Qorvo, Inc. (NASDAQ:QRVO) Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue lessened its position in Qorvo, Inc. (NASDAQ:QRVO) by 32.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,206 shares of the semiconductor company’s stock after selling 9,275 shares during the period. State of Alaska Department of Revenue’s holdings in Qorvo were worth $1,983,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Qorvo in the 2nd quarter valued at approximately $29,000. EverSource Wealth Advisors LLC raised its stake in shares of Qorvo by 81.0% during the first quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after purchasing an additional 115 shares in the last quarter. Versant Capital Management Inc lifted its holdings in Qorvo by 9,333.3% in the second quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 280 shares during the period. New Millennium Group LLC bought a new position in Qorvo in the 2nd quarter valued at about $34,000. Finally, Blue Trust Inc. raised its position in shares of Qorvo by 241.6% during the 2nd quarter. Blue Trust Inc. now owns 345 shares of the semiconductor company’s stock worth $40,000 after buying an additional 244 shares in the last quarter. 88.57% of the stock is currently owned by institutional investors.

Insider Activity

In related news, VP Gina Harrison sold 689 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $107.67, for a total value of $74,184.63. Following the transaction, the vice president now owns 21,601 shares in the company, valued at approximately $2,325,779.67. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.46% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on QRVO. Needham & Company LLC started coverage on shares of Qorvo in a research note on Monday, October 28th. They issued a “buy” rating and a $135.00 price target for the company. Craig Hallum lowered their price target on Qorvo from $142.00 to $105.00 and set a “buy” rating on the stock in a research report on Wednesday. Bank of America decreased their target price on Qorvo from $115.00 to $80.00 and set an “underperform” rating for the company in a research note on Wednesday. Rosenblatt Securities raised their target price on Qorvo from $105.00 to $120.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. Finally, JPMorgan Chase & Co. cut their price target on shares of Qorvo from $115.00 to $95.00 and set an “underweight” rating for the company in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Qorvo currently has a consensus rating of “Hold” and an average target price of $104.47.

Qorvo Price Performance

Shares of QRVO opened at $71.86 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.36. The company has a market capitalization of $6.82 billion, a price-to-earnings ratio of -49.22, a P/E/G ratio of 0.88 and a beta of 1.45. The business’s 50-day moving average is $103.28 and its 200-day moving average is $107.48. Qorvo, Inc. has a fifty-two week low of $70.39 and a fifty-two week high of $130.99.

Qorvo (NASDAQ:QRVO) last released its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.03. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the firm earned $1.99 EPS. The company’s revenue was down 5.2% compared to the same quarter last year. Equities research analysts expect that Qorvo, Inc. will post 4.84 EPS for the current fiscal year.

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.