BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Lowers Position in Qorvo, Inc. (NASDAQ:QRVO)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its position in shares of Qorvo, Inc. (NASDAQ:QRVO) by 14.2% in the 3rd quarter, HoldingsChannel reports. The firm owned 15,858 shares of the semiconductor company’s stock after selling 2,634 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Qorvo were worth $1,638,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its holdings in Qorvo by 81.0% during the first quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock worth $30,000 after buying an additional 115 shares in the last quarter. Larson Financial Group LLC raised its holdings in Qorvo by 163.4% during the third quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 201 shares during the last quarter. New Millennium Group LLC acquired a new position in Qorvo during the second quarter worth $34,000. Blue Trust Inc. boosted its position in Qorvo by 241.6% during the second quarter. Blue Trust Inc. now owns 345 shares of the semiconductor company’s stock worth $40,000 after purchasing an additional 244 shares in the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in Qorvo in the 3rd quarter valued at about $41,000. Institutional investors and hedge funds own 88.57% of the company’s stock.

Qorvo Trading Down 2.0 %

QRVO stock opened at $68.69 on Friday. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45. The company has a market cap of $6.49 billion, a price-to-earnings ratio of -47.05, a PEG ratio of 5.64 and a beta of 1.42. The business has a fifty day simple moving average of $84.18 and a 200-day simple moving average of $101.25. Qorvo, Inc. has a 52 week low of $64.98 and a 52 week high of $130.99.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, topping the consensus estimate of $1.85 by $0.03. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The firm’s revenue was down 5.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.99 earnings per share. On average, equities research analysts expect that Qorvo, Inc. will post 3.37 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on QRVO. Craig Hallum dropped their price objective on shares of Qorvo from $142.00 to $105.00 and set a “buy” rating for the company in a research note on Wednesday, October 30th. Morgan Stanley downgraded Qorvo from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $130.00 to $120.00 in a research report on Friday, October 11th. JPMorgan Chase & Co. dropped their price objective on Qorvo from $115.00 to $95.00 and set an “underweight” rating for the company in a research report on Wednesday, October 30th. Benchmark downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Finally, Piper Sandler decreased their price target on shares of Qorvo from $120.00 to $100.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th. Two 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’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $102.88.

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.