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

Highland Capital Management LLC lessened its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 5.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,120 shares of the semiconductor company’s stock after selling 2,040 shares during the period. Highland Capital Management LLC’s holdings in Qorvo were worth $3,834,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Jackson Wealth Management LLC raised its stake in shares of Qorvo by 151.9% during the 3rd quarter. Jackson Wealth Management LLC now owns 17,430 shares of the semiconductor company’s stock valued at $1,801,000 after buying an additional 10,511 shares during the last quarter. International Assets Investment Management LLC grew its holdings in Qorvo by 10,229.8% during the third quarter. International Assets Investment Management LLC now owns 10,743 shares of the semiconductor company’s stock worth $1,110,000 after acquiring an additional 10,639 shares during the period. Lecap Asset Management Ltd. acquired a new stake in Qorvo during the third quarter worth about $1,569,000. Narwhal Capital Management raised its position in Qorvo by 7.7% during the third quarter. Narwhal Capital Management now owns 2,240 shares of the semiconductor company’s stock valued at $231,000 after acquiring an additional 160 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Qorvo by 21.2% in the third quarter. Allspring Global Investments Holdings LLC now owns 74,722 shares of the semiconductor company’s stock valued at $7,719,000 after acquiring an additional 13,072 shares during the period. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Qorvo

In related news, VP Gina Harrison sold 689 shares of Qorvo stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $107.67, for a total transaction of $74,184.63. Following the transaction, the vice president now owns 21,601 shares in the company, valued at approximately $2,325,779.67. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.46% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on QRVO. Needham & Company LLC lifted their target price on shares of Qorvo from $110.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. The Goldman Sachs Group lifted their price objective on shares of Qorvo from $105.00 to $118.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. StockNews.com lowered shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Rosenblatt Securities lifted their price target on Qorvo from $105.00 to $120.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. Finally, Susquehanna reduced their price target on Qorvo from $135.00 to $115.00 and set a “neutral” rating for the company in a report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $119.86.

Qorvo Trading Down 0.5 %

Shares of QRVO stock opened at $99.01 on Friday. Qorvo, Inc. has a fifty-two week low of $80.62 and a fifty-two week high of $130.99. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.36 and a current ratio of 1.95. The stock’s fifty day moving average is $105.32 and its two-hundred day moving average is $108.26. The firm has a market capitalization of $9.41 billion, a P/E ratio of -135.63, a PEG ratio of 1.22 and a beta of 1.45.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.16. Qorvo had a negative net margin of 0.66% and a positive return on equity of 14.92%. The firm had revenue of $886.70 million for the quarter, compared to the consensus estimate of $851.95 million. During the same period last year, the firm posted $0.03 earnings per share. The company’s revenue for the quarter was up 36.2% on a year-over-year basis. Research analysts expect that Qorvo, Inc. will post 4.84 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.