo by 10.4% in the first quarter. Cibc World Market Inc. now owns 8,979 shares of the semiconductor company’s stock worth $1,114,000 after buying an additional 843 shares in the last quarter. Finally, Sei Investments Co. grew its position in Qorvo by 18.0% during the first quarter. Sei Investments Co. now owns 120,566 shares of the semiconductor company’s stock valued at $15,024,000 after acquiring an additional 18,397 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Susquehanna raised their price objective on Qorvo from $100.00 to $105.00 in a research note on Thursday, May 4th. BMO Capital Markets boosted their price objective on Qorvo from $105.00 to $110.00 in a research report on Thursday, May 4th. Mizuho raised their target price on shares of Qorvo from $100.00 to $102.00 in a report on Thursday, May 4th. 92 Resources reiterated a “maintains” rating on shares of Qorvo in a report on Thursday, May 4th. Finally, Summit Insights raised shares of Qorvo from a “hold” rating to a “buy” rating in a report on Thursday, May 4th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Qorvo currently has a consensus rating of “Hold” and a consensus target price of $109.41.

Insider Activity

In related news, CEO Robert A. Bruggeworth sold 17,063 shares of Qorvo stock in a transaction dated Wednesday, May 17th. The shares were 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 of the company’s stock, valued at approximately $17,240,877.52. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Robert A. Bruggeworth sold 17,063 shares of the business’s 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 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 available through this hyperlink. Also, SVP Steven E. Creviston sold 3,000 shares of the company’s stock in a transaction dated Friday, May 26th. The stock was 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 owns 75,891 shares in the company, valued at $7,589,100. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 35,585 shares of company stock valued at $3,309,703. 0.43% of the stock is currently owned by company insiders.

Qorvo Trading Down 5.4 %

Shares of Qorvo stock opened at $97.59 on Thursday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.22 and a current ratio of 3.65. The company has a fifty day moving average of $97.08 and a 200 day moving average of $98.21. The company has a market capitalization of $9.58 billion, a P/E ratio of 106.08, a P/E/G ratio of 4.09 and a beta of 1.42. Qorvo, Inc. has a fifty-two week low of $75.38 and a fifty-two week high of $114.59.

Qorvo (NASDAQ:QRVO – Free Report) last announced its quarterly earnings data on Wednesday, May 3rd. The semiconductor company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.13. The business had revenue of $632.70 million during the quarter, compared to analyst estimates of $621.35 million. Qorvo had a net margin of 2.89% and a return on equity of 12.53%. The company’s revenue was down 45.7% on a year-over-year basis. During the same period last year, the firm posted $3.03 EPS. On average, sell-side analysts anticipate that Qorvo, Inc. will post 3.89 earnings per share for the current fiscal year.

Qorvo Profile

(Free Report)

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.

Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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