Allspring Global Investments Holdings LLC Sells 5,535 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Allspring Global Investments Holdings LLC decreased its position in shares of Qorvo, Inc. (NASDAQ:QRVO) by 49.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,747 shares of the semiconductor company’s stock after selling 5,535 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Qorvo were worth $647,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of QRVO. Huntington National Bank grew its position in Qorvo by 8,090.0% in the 3rd quarter. Huntington National Bank now owns 819 shares of the semiconductor company’s stock valued at $78,000 after purchasing an additional 809 shares during the period. BluePath Capital Management LLC acquired a new position in shares of Qorvo during the third quarter valued at about $133,000. Allworth Financial LP grew its holdings in shares of Qorvo by 16.7% during the third quarter. Allworth Financial LP now owns 1,416 shares of the semiconductor company’s stock valued at $135,000 after buying an additional 203 shares during the last quarter. Wahed Invest LLC increased its position in shares of Qorvo by 7.5% during the third quarter. Wahed Invest LLC now owns 1,540 shares of the semiconductor company’s stock worth $147,000 after acquiring an additional 108 shares in the last quarter. Finally, William Blair Investment Management LLC acquired a new stake in shares of Qorvo in the 3rd quarter worth about $203,000. Institutional investors own 88.57% of the company’s stock.

Qorvo Price Performance

Shares of NASDAQ QRVO opened at $112.15 on Thursday. The company has a current ratio of 1.90, a quick ratio of 1.33 and a debt-to-equity ratio of 0.43. The stock has a fifty day simple moving average of $113.53 and a two-hundred day simple moving average of $104.79. Qorvo, Inc. has a 1-year low of $80.62 and a 1-year high of $121.65. The firm has a market cap of $10.83 billion, a price-to-earnings ratio of -52.16, a price-to-earnings-growth ratio of 0.82 and a beta of 1.56.

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

Wall Street Analysts Forecast Growth

QRVO has been the subject of a number of analyst reports. The Goldman Sachs Group lifted their price target on Qorvo from $104.00 to $117.00 and gave the company a “neutral” rating in a research note on Thursday, February 1st. JPMorgan Chase & Co. upped their price target on Qorvo from $95.00 to $105.00 and gave the stock an “underweight” rating in a report on Thursday, February 1st. Craig Hallum increased their price target on Qorvo from $110.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, February 1st. Raymond James lifted their price objective on shares of Qorvo from $115.00 to $120.00 and gave the stock an “outperform” rating in a report on Thursday, February 1st. Finally, Piper Sandler lowered their target price on shares of Qorvo from $120.00 to $105.00 and set a “neutral” rating for the company in a 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 stock. Based on data from MarketBeat.com, Qorvo has an average rating of “Hold” and a consensus price target of $111.53.

Insider Transactions at Qorvo

In other news, SVP Steven E. Creviston sold 3,000 shares of Qorvo stock in a transaction on Friday, March 1st. The shares were sold at an average price of $120.00, for a total transaction of $360,000.00. Following the completion of the sale, the senior vice president now directly owns 77,552 shares of the company’s stock, valued at approximately $9,306,240. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Qorvo news, VP Gina Harrison sold 354 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $114.00, for a total transaction of $40,356.00. Following the transaction, the vice president now directly owns 18,442 shares in the company, valued at $2,102,388. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Steven E. Creviston sold 3,000 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $120.00, for a total transaction of $360,000.00. Following the completion of the sale, the senior vice president now directly 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 over the last quarter. Corporate insiders own 0.43% 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.