Bank Julius Baer & Co. Ltd Zurich trimmed its stake in Qorvo, Inc. (NASDAQ:QRVO – Free Report) by 8.7% during the 2nd quarter, Holdings Channel reports. The firm owned 4,614 shares of the semiconductor company’s stock after selling 441 shares during the quarter. Bank Julius Baer & Co. Ltd Zurich’s holdings in Qorvo were worth $471,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of the stock. Cambridge Investment Research Advisors Inc. increased its position in shares of Qorvo by 1.0% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 11,820 shares of the semiconductor company’s stock worth $1,206,000 after purchasing an additional 113 shares during the last quarter. Parkside Financial Bank & Trust boosted its stake in Qorvo by 106.4% in the first quarter. Parkside Financial Bank & Trust now owns 225 shares of the semiconductor company’s stock worth $28,000 after buying an additional 116 shares in the last quarter. Cetera Advisor Networks LLC boosted its stake in Qorvo by 2.1% in the fourth quarter. Cetera Advisor Networks LLC now owns 6,088 shares of the semiconductor company’s stock worth $552,000 after buying an additional 123 shares in the last quarter. LPL Financial LLC boosted its stake in Qorvo by 0.5% in the second quarter. LPL Financial LLC now owns 27,262 shares of the semiconductor company’s stock worth $2,571,000 after buying an additional 127 shares in the last quarter. Finally, Norinchukin Bank The boosted its stake in Qorvo by 2.2% in the first quarter. Norinchukin Bank The now owns 6,047 shares of the semiconductor company’s stock worth $614,000 after buying an additional 128 shares in the last quarter. 85.60% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
A number of analysts have recently weighed in on the company. BNP Paribas raised Qorvo from a “neutral” rating to an “outperform” rating and set a $135.00 price objective for the company in a research note on Thursday, August 3rd. Raymond James increased their price objective on Qorvo from $120.00 to $125.00 and gave the stock an “outperform” rating in a report on Thursday, August 3rd. Morgan Stanley increased their price objective on Qorvo from $111.00 to $116.00 and gave the stock an “equal weight” rating in a report on Thursday, August 3rd. Mizuho increased their price objective on Qorvo from $102.00 to $107.00 in a report on Thursday, August 3rd. Finally, UBS Group increased their price objective on Qorvo from $110.00 to $115.00 in a report on Thursday, August 3rd. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Qorvo has an average rating of “Hold” and an average target price of $112.67.
Qorvo Stock Performance
NASDAQ:QRVO opened at $94.90 on Tuesday. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.27 and a quick ratio of 1.83. Qorvo, Inc. has a 1 year low of $75.38 and a 1 year high of $114.59. The stock’s 50 day simple moving average is $100.09 and its two-hundred day simple moving average is $99.01. The company has a market cap of $9.29 billion, a price-to-earnings ratio of -558.24, a PEG ratio of 2.32 and a beta of 1.45.
Qorvo (NASDAQ:QRVO – Get Free Report) last released its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.07. Qorvo had a positive return on equity of 7.89% and a negative net margin of 0.29%. The business had revenue of $651.16 million for the quarter, compared to the consensus estimate of $639.84 million. As a group, equities analysts anticipate that Qorvo, Inc. will post 4.08 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other Qorvo news, CEO Robert A. Bruggeworth sold 10,757 shares of Qorvo stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $102.02, for a total value of $1,097,429.14. Following the sale, the chief executive officer now owns 156,283 shares of the company’s stock, valued at approximately $15,943,991.66. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Roderick Nelson sold 2,067 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $106.60, for a total transaction of $220,342.20. Following the transaction, the director now owns 7,727 shares of the company’s stock, valued at approximately $823,698.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Robert A. Bruggeworth sold 10,757 shares of the business’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $102.02, for a total value of $1,097,429.14. Following the transaction, the chief executive officer now directly owns 156,283 shares in the company, valued at approximately $15,943,991.66. The disclosure for this sale can be found here. Insiders have sold a total of 40,250 shares of company stock valued at $4,110,124 in the last quarter. 0.43% of the stock is currently owned by insiders.
Qorvo Company Profile
Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.
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