Pacer Advisors Inc. Raises Stock Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Pacer Advisors Inc. increased its position in Qorvo, Inc. (NASDAQ:QRVO) by 7.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,528,748 shares of the semiconductor company’s stock after purchasing an additional 101,742 shares during the period. Pacer Advisors Inc.’s holdings in Qorvo were worth $157,920,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in QRVO. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Qorvo in the second quarter worth $29,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Qorvo by 81.0% during the first quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after purchasing an additional 115 shares in the last quarter. Versant Capital Management Inc lifted its holdings in shares of Qorvo by 9,333.3% during the second quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock valued at $33,000 after purchasing an additional 280 shares in the last quarter. New Millennium Group LLC bought a new position in shares of Qorvo during the second quarter valued at $34,000. Finally, Blue Trust Inc. lifted its holdings in shares of Qorvo by 241.6% during the second quarter. Blue Trust Inc. now owns 345 shares of the semiconductor company’s stock valued at $40,000 after purchasing an additional 244 shares in the last quarter. 88.57% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Qorvo news, VP Gina Harrison sold 689 shares of the company’s stock in a transaction 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 sale, the vice president now directly owns 21,601 shares in the company, valued at approximately $2,325,779.67. This represents a 3.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Benchmark downgraded Qorvo from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Bank of America lowered their target price on Qorvo from $115.00 to $80.00 and set an “underperform” rating on the stock in a report on Wednesday, October 30th. Piper Sandler lowered their target price on Qorvo from $120.00 to $100.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. Craig Hallum lowered their target price on Qorvo from $142.00 to $105.00 and set a “buy” rating on the stock in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. reduced their price target on Qorvo from $115.00 to $95.00 and set an “underweight” rating for the company in a research report on Wednesday, October 30th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $102.88.

Qorvo Trading Down 0.9 %

QRVO opened at $65.66 on Thursday. The business has a fifty day moving average of $91.60 and a 200 day moving average of $103.48. Qorvo, Inc. has a 52-week low of $64.98 and a 52-week high of $130.99. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90.

Qorvo (NASDAQ:QRVO) last issued its 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. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same period in the prior year, the business earned $1.99 EPS. The business’s revenue for the quarter was down 5.2% compared to the same quarter last year. As a group, equities analysts predict that Qorvo, Inc. will post 3.37 EPS for the current fiscal year.

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.