Migdal Insurance & Financial Holdings Ltd. Lowers Stock Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Migdal Insurance & Financial Holdings Ltd. reduced its position in Qorvo, Inc. (NASDAQ:QRVO) by 15.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 788 shares of the semiconductor company’s stock after selling 144 shares during the period. Migdal Insurance & Financial Holdings Ltd.’s holdings in Qorvo were worth $90,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in QRVO. Barclays PLC raised its holdings in Qorvo by 646.2% in the 3rd quarter. Barclays PLC now owns 3,866,040 shares of the semiconductor company’s stock worth $369,091,000 after acquiring an additional 3,347,972 shares during the last quarter. Norges Bank purchased a new position in Qorvo in the 4th quarter worth approximately $101,478,000. UBS Group AG raised its holdings in Qorvo by 491.9% in the 3rd quarter. UBS Group AG now owns 1,267,273 shares of the semiconductor company’s stock worth $120,987,000 after acquiring an additional 1,053,157 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Qorvo by 142.1% in the 1st quarter. JPMorgan Chase & Co. now owns 1,271,221 shares of the semiconductor company’s stock worth $129,119,000 after acquiring an additional 746,216 shares during the last quarter. Finally, Baupost Group LLC MA raised its holdings in Qorvo by 11.8% in the 1st quarter. Baupost Group LLC MA now owns 6,645,712 shares of the semiconductor company’s stock worth $824,733,000 after acquiring an additional 699,968 shares during the last quarter. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Qorvo news, SVP Steven E. Creviston sold 3,000 shares of the business’s stock in a transaction 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 completion of the transaction, the senior vice president now owns 77,552 shares in the company, valued at $9,306,240. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, SVP Paul J. Fego sold 3,027 shares of Qorvo stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $114.00, for a total transaction of $345,078.00. Following the completion of the sale, the senior vice president now directly owns 29,705 shares of the company’s stock, valued at approximately $3,386,370. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Steven E. Creviston sold 3,000 shares of Qorvo stock in a transaction on Friday, March 1st. The stock was sold at an average price of $120.00, for a total transaction of $360,000.00. Following the sale, the senior vice president now directly owns 77,552 shares of the company’s stock, valued at $9,306,240. The disclosure for this sale can be found here. Insiders sold a total of 6,381 shares of company stock worth $745,434 over the last 90 days. Corporate insiders own 0.43% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Rosenblatt Securities boosted their target price on shares of Qorvo from $95.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, February 1st. Piper Sandler decreased their target price on shares of Qorvo from $120.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, February 1st. The Goldman Sachs Group boosted their target price on shares of Qorvo from $104.00 to $117.00 and gave the company a “neutral” rating in a research note on Thursday, February 1st. Susquehanna reissued a “neutral” rating and set a $100.00 price objective on shares of Qorvo in a research report on Monday, April 8th. Finally, Raymond James boosted their price objective on shares of Qorvo from $115.00 to $120.00 and gave the company an “outperform” rating in a research report on Thursday, February 1st. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $111.53.

Qorvo Price Performance

Shares of QRVO opened at $107.84 on Friday. The business’s 50-day moving average is $113.89 and its two-hundred day moving average is $104.39. The company has a quick ratio of 1.33, a current ratio of 1.90 and a debt-to-equity ratio of 0.43. Qorvo, Inc. has a fifty-two week low of $80.62 and a fifty-two week high of $121.65.

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

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.