Sumitomo Mitsui Trust Holdings Inc. Grows Stock Position in Qorvo Inc (NASDAQ:QRVO)

Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Qorvo Inc (NASDAQ:QRVO) by 6.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 509,366 shares of the semiconductor company’s stock after buying an additional 32,226 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned about 0.43% of Qorvo worth $37,764,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Commonwealth Equity Services LLC raised its stake in Qorvo by 2.1% in the second quarter. Commonwealth Equity Services LLC now owns 7,832 shares of the semiconductor company’s stock valued at $521,000 after buying an additional 158 shares during the last quarter. World Asset Management Inc raised its stake in Qorvo by 2.1% in the third quarter. World Asset Management Inc now owns 8,349 shares of the semiconductor company’s stock valued at $619,000 after buying an additional 170 shares during the last quarter. Commerce Bank raised its stake in Qorvo by 6.2% in the second quarter. Commerce Bank now owns 3,637 shares of the semiconductor company’s stock valued at $242,000 after buying an additional 212 shares during the last quarter. BB&T Securities LLC raised its stake in Qorvo by 6.1% in the third quarter. BB&T Securities LLC now owns 4,443 shares of the semiconductor company’s stock valued at $347,000 after buying an additional 254 shares during the last quarter. Finally, Advisor Partners LLC raised its stake in Qorvo by 8.4% in the third quarter. Advisor Partners LLC now owns 3,326 shares of the semiconductor company’s stock valued at $247,000 after buying an additional 257 shares during the last quarter. Institutional investors own 91.79% of the company’s stock.

Shares of QRVO stock opened at $101.31 on Friday. The stock has a 50 day moving average of $79.88 and a 200 day moving average of $72.46. The company has a current ratio of 3.45, a quick ratio of 2.37 and a debt-to-equity ratio of 0.24. The stock has a market cap of $11.77 billion, a P/E ratio of 19.30, a P/E/G ratio of 2.11 and a beta of 1.11. Qorvo Inc has a twelve month low of $54.74 and a twelve month high of $102.88.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.30 by $0.22. The company had revenue of $806.70 million during the quarter, compared to analysts’ expectations of $754.67 million. Qorvo had a return on equity of 15.10% and a net margin of 8.19%. Qorvo’s quarterly revenue was down 8.8% on a year-over-year basis. During the same period last year, the business earned $1.75 earnings per share. On average, research analysts predict that Qorvo Inc will post 4.76 earnings per share for the current fiscal year.

A number of equities research analysts have commented on the company. UBS Group increased their price target on Qorvo from $74.00 to $81.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. BidaskClub upgraded Qorvo from a “hold” rating to a “buy” rating in a research note on Wednesday. Morgan Stanley raised their price objective on Qorvo from $71.00 to $77.00 and gave the stock a “weight” rating in a research note on Friday, November 1st. Needham & Company LLC raised their price objective on Qorvo from $90.00 to $105.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Finally, Benchmark raised their price objective on Qorvo from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and fourteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $86.78.

In related news, Director Walter H. Wilkinson sold 3,000 shares of Qorvo stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $74.25, for a total transaction of $222,750.00. Following the completion of the transaction, the director now directly owns 39,327 shares in the company, valued at $2,920,029.75. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Roderick Nelson sold 500 shares of Qorvo stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $69.03, for a total value of $34,515.00. Following the transaction, the director now owns 4,782 shares of the company’s stock, valued at $330,101.46. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,133 shares of company stock valued at $2,319,851. 0.71% of the stock is owned by company insiders.

About Qorvo

Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.

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Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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