Qorvo, Inc. $QRVO Stock Position Lessened by Kestra Investment Management LLC

Kestra Investment Management LLC cut its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 58.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 21,434 shares of the semiconductor company’s stock after selling 30,664 shares during the period. Kestra Investment Management LLC’s holdings in Qorvo were worth $2,454,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. State Street Corp increased its holdings in Qorvo by 5.0% during the 2nd quarter. State Street Corp now owns 3,823,735 shares of the semiconductor company’s stock worth $356,640,000 after purchasing an additional 180,500 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of Qorvo by 801.4% in the first quarter. Bank of America Corp DE now owns 1,767,373 shares of the semiconductor company’s stock valued at $136,795,000 after purchasing an additional 1,571,303 shares in the last quarter. Allianz Asset Management GmbH lifted its holdings in shares of Qorvo by 12.1% in the second quarter. Allianz Asset Management GmbH now owns 825,960 shares of the semiconductor company’s stock valued at $77,037,000 after purchasing an additional 89,378 shares in the last quarter. Paradigm Capital Management Inc. NY bought a new position in shares of Qorvo in the second quarter valued at approximately $2,414,000. Finally, Amundi boosted its position in shares of Qorvo by 197.2% during the first quarter. Amundi now owns 772,352 shares of the semiconductor company’s stock valued at $59,780,000 after buying an additional 512,475 shares during the last quarter. Institutional investors and hedge funds own 88.57% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on QRVO shares. TD Cowen reiterated a “hold” rating on shares of Qorvo in a report on Wednesday, July 29th. UBS Group raised their price objective on Qorvo from $91.00 to $96.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Wall Street Zen upgraded Qorvo from a “hold” rating to a “buy” rating in a research note on Sunday, August 2nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Qorvo in a report on Friday, July 24th. Finally, Citigroup reduced their target price on shares of Qorvo from $100.00 to $95.00 and set a “neutral” rating for the company in a research note on Wednesday, July 29th. Three investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $91.45.

Qorvo Stock Performance

NASDAQ:QRVO opened at $114.17 on Tuesday. Qorvo, Inc. has a 52 week low of $74.92 and a 52 week high of $121.09. The firm has a 50-day moving average price of $112.83 and a two-hundred day moving average price of $94.36. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.68 and a current ratio of 3.54. The firm has a market cap of $10.07 billion, a price-to-earnings ratio of 26.49, a price-to-earnings-growth ratio of 1.98 and a beta of 1.42.

Insider Transactions at Qorvo

In other news, CEO Robert Bruggeworth sold 28,744 shares of the company’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $100.87, for a total value of $2,899,407.28. Following the completion of the transaction, the chief executive officer directly owned 325,546 shares of the company’s stock, valued at $32,837,825.02. This represents a 8.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Philip Chesley sold 5,487 shares of the stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $97.50, for a total value of $534,982.50. Following the sale, the senior vice president directly owned 44,021 shares of the company’s stock, valued at $4,292,047.50. The trade was a 11.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 62,309 shares of company stock worth $6,304,642. 0.49% of the stock is owned by insiders.

Qorvo Company Profile

Qorvo, Inc develops and supplies radio-frequency (RF) semiconductor components and solutions used to connect, power and protect electronic systems. Its products include RF amplifiers, filters, switches, tuners and integrated modules, as well as technologies for power management and wireless connectivity.

The company serves markets that include mobile devices, network infrastructure, automotive, aerospace and defense, industrial applications and the Internet of Things. Its solutions are used in products ranging from smartphones and wireless networks to radar systems and connected devices, with customers and operations spanning global markets.

Qorvo was formed in 2015 through the merger of RF Micro Devices and TriQuint Semiconductor.