Wilmington Savings Fund Society FSB Acquires Shares of 1,936 Qorvo, Inc. (NASDAQ:QRVO)

Wilmington Savings Fund Society FSB bought a new position in shares of Qorvo, Inc. (NASDAQ:QRVO) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,936 shares of the semiconductor company’s stock, valued at approximately $200,000.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Virtu Financial LLC acquired a new stake in Qorvo during the third quarter worth approximately $1,211,000. M&T Bank Corp lifted its holdings in Qorvo by 6.4% during the 3rd quarter. M&T Bank Corp now owns 5,165 shares of the semiconductor company’s stock worth $534,000 after purchasing an additional 311 shares during the last quarter. Public Employees Retirement System of Ohio boosted its stake in Qorvo by 0.8% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 37,038 shares of the semiconductor company’s stock valued at $3,826,000 after purchasing an additional 310 shares during the period. Nomura Asset Management Co. Ltd. grew its holdings in Qorvo by 0.8% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 27,841 shares of the semiconductor company’s stock valued at $2,876,000 after buying an additional 215 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new position in Qorvo during the 3rd quarter worth $1,842,000. Institutional investors own 88.57% of the company’s stock.

Insider Activity

In other Qorvo news, SVP Philip Chesley sold 4,045 shares of the stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $70.15, for a total value of $283,756.75. Following the completion of the transaction, the senior vice president now directly owns 30,261 shares in the company, valued at approximately $2,122,809.15. This trade represents a 11.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.46% of the stock is owned by corporate insiders.

Qorvo Stock Down 3.5 %

Shares of NASDAQ QRVO opened at $68.50 on Thursday. The company has a market cap of $6.48 billion, a price-to-earnings ratio of -46.92, a PEG ratio of 5.58 and a beta of 1.42. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45. Qorvo, Inc. has a 12 month low of $64.54 and a 12 month high of $130.99. The stock has a 50-day moving average price of $79.04 and a two-hundred day moving average price of $99.69.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data 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 business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same period in the prior year, the company earned $1.99 EPS. The firm’s quarterly revenue was down 5.2% compared to the same quarter last year. As a group, analysts forecast that Qorvo, Inc. will post 3.37 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

QRVO has been the subject of a number of recent research reports. StockNews.com cut shares of Qorvo from a “buy” rating to a “hold” rating in a research report on Tuesday. Raymond James downgraded shares of Qorvo from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 30th. Needham & Company LLC initiated coverage on shares of Qorvo in a report on Monday, October 28th. They set a “buy” rating and a $135.00 target price on the stock. TD Cowen cut their price target on Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a research note on Wednesday, October 30th. Finally, Craig Hallum lowered their price objective on Qorvo from $142.00 to $105.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $102.88.

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.