Toronto Dominion Bank Has $5.18 Million Stock Position in Qorvo, Inc. (NASDAQ:QRVO)

Toronto Dominion Bank cut its holdings in Qorvo, Inc. (NASDAQ:QRVO) by 2.8% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 50,155 shares of the semiconductor company’s stock after selling 1,451 shares during the quarter. Toronto Dominion Bank owned approximately 0.05% of Qorvo worth $5,181,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Swedbank AB acquired a new stake in shares of Qorvo in the 2nd quarter valued at approximately $3,876,000. Blue Trust Inc. lifted its stake in Qorvo by 241.6% in the 2nd quarter. Blue Trust Inc. now owns 345 shares of the semiconductor company’s stock valued at $40,000 after purchasing an additional 244 shares during the last quarter. Gradient Investments LLC acquired a new stake in Qorvo in the second quarter valued at approximately $58,000. Hennion & Walsh Asset Management Inc. grew its stake in shares of Qorvo by 45.4% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 2,871 shares of the semiconductor company’s stock worth $333,000 after buying an additional 897 shares during the last quarter. Finally, Fifth Third Bancorp increased its holdings in shares of Qorvo by 9.5% during the second quarter. Fifth Third Bancorp now owns 6,947 shares of the semiconductor company’s stock worth $806,000 after buying an additional 600 shares in the last quarter. Institutional investors own 88.57% of the company’s stock.

Qorvo Stock Performance

QRVO stock opened at $69.59 on Friday. Qorvo, Inc. has a 1-year low of $64.54 and a 1-year high of $130.99. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45. The stock has a 50-day moving average price of $80.23 and a 200-day moving average price of $100.04. The firm has a market cap of $6.58 billion, a PE ratio of -47.66, a price-to-earnings-growth ratio of 5.53 and a beta of 1.42.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.03. The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The firm’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.99 earnings per share. As a group, equities research analysts expect that Qorvo, Inc. will post 3.37 earnings per share for the current year.

Insider Activity at Qorvo

In related news, SVP Philip Chesley sold 4,045 shares of the business’s 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 sale, the senior vice president now directly owns 30,261 shares of the company’s stock, valued at $2,122,809.15. The trade was a 11.79 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.46% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. TD Cowen cut their price objective on Qorvo from $125.00 to $85.00 and set a “hold” rating on the stock in a report on Wednesday, October 30th. Needham & Company LLC assumed coverage on Qorvo in a report on Monday, October 28th. They set a “buy” rating and a $135.00 price target on the stock. Barclays dropped their price objective on shares of Qorvo from $120.00 to $90.00 and set an “equal weight” rating for the company in a report on Wednesday, October 30th. Susquehanna reduced their target price on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a report on Wednesday, October 30th. Finally, Craig Hallum dropped their price target on shares of Qorvo from $142.00 to $105.00 and set a “buy” rating for the company in a research note on Wednesday, October 30th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently 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.