Kentucky Retirement Systems Insurance Trust Fund Sells 305 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Kentucky Retirement Systems Insurance Trust Fund lowered its holdings in Qorvo, Inc. (NASDAQ:QRVO) by 9.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,809 shares of the semiconductor company’s stock after selling 305 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Qorvo were worth $290,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of QRVO. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Qorvo in the 2nd quarter valued at about $29,000. EverSource Wealth Advisors LLC increased its position in Qorvo by 81.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 115 shares in the last quarter. Versant Capital Management Inc increased its position in Qorvo by 9,333.3% during the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 280 shares in the last quarter. New Millennium Group LLC acquired a new position in Qorvo during the 2nd quarter worth approximately $34,000. Finally, Blue Trust Inc. increased its position in Qorvo by 241.6% in the 2nd quarter. Blue Trust Inc. now owns 345 shares of the semiconductor company’s stock valued at $40,000 after acquiring an additional 244 shares during the period. Institutional investors own 88.57% of the company’s stock.

Insider Transactions at Qorvo

In other Qorvo news, VP Gina Harrison sold 689 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $107.67, for a total value of $74,184.63. Following the completion of the transaction, the vice president now directly owns 21,601 shares in the company, valued at approximately $2,325,779.67. The trade was a 3.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on QRVO shares. The Goldman Sachs Group upped their price objective on shares of Qorvo from $105.00 to $118.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. BNP Paribas downgraded shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price objective for the company. in a report on Wednesday, October 30th. Piper Sandler cut their target price 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. Bank of America cut their price objective on shares of Qorvo from $115.00 to $80.00 and set an “underperform” rating for the company in a research report on Wednesday, October 30th. Finally, Loop Capital assumed coverage on shares of Qorvo in a research report on Monday, November 11th. They set a “hold” rating and a $73.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $102.88.

Qorvo Trading Down 0.1 %

Shares of QRVO opened at $66.28 on Wednesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.38. Qorvo, Inc. has a 1 year low of $65.35 and a 1 year high of $130.99. The company has a 50 day simple moving average of $92.43 and a two-hundred day simple moving average of $103.75. The firm has a market cap of $6.27 billion, a P/E ratio of -45.40, a price-to-earnings-growth ratio of 5.26 and a beta of 1.49.

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

Qorvo Company 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.