California State Teachers Retirement System Reduces Holdings in Qorvo, Inc. (NASDAQ:QRVO)

California State Teachers Retirement System reduced its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 0.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 149,434 shares of the semiconductor company’s stock after selling 319 shares during the period. California State Teachers Retirement System owned about 0.15% of Qorvo worth $17,160,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Bessemer Group Inc. raised its stake in Qorvo by 1,361.9% during the 1st quarter. Bessemer Group Inc. now owns 13,596 shares of the semiconductor company’s stock worth $1,562,000 after acquiring an additional 12,666 shares during the period. FIL Ltd increased its stake in Qorvo by 4.5% in the 4th quarter. FIL Ltd now owns 2,778,629 shares of the semiconductor company’s stock worth $312,901,000 after buying an additional 120,213 shares in the last quarter. Daiwa Securities Group Inc. raised its holdings in Qorvo by 44.4% during the first quarter. Daiwa Securities Group Inc. now owns 13,247 shares of the semiconductor company’s stock valued at $1,521,000 after acquiring an additional 4,072 shares during the period. Canada Pension Plan Investment Board boosted its stake in shares of Qorvo by 23.8% in the first quarter. Canada Pension Plan Investment Board now owns 370,200 shares of the semiconductor company’s stock worth $42,510,000 after acquiring an additional 71,200 shares during the period. Finally, Leeward Investments LLC MA grew its position in shares of Qorvo by 50.6% during the first quarter. Leeward Investments LLC MA now owns 154,346 shares of the semiconductor company’s stock worth $17,724,000 after purchasing an additional 51,850 shares in the last quarter. 88.57% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CEO Robert A. Bruggeworth sold 22,299 shares of the company’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $99.31, for a total transaction of $2,214,513.69. Following the completion of the sale, the chief executive officer now directly owns 154,714 shares in the company, valued at approximately $15,364,647.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Qorvo news, Director John R. Harding sold 941 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $97.36, for a total transaction of $91,615.76. Following the transaction, the director now owns 6,950 shares in the company, valued at approximately $676,652. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert A. Bruggeworth sold 22,299 shares of Qorvo stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $99.31, for a total transaction of $2,214,513.69. Following the sale, the chief executive officer now owns 154,714 shares of the company’s stock, valued at $15,364,647.34. The disclosure for this sale can be found here. In the last quarter, insiders sold 45,372 shares of company stock worth $4,517,858. 0.46% of the stock is currently owned by corporate insiders.

Qorvo Trading Down 1.7 %

Shares of QRVO opened at $108.82 on Friday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.99 and a quick ratio of 1.41. The firm has a market capitalization of $10.34 billion, a price-to-earnings ratio of -151.58, a PEG ratio of 1.18 and a beta of 1.46. The company has a 50-day moving average of $113.19 and a 200 day moving average of $110.68. Qorvo, Inc. has a 1-year low of $80.62 and a 1-year high of $130.99.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.16. The business had revenue of $886.70 million during the quarter, compared to analysts’ expectations of $851.95 million. Qorvo had a positive return on equity of 14.73% and a negative net margin of 0.66%. The business’s revenue for the quarter was up 36.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.03 EPS. On average, research analysts expect that Qorvo, Inc. will post 5.07 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on QRVO shares. Needham & Company LLC boosted their price target on Qorvo from $110.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday. StockNews.com downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a report on Thursday. Mizuho cut their price objective on Qorvo from $115.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, May 2nd. JPMorgan Chase & Co. increased their price target on Qorvo from $100.00 to $115.00 and gave the company an “underweight” rating in a research note on Wednesday. Finally, Craig Hallum raised their target price on shares of Qorvo from $124.00 to $142.00 and gave the company a “buy” rating in a report on Wednesday. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $120.83.

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.