Retirement Systems of Alabama Decreases Stock Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Retirement Systems of Alabama reduced its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 0.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 125,254 shares of the semiconductor company’s stock after selling 684 shares during the quarter. Retirement Systems of Alabama owned 0.13% of Qorvo worth $14,105,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Huntington National Bank boosted its stake in shares of Qorvo by 8,090.0% in the third 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. GAMMA Investing LLC purchased a new position in shares of Qorvo in the fourth quarter valued at $104,000. BluePath Capital Management LLC purchased a new position in shares of Qorvo in the third quarter valued at $133,000. Allworth Financial LP boosted its stake in Qorvo by 16.7% during the 3rd quarter. Allworth Financial LP now owns 1,416 shares of the semiconductor company’s stock valued at $135,000 after acquiring an additional 203 shares during the last quarter. Finally, Wahed Invest LLC boosted its stake in Qorvo by 7.5% during the 3rd quarter. Wahed Invest LLC now owns 1,540 shares of the semiconductor company’s stock valued at $147,000 after acquiring an additional 108 shares during the last quarter. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on QRVO shares. Piper Sandler reduced their price objective on shares of Qorvo from $120.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday, February 1st. StockNews.com downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Thursday, February 8th. Needham & Company LLC reiterated a “buy” rating and set a $125.00 price objective on shares of Qorvo in a research note on Thursday, February 1st. Raymond James increased their target price 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, Barclays raised their price target on shares of Qorvo from $95.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 16th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Qorvo presently has a consensus rating of “Hold” and a consensus price target of $111.53.

Qorvo Trading Down 4.2 %

Shares of NASDAQ:QRVO opened at $111.89 on Thursday. The company has a market cap of $10.80 billion, a PE ratio of -52.04, a P/E/G ratio of 0.93 and a beta of 1.53. The company’s 50-day moving average price is $113.84 and its 200 day moving average price is $105.59. Qorvo, Inc. has a fifty-two week low of $80.62 and a fifty-two week high of $121.65. 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 (NASDAQ:QRVO) last issued its quarterly earnings data on Wednesday, May 1st. The semiconductor company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.18. Qorvo had a negative net margin of 6.11% and a positive return on equity of 10.41%. The firm had revenue of $941.00 million for the quarter, compared to the consensus estimate of $927.24 million. During the same period last year, the firm posted $0.11 EPS. Qorvo’s quarterly revenue was up 48.7% compared to the same quarter last year. Sell-side analysts anticipate that Qorvo, Inc. will post 4.95 earnings per share for the current year.

Insiders Place Their Bets

In other Qorvo news, SVP Steven E. Creviston sold 3,000 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were 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 in the company, valued at approximately $9,306,240. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Gina Harrison sold 354 shares of Qorvo stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $114.00, for a total value of $40,356.00. Following the transaction, the vice president now owns 18,442 shares of the company’s stock, valued at approximately $2,102,388. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Steven E. Creviston sold 3,000 shares of Qorvo stock in a transaction that occurred 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 completion of the transaction, the senior vice president now directly owns 77,552 shares in the company, valued at approximately $9,306,240. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,381 shares of company stock worth $745,434. 0.43% of the stock is owned by corporate insiders.

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.