Highland Capital Management LLC Trims Stock Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Highland Capital Management LLC lowered its holdings in Qorvo, Inc. (NASDAQ:QRVOGet Rating) by 0.7% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 32,010 shares of the semiconductor company’s stock after selling 230 shares during the period. Highland Capital Management LLC’s holdings in Qorvo were worth $3,019,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Xponance Inc. raised its stake in Qorvo by 1.3% during the first quarter. Xponance Inc. now owns 6,953 shares of the semiconductor company’s stock valued at $863,000 after buying an additional 90 shares in the last quarter. Clearstead Advisors LLC boosted its stake in Qorvo by 66.7% during the 4th quarter. Clearstead Advisors LLC now owns 250 shares of the semiconductor company’s stock valued at $39,000 after purchasing an additional 100 shares in the last quarter. Cambridge Trust Co. boosted its stake in Qorvo by 18.3% during the 1st quarter. Cambridge Trust Co. now owns 660 shares of the semiconductor company’s stock valued at $82,000 after purchasing an additional 102 shares in the last quarter. Schroder Investment Management Group boosted its stake in Qorvo by 0.3% during the 4th quarter. Schroder Investment Management Group now owns 34,272 shares of the semiconductor company’s stock valued at $5,360,000 after purchasing an additional 103 shares in the last quarter. Finally, Resonant Capital Advisors LLC boosted its stake in shares of Qorvo by 3.3% during the 1st quarter. Resonant Capital Advisors LLC now owns 3,276 shares of the semiconductor company’s stock worth $398,000 after acquiring an additional 104 shares in the last quarter. Hedge funds and other institutional investors own 88.31% of the company’s stock.

Qorvo Price Performance

QRVO stock opened at $81.97 on Friday. The firm has a market cap of $8.46 billion, a price-to-earnings ratio of 11.09, a PEG ratio of 1.86 and a beta of 1.38. The company has a quick ratio of 2.12, a current ratio of 3.30 and a debt-to-equity ratio of 0.48. Qorvo, Inc. has a 12-month low of $81.15 and a 12-month high of $178.50. The company’s fifty day simple moving average is $98.21 and its 200 day simple moving average is $106.33.

Qorvo (NASDAQ:QRVOGet Rating) last released its earnings results on Wednesday, August 3rd. The semiconductor company reported $1.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.90 by $0.05. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. Qorvo had a net margin of 17.87% and a return on equity of 26.50%. On average, analysts expect that Qorvo, Inc. will post 7.03 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently weighed in on QRVO. Barclays reduced their price objective on Qorvo from $135.00 to $120.00 and set an “overweight” rating for the company in a research note on Monday, July 25th. JPMorgan Chase & Co. cut their target price on Qorvo from $140.00 to $125.00 and set an “overweight” rating on the stock in a report on Thursday, August 4th. Morgan Stanley cut their target price on Qorvo from $120.00 to $109.00 and set an “equal weight” rating on the stock in a report on Thursday, August 4th. Cowen lowered their price target on Qorvo from $108.00 to $100.00 and set a “market perform” rating on the stock in a research report on Thursday, August 4th. Finally, Rosenblatt Securities lowered their price target on Qorvo from $135.00 to $110.00 and set a “neutral” rating on the stock in a research report on Thursday, August 4th. One research analyst has rated the stock with a sell rating, eighteen have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Qorvo presently has a consensus rating of “Hold” and a consensus price target of $131.13.

Insider Activity at Qorvo

In related news, VP Paul J. Fego sold 2,438 shares of the business’s stock in a transaction on Monday, August 15th. The shares were sold at an average price of $110.18, for a total value of $268,618.84. Following the transaction, the vice president now owns 34,079 shares in the company, valued at $3,754,824.22. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Qorvo news, VP Paul J. Fego sold 2,438 shares of Qorvo stock in a transaction on Monday, August 15th. The shares were sold at an average price of $110.18, for a total value of $268,618.84. Following the completion of the sale, the vice president now directly owns 34,079 shares of the company’s stock, valued at $3,754,824.22. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Frank P. Stewart sold 1,224 shares of Qorvo stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $100.27, for a total transaction of $122,730.48. Following the completion of the sale, the vice president now directly owns 4,950 shares of the company’s stock, valued at $496,336.50. The disclosure for this sale can be found here. Insiders have sold a total of 6,075 shares of company stock worth $597,468 over the last quarter. Company insiders own 0.45% of the company’s stock.

About Qorvo

(Get Rating)

Qorvo, Inc develops and commercializes technologies and products for wireless, wired, and power markets worldwide. The company operates through two segments, Mobile Products, and Infrastructure and Defense Products. It offers mobile devices, such as smartphones, wearables, laptops, tablets and other devices; radio frequency power management integrated circuits, ultra-wideband (UWB) system-on-a-chip (SoC) and system-in-package (SiP) solutions, MEMS-based sensors, antenna tuners, and antennaplexers, as well as discrete multiplexers, duplexers, filters, and switches; and cellular base stations include switch-low noise amplifier (LNA) modules, variable gain amplifiers, integrated power amplifier (PA) Doherty modules, discrete LNAs, and high power GaN amplifiers.

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Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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