Shell Asset Management Co. Cuts Stock Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Shell Asset Management Co. decreased its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 65.7% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 3,435 shares of the semiconductor company’s stock after selling 6,577 shares during the period. Shell Asset Management Co.’s holdings in Qorvo were worth $240,000 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. Ameriprise Financial Inc. increased its position in Qorvo by 102.0% during the 4th quarter. Ameriprise Financial Inc. now owns 3,597,546 shares of the semiconductor company’s stock valued at $251,577,000 after purchasing an additional 1,816,811 shares during the period. FIL Ltd increased its position in Qorvo by 5.3% during the 4th quarter. FIL Ltd now owns 3,324,241 shares of the semiconductor company’s stock valued at $232,464,000 after purchasing an additional 166,461 shares during the period. Vulcan Value Partners LLC increased its position in Qorvo by 53.7% during the 4th quarter. Vulcan Value Partners LLC now owns 2,581,296 shares of the semiconductor company’s stock valued at $180,487,000 after purchasing an additional 902,353 shares during the period. Amundi increased its position in Qorvo by 84.4% during the 4th quarter. Amundi now owns 2,143,858 shares of the semiconductor company’s stock valued at $156,673,000 after purchasing an additional 981,519 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in Qorvo by 22.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,419,698 shares of the semiconductor company’s stock valued at $99,280,000 after purchasing an additional 264,167 shares during the period. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on QRVO shares. Benchmark raised shares of Qorvo from a “hold” rating to a “buy” rating and set a $95.00 target price on the stock in a research report on Wednesday, April 30th. Loop Capital cut their price objective on shares of Qorvo from $90.00 to $75.00 and set a “hold” rating on the stock in a research report on Wednesday, April 30th. Mizuho lifted their price objective on shares of Qorvo from $80.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, January 24th. TD Cowen cut their price objective on shares of Qorvo from $90.00 to $80.00 and set a “hold” rating on the stock in a research report on Wednesday, April 30th. Finally, Piper Sandler raised shares of Qorvo from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $85.00 to $110.00 in a research report on Monday, January 27th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $91.21.

Insider Transactions at Qorvo

In other news, Director John R. Harding sold 1,450 shares of the stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $70.09, for a total value of $101,630.50. Following the sale, the director now owns 7,597 shares in the company, valued at $532,473.73. This represents a 16.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.46% of the company’s stock.

Qorvo Stock Up 1.6%

QRVO stock opened at $79.64 on Monday. The firm has a 50 day moving average of $67.06 and a 200 day moving average of $71.30. The stock has a market capitalization of $7.44 billion, a PE ratio of 284.43, a price-to-earnings-growth ratio of 15.57 and a beta of 1.38. The company has a quick ratio of 1.78, a current ratio of 2.60 and a debt-to-equity ratio of 0.46. Qorvo, Inc. has a 52 week low of $49.46 and a 52 week high of $130.99.

Qorvo (NASDAQ:QRVO) last released its earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.42. The company had revenue of $869.47 million during the quarter, compared to analysts’ expectations of $850.13 million. Qorvo had a net margin of 0.71% and a return on equity of 12.41%. Qorvo’s revenue for the quarter was down 7.6% on a year-over-year basis. During the same period last year, the business earned $1.39 EPS. Sell-side analysts forecast that Qorvo, Inc. will post 4.09 earnings per share 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.