ING Groep NV Sells 29,305 Shares of Qorvo, Inc. (NASDAQ:QRVO)

ING Groep NV lessened its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 69.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,687 shares of the semiconductor company’s stock after selling 29,305 shares during the period. ING Groep NV’s holdings in Qorvo were worth $1,311,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in QRVO. Pacer Advisors Inc. boosted its holdings in shares of Qorvo by 17,255.9% in the 2nd quarter. Pacer Advisors Inc. now owns 1,427,006 shares of the semiconductor company’s stock valued at $165,590,000 after purchasing an additional 1,418,784 shares in the last quarter. Vulcan Value Partners LLC boosted its holdings in shares of Qorvo by 35.0% in the 2nd quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock valued at $246,665,000 after purchasing an additional 550,111 shares in the last quarter. Thrivent Financial for Lutherans boosted its holdings in shares of Qorvo by 1,507.7% in the 2nd quarter. Thrivent Financial for Lutherans now owns 347,715 shares of the semiconductor company’s stock valued at $40,349,000 after purchasing an additional 326,087 shares in the last quarter. Caxton Associates LP acquired a new stake in shares of Qorvo in the 2nd quarter valued at $34,812,000. Finally, Robeco Institutional Asset Management B.V. boosted its holdings in shares of Qorvo by 78.6% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock valued at $55,548,000 after purchasing an additional 236,590 shares in the last quarter. Institutional investors own 88.57% of the company’s stock.

Insider Activity at Qorvo

In related news, VP Gina Harrison sold 689 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $107.67, for a total value of $74,184.63. Following the completion of the sale, the vice president now directly owns 21,601 shares of the company’s stock, valued at $2,325,779.67. The trade was a 3.09 % 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 currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. UBS Group reduced their target price on Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a report on Wednesday, October 30th. JPMorgan Chase & Co. cut their price objective on Qorvo from $115.00 to $95.00 and set an “underweight” rating on the stock in a report on Wednesday, October 30th. Bank of America cut their price objective on Qorvo from $115.00 to $80.00 and set an “underperform” rating on the stock in a report on Wednesday, October 30th. Loop Capital assumed coverage on Qorvo in a report on Monday, November 11th. They set a “hold” rating and a $73.00 price objective on the stock. Finally, Morgan Stanley downgraded Qorvo from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $130.00 to $120.00 in a report on Friday, October 11th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Qorvo has a consensus rating of “Hold” and an average price target of $102.88.

Qorvo Stock Performance

QRVO stock opened at $65.61 on Monday. The stock has a 50-day moving average price of $93.98 and a 200-day moving average price of $104.16. Qorvo, Inc. has a 1-year low of $65.35 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 firm has a market cap of $6.20 billion, a PE ratio of -44.94, a price-to-earnings-growth ratio of 5.26 and a beta of 1.49.

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