Qorvo, Inc. (NASDAQ:QRVO) Shares Acquired by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. boosted its position in shares of Qorvo, Inc. (NASDAQ:QRVO) by 3.4% in the third quarter, Holdings Channel.com reports. The firm owned 19,532 shares of the semiconductor company’s stock after acquiring an additional 639 shares during the period. PNC Financial Services Group Inc.’s holdings in Qorvo were worth $2,018,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in QRVO. GDS Wealth Management acquired a new stake in shares of Qorvo during the third quarter valued at about $2,171,000. Robeco Institutional Asset Management B.V. boosted its holdings in Qorvo by 78.6% in the third quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock valued at $55,548,000 after purchasing an additional 236,590 shares during the last quarter. Quest Partners LLC grew its stake in Qorvo by 504.6% during the 3rd quarter. Quest Partners LLC now owns 11,596 shares of the semiconductor company’s stock valued at $1,198,000 after purchasing an additional 9,678 shares in the last quarter. APG Asset Management N.V. increased its holdings in Qorvo by 21.9% during the 2nd quarter. APG Asset Management N.V. now owns 101,243 shares of the semiconductor company’s stock worth $10,962,000 after purchasing an additional 18,178 shares during the last quarter. Finally, Lazard Asset Management LLC raised its position in shares of Qorvo by 23,191.0% in the 1st quarter. Lazard Asset Management LLC now owns 20,729 shares of the semiconductor company’s stock valued at $2,380,000 after purchasing an additional 20,640 shares in the last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Qorvo Stock Up 0.7 %

QRVO stock opened at $69.71 on Tuesday. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45. The firm’s 50-day simple moving average is $90.08 and its 200 day simple moving average is $103.14. The stock has a market cap of $6.59 billion, a PE ratio of -47.75, a price-to-earnings-growth ratio of 5.55 and a beta of 1.49. Qorvo, Inc. has a fifty-two week low of $64.98 and a fifty-two week high of $130.99.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.03. The company had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The business’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.99 earnings per share. As a group, sell-side analysts predict that Qorvo, Inc. will post 3.37 EPS for the current year.

Wall Street Analyst Weigh In

QRVO has been the subject of a number of research analyst reports. Barclays dropped their price target on shares of Qorvo from $120.00 to $90.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 30th. Craig Hallum dropped their target price on shares of Qorvo from $142.00 to $105.00 and set a “buy” rating for the company in a research report on Wednesday, October 30th. The Goldman Sachs Group upped their target price on shares of Qorvo from $105.00 to $118.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. Benchmark downgraded Qorvo from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Finally, Morgan Stanley cut Qorvo from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $130.00 to $120.00 in a research note on Friday, October 11th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Qorvo presently has a consensus rating of “Hold” and an average target price of $102.88.

Insider Activity

In related news, VP Gina Harrison sold 689 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $107.67, for a total value of $74,184.63. Following the sale, the vice president now directly owns 21,601 shares in the company, valued at $2,325,779.67. The trade was a 3.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.46% of the company’s stock.

About Qorvo

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.