Zurcher Kantonalbank Zurich Cantonalbank Sells 4,601 Shares of Qorvo Inc (QRVO)

Zurcher Kantonalbank Zurich Cantonalbank reduced its holdings in shares of Qorvo Inc (NASDAQ:QRVO) by 14.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,499 shares of the semiconductor company’s stock after selling 4,601 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Qorvo were worth $1,765,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Ameriprise Financial Inc. grew its position in Qorvo by 4.3% during the third quarter. Ameriprise Financial Inc. now owns 4,657,995 shares of the semiconductor company’s stock valued at $329,228,000 after acquiring an additional 194,106 shares during the last quarter. Manning & Napier Advisors LLC boosted its stake in shares of Qorvo by 52.5% during the third quarter. Manning & Napier Advisors LLC now owns 2,443,052 shares of the semiconductor company’s stock valued at $172,674,000 after purchasing an additional 840,755 shares during the period. Alyeska Investment Group L.P. purchased a new stake in shares of Qorvo during the third quarter valued at approximately $118,506,000. Dimensional Fund Advisors LP boosted its stake in shares of Qorvo by 4.3% during the third quarter. Dimensional Fund Advisors LP now owns 1,217,756 shares of the semiconductor company’s stock valued at $86,067,000 after purchasing an additional 50,179 shares during the period. Finally, State of Tennessee Treasury Department boosted its stake in shares of Qorvo by 7.1% during the third quarter. State of Tennessee Treasury Department now owns 744,583 shares of the semiconductor company’s stock valued at $52,627,000 after purchasing an additional 49,553 shares during the period. Institutional investors and hedge funds own 98.19% of the company’s stock.

Shares of Qorvo Inc (NASDAQ:QRVO) opened at $79.17 on Tuesday. Qorvo Inc has a 52 week low of $62.68 and a 52 week high of $85.24. The company has a market capitalization of $10,010.00, a price-to-earnings ratio of 377.00, a P/E/G ratio of 1.37 and a beta of 1.05. The company has a quick ratio of 3.62, a current ratio of 4.72 and a debt-to-equity ratio of 0.23.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Wednesday, January 31st. The semiconductor company reported $1.69 EPS for the quarter, topping analysts’ consensus estimates of $1.60 by $0.09. Qorvo had a return on equity of 11.72% and a net margin of 0.95%. The company had revenue of $845.70 million during the quarter, compared to analyst estimates of $841.09 million. During the same quarter last year, the firm posted $1.35 earnings per share. The firm’s revenue was up 2.3% on a year-over-year basis. analysts expect that Qorvo Inc will post 4.49 EPS for the current fiscal year.

A number of analysts have recently weighed in on QRVO shares. Morgan Stanley increased their price objective on Qorvo from $69.00 to $72.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 13th. JPMorgan Chase & Co. set a $88.00 price objective on Qorvo and gave the company a “buy” rating in a research note on Wednesday, November 15th. Needham & Company LLC reissued a “buy” rating and set a $84.00 price objective on shares of Qorvo in a research note on Thursday, November 2nd. ValuEngine raised Qorvo from a “hold” rating to a “buy” rating in a research note on Wednesday, January 24th. Finally, Drexel Hamilton reissued a “buy” rating and set a $95.00 price objective on shares of Qorvo in a research note on Thursday, November 2nd. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and twelve have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $80.42.

In other Qorvo news, Director Daniel A. Dileo sold 2,500 shares of the firm’s stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $80.00, for a total transaction of $200,000.00. Following the completion of the transaction, the director now owns 4,622 shares of the company’s stock, valued at $369,760. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Walter H. Wilkinson sold 15,925 shares of the firm’s stock in a transaction on Monday, November 27th. The shares were sold at an average price of $80.02, for a total value of $1,274,318.50. Following the transaction, the director now directly owns 62,480 shares of the company’s stock, valued at approximately $4,999,649.60. The disclosure for this sale can be found here. Insiders sold 50,496 shares of company stock valued at $3,766,549 in the last ninety days. 0.91% of the stock is currently owned by insiders.

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Qorvo Company Profile

Qorvo, Inc is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs).

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Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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