South Dakota Investment Council Decreases Stake in Qorvo, Inc. (NASDAQ:QRVO)

South Dakota Investment Council lowered its position in Qorvo, Inc. (NASDAQ:QRVO) by 72.4% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 1,600 shares of the semiconductor company’s stock after selling 4,200 shares during the quarter. South Dakota Investment Council’s holdings in Qorvo were worth $180,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in QRVO. Huntington National Bank increased its holdings in Qorvo by 8,090.0% in the 3rd quarter. Huntington National Bank now owns 819 shares of the semiconductor company’s stock worth $78,000 after acquiring an additional 809 shares during the last quarter. GAMMA Investing LLC purchased a new stake in Qorvo in the 4th quarter worth about $104,000. BluePath Capital Management LLC purchased a new stake in Qorvo in the 3rd quarter worth about $133,000. Allworth Financial LP increased its holdings in Qorvo by 16.7% in the 3rd quarter. Allworth Financial LP now owns 1,416 shares of the semiconductor company’s stock worth $135,000 after acquiring an additional 203 shares during the last quarter. Finally, Wahed Invest LLC increased its holdings in Qorvo by 7.5% in the 3rd quarter. Wahed Invest LLC now owns 1,540 shares of the semiconductor company’s stock worth $147,000 after acquiring an additional 108 shares during the last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Qorvo Trading Up 2.3 %

NASDAQ:QRVO opened at $114.70 on Friday. The business has a 50 day moving average of $113.50 and a 200 day moving average of $104.84. Qorvo, Inc. has a 1-year low of $80.62 and a 1-year high of $121.65. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.33 and a current ratio of 1.90.

Qorvo (NASDAQ:QRVO) last released its earnings results on Wednesday, January 31st. The semiconductor company reported $1.89 earnings per share for the quarter, topping analysts’ consensus estimates of $1.42 by $0.47. The company had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1 billion. Qorvo had a positive return on equity of 10.41% and a negative net margin of 6.11%. As a group, research analysts anticipate that Qorvo, Inc. will post 4.95 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Raymond James lifted their price objective on Qorvo from $115.00 to $120.00 and gave the stock an “outperform” rating in a report on Thursday, February 1st. Piper Sandler reduced their target price on Qorvo from $120.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, February 1st. Needham & Company LLC reaffirmed a “buy” rating and set a $125.00 target price on shares of Qorvo in a report on Thursday, February 1st. JPMorgan Chase & Co. lifted their target price on Qorvo from $95.00 to $105.00 and gave the company an “underweight” rating in a report on Thursday, February 1st. Finally, Susquehanna reaffirmed a “neutral” rating and set a $100.00 target price on shares of Qorvo in a report on Monday, April 8th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $111.53.

Insider Buying and Selling

In other Qorvo news, SVP Steven E. Creviston sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $120.00, for a total value of $360,000.00. Following the completion of the sale, the senior vice president now owns 77,552 shares in the company, valued at $9,306,240. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP Gina Harrison sold 354 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $114.00, for a total transaction of $40,356.00. Following the completion of the transaction, the vice president now owns 18,442 shares in the company, valued at $2,102,388. The sale was disclosed in a filing 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 that occurred on Friday, March 1st. The shares were sold at an average price of $120.00, for a total value of $360,000.00. Following the transaction, the senior vice president now owns 77,552 shares of the company’s stock, valued at approximately $9,306,240. The disclosure for this sale can be found here. Insiders sold 6,381 shares of company stock worth $745,434 in the last quarter. 0.43% of the stock is owned by insiders.

Qorvo 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.