Jacobs Levy Equity Management Inc. Reduces Stock Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Jacobs Levy Equity Management Inc. cut its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 33.2% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 8,208 shares of the semiconductor company’s stock after selling 4,082 shares during the period. Jacobs Levy Equity Management Inc.’s holdings in Qorvo were worth $848,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Centiva Capital LP boosted its position in Qorvo by 338.0% in the 3rd quarter. Centiva Capital LP now owns 13,696 shares of the semiconductor company’s stock valued at $1,415,000 after buying an additional 10,569 shares during the last quarter. Paloma Partners Management Co acquired a new position in shares of Qorvo in the third quarter worth about $5,165,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Qorvo in the third quarter valued at about $226,000. Kestra Investment Management LLC grew its stake in Qorvo by 61.6% during the 3rd quarter. Kestra Investment Management LLC now owns 6,403 shares of the semiconductor company’s stock valued at $661,000 after purchasing an additional 2,441 shares in the last quarter. Finally, Point72 Hong Kong Ltd purchased a new stake in Qorvo during the 3rd quarter worth approximately $12,011,000. Institutional investors and hedge funds own 88.57% of the company’s stock.

Qorvo Price Performance

NASDAQ QRVO opened at $69.51 on Tuesday. The company has a 50-day moving average price of $82.80 and a two-hundred day moving average price of $100.88. The stock has a market cap of $6.57 billion, a price-to-earnings ratio of -47.61, a price-to-earnings-growth ratio of 5.48 and a beta of 1.42. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45. Qorvo, Inc. has a 52 week low of $64.54 and a 52 week high of $130.99.

Qorvo (NASDAQ:QRVO) last posted its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, beating the consensus estimate of $1.85 by $0.03. The firm had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The firm’s revenue was down 5.2% compared to the same quarter last year. During the same period last year, the firm earned $1.99 EPS. Analysts forecast that Qorvo, Inc. will post 3.37 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Piper Sandler decreased their price target on shares of Qorvo from $120.00 to $100.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. StockNews.com raised shares of Qorvo from a “hold” rating to a “buy” rating in a report on Monday. UBS Group cut their target price on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 30th. Barclays decreased their price target on Qorvo from $120.00 to $90.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 30th. Finally, Morgan Stanley downgraded Qorvo from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $130.00 to $120.00 in a report on Friday, October 11th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Qorvo presently has a consensus rating of “Hold” and a consensus price target of $102.88.

Insider Activity at Qorvo

In related news, SVP Philip Chesley sold 4,045 shares of the stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $70.15, for a total value of $283,756.75. Following the completion of the transaction, the senior vice president now owns 30,261 shares in the company, valued at $2,122,809.15. This represents a 11.79 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.46% of the company’s stock.

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.