Wells Fargo & Company MN Sells 28,067 Shares of Qorvo Inc (NASDAQ:QRVO)

Wells Fargo & Company MN decreased its position in shares of Qorvo Inc (NASDAQ:QRVO) by 22.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 95,420 shares of the semiconductor company’s stock after selling 28,067 shares during the quarter. Wells Fargo & Company MN’s holdings in Qorvo were worth $6,356,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of QRVO. Dimensional Fund Advisors LP boosted its position in Qorvo by 13.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,441,062 shares of the semiconductor company’s stock valued at $87,523,000 after purchasing an additional 175,203 shares in the last quarter. Geode Capital Management LLC boosted its position in Qorvo by 7.5% during the fourth quarter. Geode Capital Management LLC now owns 1,764,706 shares of the semiconductor company’s stock valued at $106,998,000 after purchasing an additional 122,684 shares in the last quarter. Janus Henderson Group PLC boosted its position in Qorvo by 70.8% during the first quarter. Janus Henderson Group PLC now owns 73,246 shares of the semiconductor company’s stock valued at $5,254,000 after purchasing an additional 30,355 shares in the last quarter. Victory Capital Management Inc. boosted its position in Qorvo by 2,106.6% during the first quarter. Victory Capital Management Inc. now owns 40,889 shares of the semiconductor company’s stock valued at $2,933,000 after purchasing an additional 39,036 shares in the last quarter. Finally, Nissay Asset Management Corp Japan ADV boosted its position in Qorvo by 4.3% during the first quarter. Nissay Asset Management Corp Japan ADV now owns 12,351 shares of the semiconductor company’s stock valued at $886,000 after purchasing an additional 507 shares in the last quarter. 91.19% of the stock is currently owned by institutional investors.

In other news, VP Gina Harrison sold 1,328 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $75.98, for a total value of $100,901.44. Following the completion of the transaction, the vice president now directly owns 18,689 shares in the company, valued at $1,419,990.22. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Roderick Nelson sold 500 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $69.85, for a total value of $34,925.00. Following the completion of the transaction, the director now owns 4,782 shares of the company’s stock, valued at $334,022.70. The disclosure for this sale can be found here. In the last three months, insiders sold 30,719 shares of company stock valued at $2,194,325. Corporate insiders own 0.71% of the company’s stock.



A number of equities research analysts recently weighed in on the company. Canaccord Genuity reaffirmed a “buy” rating and set a $76.00 price objective (down previously from $87.00) on shares of Qorvo in a research report on Tuesday, May 21st. Morgan Stanley raised their price objective on Qorvo from $67.00 to $71.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Benchmark assumed coverage on Qorvo in a research report on Thursday. They set a “buy” rating and a $90.00 price objective on the stock. Craig Hallum reaffirmed a “buy” rating and set a $85.00 price objective (up previously from $75.00) on shares of Qorvo in a research report on Friday, August 2nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $90.00 price objective on shares of Qorvo in a research report on Monday, August 5th. Thirteen equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $77.45.

NASDAQ QRVO traded up $0.05 during trading on Monday, hitting $77.56. The company’s stock had a trading volume of 38,262 shares, compared to its average volume of 1,152,199. The company has a debt-to-equity ratio of 0.23, a current ratio of 3.44 and a quick ratio of 2.30. The company has a market cap of $9.16 billion, a PE ratio of 14.78, a P/E/G ratio of 1.91 and a beta of 1.09. The business’s 50 day simple moving average is $72.42 and its 200-day simple moving average is $70.37. Qorvo Inc has a fifty-two week low of $54.74 and a fifty-two week high of $79.29.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $1.18 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.23. The business had revenue of $775.60 million during the quarter, compared to the consensus estimate of $738.98 million. Qorvo had a return on equity of 15.77% and a net margin of 6.39%. The company’s quarterly revenue was up 12.0% on a year-over-year basis. During the same quarter last year, the company earned $0.96 earnings per share. Analysts expect that Qorvo Inc will post 4.3 EPS for the current fiscal year.

Qorvo Company Profile

Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.

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Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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