Russell Investments Group Ltd. Reduces Position in Qorvo, Inc. (NASDAQ:QRVO)

Russell Investments Group Ltd. lowered its holdings in Qorvo, Inc. (NASDAQ:QRVO) by 5.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 258,984 shares of the semiconductor company’s stock after selling 14,304 shares during the period. Russell Investments Group Ltd. owned approximately 0.26% of Qorvo worth $26,423,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. International Assets Investment Management LLC purchased a new position in Qorvo during the first quarter valued at approximately $40,000. AlphaCrest Capital Management LLC raised its position in shares of Qorvo by 23.2% during the 1st quarter. AlphaCrest Capital Management LLC now owns 3,640 shares of the semiconductor company’s stock valued at $452,000 after buying an additional 685 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in shares of Qorvo by 4.9% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 14,508 shares of the semiconductor company’s stock worth $1,800,000 after acquiring an additional 673 shares during the last quarter. Cibc World Market Inc. grew its position in Qorvo by 10.4% in the first quarter. Cibc World Market Inc. now owns 8,979 shares of the semiconductor company’s stock worth $1,114,000 after acquiring an additional 843 shares in the last quarter. Finally, Sei Investments Co. increased its stake in Qorvo by 18.0% in the first quarter. Sei Investments Co. now owns 120,566 shares of the semiconductor company’s stock valued at $15,024,000 after acquiring an additional 18,397 shares during the last quarter. 85.60% of the stock is currently owned by hedge funds and other institutional investors.

Qorvo Stock Up 1.1 %

QRVO stock opened at $95.14 on Tuesday. The company has a market capitalization of $9.26 billion, a price-to-earnings ratio of -95.14, a price-to-earnings-growth ratio of 2.10 and a beta of 1.48. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.12 and a current ratio of 3.37. The business’s 50 day moving average price is $92.14 and its two-hundred day moving average price is $98.02. Qorvo, Inc. has a fifty-two week low of $80.62 and a fifty-two week high of $114.59.

Insider Buying and Selling

In other Qorvo news, Director Roderick Nelson sold 2,067 shares of the firm’s stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $106.60, for a total transaction of $220,342.20. Following the completion of the transaction, the director now owns 7,727 shares of the company’s stock, valued at $823,698.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.43% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

QRVO has been the subject of a number of research reports. Barclays cut their price objective on Qorvo from $110.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, November 2nd. BMO Capital Markets lowered their price objective on shares of Qorvo from $110.00 to $100.00 and set a “market perform” rating for the company in a report on Friday, November 3rd. Citigroup lowered shares of Qorvo from a “neutral” rating to a “sell” rating and reduced their target price for the company from $116.00 to $78.00 in a report on Tuesday, October 10th. Summit Insights downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Thursday, November 2nd. Finally, Susquehanna cut their price target on shares of Qorvo from $110.00 to $95.00 and set a “neutral” rating for the company in a research report on Tuesday, October 24th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Qorvo currently has a consensus rating of “Hold” and a consensus target price of $108.33.

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.