Geode Capital Management LLC Has $236.62 Million Stock Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Geode Capital Management LLC reduced its position in Qorvo, Inc. (NASDAQ:QRVO) by 2.6% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 2,298,191 shares of the semiconductor company’s stock after selling 61,944 shares during the period. Geode Capital Management LLC’s holdings in Qorvo were worth $236,617,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Farther Finance Advisors LLC raised its stake in Qorvo by 33.7% in the third quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock valued at $43,000 after buying an additional 104 shares during the period. V Square Quantitative Management LLC increased its holdings in shares of Qorvo by 5.0% during the 3rd quarter. V Square Quantitative Management LLC now owns 2,233 shares of the semiconductor company’s stock worth $231,000 after acquiring an additional 107 shares during the last quarter. American Trust raised its stake in Qorvo by 5.8% in the 2nd quarter. American Trust now owns 2,110 shares of the semiconductor company’s stock valued at $245,000 after acquiring an additional 115 shares during the period. Verdence Capital Advisors LLC lifted its holdings in Qorvo by 3.7% during the 3rd quarter. Verdence Capital Advisors LLC now owns 3,884 shares of the semiconductor company’s stock valued at $401,000 after purchasing an additional 140 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in Qorvo by 1.6% during the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 9,526 shares of the semiconductor company’s stock worth $1,105,000 after purchasing an additional 150 shares during the period. Institutional investors own 88.57% of the company’s stock.

Insiders Place Their Bets

In related news, SVP Philip Chesley sold 4,045 shares of the firm’s stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $70.15, for a total transaction of $283,756.75. Following the sale, the senior vice president now owns 30,261 shares of the company’s stock, valued at $2,122,809.15. This trade represents a 11.79 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.46% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on QRVO. Piper Sandler dropped their price objective on shares of Qorvo from $120.00 to $100.00 and set a “neutral” rating on the stock in a research report on Friday, October 25th. Bank of America cut their price objective on shares of Qorvo from $115.00 to $80.00 and set an “underperform” rating for the company in a research report on Wednesday, October 30th. Morgan Stanley downgraded Qorvo from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $130.00 to $120.00 in a research report on Friday, October 11th. UBS Group dropped their price target on Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a report on Wednesday, October 30th. Finally, Barclays reduced their price target on Qorvo from $120.00 to $90.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 30th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $102.88.

Qorvo Stock Performance

Qorvo stock opened at $69.59 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 stock has a market cap of $6.58 billion, a PE ratio of -47.66, a P/E/G ratio of 5.53 and a beta of 1.42. Qorvo, Inc. has a 12-month low of $64.54 and a 12-month high of $130.99. The business’s 50-day moving average price is $80.23 and its two-hundred day moving average price is $100.04.

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