Leeward Investments LLC MA Trims Stock Position in Qorvo, Inc. (NASDAQ:QRVO)

Leeward Investments LLC MA lowered its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 2.6% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 102,496 shares of the semiconductor company’s stock after selling 2,763 shares during the quarter. Leeward Investments LLC MA’s holdings in Qorvo were worth $11,542,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. GAMMA Investing LLC purchased a new stake in shares of Qorvo during the 4th quarter valued at about $104,000. abrdn plc grew its stake in shares of Qorvo by 49.9% during the 4th quarter. abrdn plc now owns 55,064 shares of the semiconductor company’s stock valued at $6,201,000 after acquiring an additional 18,326 shares during the period. Resonant Capital Advisors LLC bought a new position in shares of Qorvo during the 4th quarter valued at approximately $251,000. Zhang Financial LLC grew its stake in shares of Qorvo by 2.7% during the 4th quarter. Zhang Financial LLC now owns 3,852 shares of the semiconductor company’s stock valued at $434,000 after acquiring an additional 102 shares during the period. Finally, Federated Hermes Inc. grew its stake in shares of Qorvo by 9.8% during the 4th quarter. Federated Hermes Inc. now owns 237,251 shares of the semiconductor company’s stock valued at $26,717,000 after acquiring an additional 21,093 shares during the period. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Insiders Place Their Bets

In other news, SVP Steven E. Creviston sold 3,000 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $120.00, for a total transaction of $360,000.00. Following the transaction, the senior vice president now owns 77,552 shares of the company’s stock, valued at approximately $9,306,240. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, VP Gina Harrison sold 354 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $114.00, for a total transaction of $40,356.00. Following the transaction, the vice president now owns 18,442 shares of the company’s stock, valued at approximately $2,102,388. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Steven E. Creviston sold 3,000 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $120.00, for a total value of $360,000.00. Following the sale, the senior vice president now directly owns 77,552 shares in the company, valued at approximately $9,306,240. The disclosure for this sale can be found here. Insiders have sold a total of 6,381 shares of company stock worth $745,434 over the last quarter. Company insiders own 0.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on QRVO shares. Piper Sandler cut their price objective on Qorvo from $120.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, February 1st. Craig Hallum boosted their price objective on Qorvo from $110.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, February 1st. The Goldman Sachs Group boosted their price objective on Qorvo from $104.00 to $117.00 and gave the company a “neutral” rating in a research note on Thursday, February 1st. Susquehanna restated a “neutral” rating and issued a $100.00 price target on shares of Qorvo in a research note on Monday, April 8th. Finally, Needham & Company LLC restated a “buy” rating and issued a $125.00 price target on shares of Qorvo in a research note on Thursday, February 1st. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $111.53.

Qorvo Trading Up 1.8 %

NASDAQ:QRVO traded up $2.05 during midday trading on Friday, hitting $116.75. 1,042,948 shares of the company traded hands, compared to its average volume of 1,261,265. The firm’s fifty day moving average is $113.52 and its 200-day moving average is $104.91. Qorvo, Inc. has a 12-month low of $80.62 and a 12-month high of $121.65. The firm has a market capitalization of $11.27 billion, a P/E ratio of -54.30, a P/E/G ratio of 0.86 and a beta of 1.56. The company has a current ratio of 1.90, a quick ratio of 1.33 and a debt-to-equity ratio of 0.43.

Qorvo (NASDAQ:QRVO) last released its earnings results on Wednesday, January 31st. The semiconductor company reported $1.89 earnings per share for the quarter, topping analysts’ consensus estimates of $1.42 by $0.47. Qorvo had a positive return on equity of 10.41% and a negative net margin of 6.11%. The business had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1 billion. On average, sell-side analysts predict that Qorvo, Inc. will post 4.95 EPS for the current year.

Qorvo 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.