Institute for Wealth Management LLC. Trims Stock Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Institute for Wealth Management LLC. trimmed its holdings in Qorvo, Inc. (NASDAQ:QRVO) by 25.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,856 shares of the semiconductor company’s stock after selling 959 shares during the period. Institute for Wealth Management LLC.’s holdings in Qorvo were worth $207,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of QRVO. Ameriprise Financial Inc. grew its stake in Qorvo by 102.0% in the 4th quarter. Ameriprise Financial Inc. now owns 3,597,546 shares of the semiconductor company’s stock valued at $251,577,000 after buying an additional 1,816,811 shares in the last quarter. Norges Bank purchased a new position in shares of Qorvo in the fourth quarter valued at $71,825,000. Amundi grew its position in shares of Qorvo by 84.4% in the fourth 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 in the last quarter. Wealthfront Advisers LLC grew its holdings in Qorvo by 8,535.6% during the 4th quarter. Wealthfront Advisers LLC now owns 931,690 shares of the semiconductor company’s stock valued at $65,153,000 after buying an additional 920,901 shares in the last quarter. Finally, Vulcan Value Partners LLC grew its holdings 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 buying an additional 902,353 shares in the last quarter. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Qorvo Price Performance

QRVO opened at $79.91 on Friday. The stock has a 50-day moving average price of $72.99 and a 200-day moving average price of $72.95. Qorvo, Inc. has a 12-month low of $49.46 and a 12-month high of $130.99. The company has a current ratio of 2.77, a quick ratio of 1.95 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $7.43 billion, a P/E ratio of 137.78, a PEG ratio of 2.14 and a beta of 1.37.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.42. The business had revenue of $869.47 million during the quarter, compared to analyst estimates of $850.13 million. Qorvo had a return on equity of 12.48% and a net margin of 1.50%. Qorvo’s revenue for the quarter was down 7.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.39 earnings per share. Equities analysts predict that Qorvo, Inc. will post 4.09 earnings per share for the current fiscal year.

Insider Activity

In other news, Director John R. Harding sold 1,450 shares of the company’s 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 completion of the sale, the director now owns 7,597 shares of the company’s stock, valued at approximately $532,473.73. This represents a 16.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.46% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Stifel Nicolaus set a $75.00 target price on Qorvo in a report on Monday, April 28th. Citigroup reaffirmed a “sell” rating on shares of Qorvo in a research note on Tuesday, June 10th. Benchmark upgraded shares of Qorvo from a “hold” rating to a “buy” rating and set a $95.00 price target for the company in a research report on Wednesday, April 30th. TD Cowen reduced their price target on shares of Qorvo from $90.00 to $80.00 and set a “hold” rating for the company in a research report on Wednesday, April 30th. Finally, Loop Capital reduced their price target on shares of Qorvo from $90.00 to $75.00 and set a “hold” rating for the company in a research report on Wednesday, April 30th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $91.21.

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.