Qorvo, Inc. (NASDAQ:QRVO) Shares Sold by Shell Asset Management Co.

Shell Asset Management Co. cut its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 65.7% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 3,435 shares of the semiconductor company’s stock after selling 6,577 shares during the period. Shell Asset Management Co.’s holdings in Qorvo were worth $240,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Mediolanum International Funds Ltd acquired a new position in Qorvo during the fourth quarter worth $1,177,000. Janney Montgomery Scott LLC raised its position in Qorvo by 245.6% during the fourth quarter. Janney Montgomery Scott LLC now owns 14,641 shares of the semiconductor company’s stock worth $1,024,000 after acquiring an additional 10,405 shares during the period. JPMorgan Chase & Co. raised its position in Qorvo by 16.3% during the fourth quarter. JPMorgan Chase & Co. now owns 649,631 shares of the semiconductor company’s stock worth $45,429,000 after acquiring an additional 91,120 shares during the period. Raymond James Financial Inc. acquired a new position in Qorvo during the fourth quarter worth $1,327,000. Finally, F&V Capital Management LLC raised its position in Qorvo by 3.7% during the fourth quarter. F&V Capital Management LLC now owns 93,538 shares of the semiconductor company’s stock worth $6,541,000 after acquiring an additional 3,335 shares during the period. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Qorvo Trading Up 1.6%

Shares of QRVO opened at $79.64 on Monday. The company has a current ratio of 2.60, a quick ratio of 1.78 and a debt-to-equity ratio of 0.46. Qorvo, Inc. has a 12-month low of $49.46 and a 12-month high of $130.99. The firm has a 50-day moving average price of $67.06 and a 200 day moving average price of $71.30. The firm has a market capitalization of $7.44 billion, a P/E ratio of 284.43, a P/E/G ratio of 15.57 and a beta of 1.38.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.42. Qorvo had a net margin of 0.71% and a return on equity of 12.41%. The firm had revenue of $869.47 million during the quarter, compared to analyst estimates of $850.13 million. During the same quarter in the prior year, the firm posted $1.39 earnings per share. Qorvo’s quarterly revenue was down 7.6% on a year-over-year basis. Sell-side analysts forecast that Qorvo, Inc. will post 4.09 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have weighed in on QRVO. Mizuho upped their price objective on shares of Qorvo from $80.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, January 24th. Stifel Nicolaus set a $75.00 target price on shares of Qorvo in a research report on Monday, April 28th. Citigroup reduced their target price on shares of Qorvo from $72.00 to $69.00 and set a “sell” rating for the company in a research report on Wednesday, January 29th. Benchmark upgraded shares of Qorvo from a “hold” rating to a “buy” rating and set a $95.00 target price for the company in a research report on Wednesday, April 30th. Finally, TD Cowen reduced their target price 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. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $91.21.

Insiders Place Their Bets

In other Qorvo news, Director John R. Harding sold 1,450 shares of the stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $70.09, for a total transaction of $101,630.50. Following the completion of the transaction, the director now owns 7,597 shares of the company’s stock, valued at $532,473.73. This trade represents a 16.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.46% of the stock is currently owned by insiders.

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.