Princeton Capital Management LLC Sells 1,157 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Princeton Capital Management LLC cut its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 33.1% in the third quarter, HoldingsChannel reports. The fund owned 2,339 shares of the semiconductor company’s stock after selling 1,157 shares during the period. Princeton Capital Management LLC’s holdings in Qorvo were worth $242,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Pacer Advisors Inc. boosted its stake in Qorvo by 17,255.9% in the 2nd quarter. Pacer Advisors Inc. now owns 1,427,006 shares of the semiconductor company’s stock worth $165,590,000 after purchasing an additional 1,418,784 shares during the period. Vulcan Value Partners LLC boosted its stake in Qorvo by 35.0% in the 2nd quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock worth $246,665,000 after purchasing an additional 550,111 shares during the period. Thrivent Financial for Lutherans boosted its stake in Qorvo by 140.2% in the 3rd quarter. Thrivent Financial for Lutherans now owns 835,336 shares of the semiconductor company’s stock worth $86,290,000 after purchasing an additional 487,621 shares during the period. Caxton Associates LP bought a new position in Qorvo in the 2nd quarter worth approximately $34,812,000. Finally, Robeco Institutional Asset Management B.V. boosted its stake in 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 worth $55,548,000 after purchasing an additional 236,590 shares during the period. 88.57% of the stock is currently owned by institutional investors.

Qorvo Trading Up 1.1 %

Shares of QRVO stock opened at $66.32 on Tuesday. Qorvo, Inc. has a 1-year low of $65.35 and a 1-year high of $130.99. The stock’s 50-day moving average is $93.20 and its 200 day moving average is $103.96. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results 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. The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The company’s quarterly revenue was down 5.2% on a year-over-year basis. During the same quarter last year, the company earned $1.99 earnings per share. As a group, equities analysts anticipate that Qorvo, Inc. will post 3.37 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on QRVO. Piper Sandler dropped their price target on Qorvo from $120.00 to $100.00 and set a “neutral” rating for the company in a research note on Friday, October 25th. StockNews.com downgraded Qorvo from a “buy” rating to a “hold” rating in a research report on Thursday, October 31st. JPMorgan Chase & Co. lowered their target price on Qorvo from $115.00 to $95.00 and set an “underweight” rating for the company in a research report on Wednesday, October 30th. TD Cowen lowered their target price on Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a research report on Wednesday, October 30th. Finally, Barclays lowered their target price on Qorvo from $120.00 to $90.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $102.88.

Insider Transactions at Qorvo

In other Qorvo news, VP Gina Harrison sold 689 shares of the business’s stock in a transaction that occurred on 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 transaction, the vice president now directly owns 21,601 shares of the company’s stock, valued at approximately $2,325,779.67. The trade was a 3.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.46% of the company’s stock.

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.