Alexander Randolph Advisory Inc. Cuts Stock Position in Qorvo, Inc. (NASDAQ:QRVO)

Alexander Randolph Advisory Inc. lessened its stake in Qorvo, Inc. (NASDAQ:QRVO) by 0.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,452 shares of the semiconductor company’s stock after selling 124 shares during the period. Qorvo accounts for approximately 1.5% of Alexander Randolph Advisory Inc.’s investment portfolio, making the stock its 23rd largest holding. Alexander Randolph Advisory Inc.’s holdings in Qorvo were worth $1,561,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital Research Global Investors boosted its holdings in Qorvo by 2.1% in the first quarter. Capital Research Global Investors now owns 4,591,985 shares of the semiconductor company’s stock worth $527,298,000 after acquiring an additional 93,068 shares in the last quarter. FIL Ltd boosted its holdings in Qorvo by 4.5% in the fourth quarter. FIL Ltd now owns 2,778,629 shares of the semiconductor company’s stock worth $312,901,000 after acquiring an additional 120,213 shares in the last quarter. Norges Bank acquired a new stake in Qorvo in the fourth quarter worth about $118,120,000. Balyasny Asset Management L.P. boosted its holdings in Qorvo by 161.2% in the fourth quarter. Balyasny Asset Management L.P. now owns 857,596 shares of the semiconductor company’s stock worth $96,574,000 after acquiring an additional 529,309 shares in the last quarter. Finally, Panagora Asset Management Inc. boosted its holdings in Qorvo by 20.5% in the second quarter. Panagora Asset Management Inc. now owns 780,203 shares of the semiconductor company’s stock worth $90,535,000 after acquiring an additional 132,866 shares in the last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Qorvo Stock Up 2.5 %

Qorvo stock opened at $107.17 on Thursday. The stock has a market capitalization of $10.17 billion, a PE ratio of -146.81, a price-to-earnings-growth ratio of 1.26 and a beta of 1.46. Qorvo, Inc. has a 12 month low of $80.62 and a 12 month high of $130.99. The business has a 50 day simple moving average of $114.57 and a 200-day simple moving average of $111.02. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.95 and a quick ratio of 1.36.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Tuesday, July 30th. The semiconductor company reported $0.87 EPS for the quarter, beating analysts’ consensus estimates 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 14.92% and a negative net margin of 0.66%. The business’s revenue was up 36.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.03 earnings per share. On average, analysts anticipate that Qorvo, Inc. will post 4.84 EPS for the current fiscal year.

Insider Activity

In related 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 transaction of $74,184.63. Following the completion of the sale, the vice president now directly owns 21,601 shares in the company, valued at $2,325,779.67. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on QRVO. Rosenblatt Securities lifted their target price on Qorvo from $105.00 to $120.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. The Goldman Sachs Group lifted their target price on Qorvo from $105.00 to $118.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. StockNews.com downgraded Qorvo from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Barclays lifted their target price on Qorvo from $100.00 to $125.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. Finally, TD Cowen lifted their target price on Qorvo from $110.00 to $125.00 and gave the stock a “hold” rating in a report on Wednesday, July 31st. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Qorvo has an average rating of “Hold” and an average target price of $121.00.

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.