Retirement Systems of Alabama Sells 684 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Retirement Systems of Alabama lessened its holdings in Qorvo, Inc. (NASDAQ:QRVO) by 0.5% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 125,254 shares of the semiconductor company’s stock after selling 684 shares during the period. Retirement Systems of Alabama’s holdings in Qorvo were worth $14,105,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Highland Capital Management LLC grew its holdings in shares of Qorvo by 48.9% in the 4th quarter. Highland Capital Management LLC now owns 42,790 shares of the semiconductor company’s stock worth $4,819,000 after purchasing an additional 14,060 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of Qorvo by 298.9% in the 4th quarter. SG Americas Securities LLC now owns 17,803 shares of the semiconductor company’s stock worth $2,005,000 after purchasing an additional 13,340 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its holdings in shares of Qorvo by 4.9% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 8,464 shares of the semiconductor company’s stock worth $808,000 after purchasing an additional 394 shares during the last quarter. Jackson Creek Investment Advisors LLC bought a new stake in shares of Qorvo in the 3rd quarter worth about $389,000. Finally, FMR LLC grew its holdings in shares of Qorvo by 7.6% in the 3rd quarter. FMR LLC now owns 680,516 shares of the semiconductor company’s stock worth $64,969,000 after purchasing an additional 48,125 shares during the last quarter. Institutional investors own 88.57% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on QRVO. Rosenblatt Securities upped their target price on shares of Qorvo from $95.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, February 1st. Piper Sandler lowered their target price on shares of Qorvo from $120.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, February 1st. StockNews.com lowered shares of Qorvo from a “buy” rating to a “hold” rating in a report on Thursday, February 8th. Needham & Company LLC reiterated a “buy” rating and set a $125.00 price target on shares of Qorvo in a research report on Thursday, February 1st. Finally, Barclays upped 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 equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Qorvo currently has an average rating of “Hold” and an average target price of $111.53.

Qorvo Price Performance

Shares of QRVO stock opened at $111.89 on Thursday. Qorvo, Inc. has a 12-month low of $80.62 and a 12-month high of $121.65. The firm has a market capitalization of $10.80 billion, a price-to-earnings ratio of -52.04, a price-to-earnings-growth ratio of 0.93 and a beta of 1.53. The company has a quick ratio of 1.33, a current ratio of 1.90 and a debt-to-equity ratio of 0.43. The firm has a fifty day moving average of $113.84 and a 200-day moving average of $105.59.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Wednesday, May 1st. The semiconductor company reported $1.39 earnings per share (EPS) 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 company had revenue of $941.00 million during the quarter, compared to analyst estimates of $927.24 million. During the same quarter in the previous year, the business earned $0.11 EPS. The firm’s revenue was up 48.7% on a year-over-year basis. On average, equities research analysts forecast that Qorvo, Inc. will post 4.95 earnings per share for the current year.

Insider Activity

In related news, VP Gina Harrison sold 354 shares of the company’s stock in a transaction 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 completion of the transaction, the vice president now directly owns 18,442 shares of the company’s stock, valued at approximately $2,102,388. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, VP Gina Harrison sold 354 shares of the company’s stock in a transaction 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 completion of the transaction, the vice president now directly owns 18,442 shares of the company’s stock, valued at approximately $2,102,388. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Paul J. Fego sold 3,027 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $114.00, for a total transaction of $345,078.00. Following the completion of the transaction, the senior vice president now directly owns 29,705 shares of the company’s stock, valued at $3,386,370. The disclosure for this sale can be found here. Insiders sold 6,381 shares of company stock valued at $745,434 in the last quarter. Company insiders own 0.43% of the company’s stock.

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.