Northern Trust Corp Has $58.99 Million Stock Position in Qorvo, Inc. (NASDAQ:QRVO)

Northern Trust Corp reduced its holdings in Qorvo, Inc. (NASDAQ:QRVO) by 6.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 843,485 shares of the semiconductor company’s stock after selling 53,701 shares during the period. Northern Trust Corp owned approximately 0.90% of Qorvo worth $58,985,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Wilmington Savings Fund Society FSB bought a new position in Qorvo during the third quarter worth $200,000. Franklin Resources Inc. grew its position in Qorvo by 43.2% in the 3rd quarter. Franklin Resources Inc. now owns 52,814 shares of the semiconductor company’s stock worth $5,523,000 after purchasing an additional 15,925 shares during the last quarter. Principal Financial Group Inc. grew its position in Qorvo by 1.3% in the 3rd quarter. Principal Financial Group Inc. now owns 109,100 shares of the semiconductor company’s stock worth $11,270,000 after purchasing an additional 1,426 shares during the last quarter. Versant Capital Management Inc increased its holdings in shares of Qorvo by 89.7% during the 4th quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company’s stock worth $42,000 after purchasing an additional 286 shares during the period. Finally, Everence Capital Management Inc. acquired a new position in shares of Qorvo during the fourth quarter valued at about $310,000. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

QRVO has been the topic of several research reports. Piper Sandler upgraded Qorvo from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $85.00 to $110.00 in a research note on Monday, January 27th. Benchmark upgraded Qorvo from a “hold” rating to a “buy” rating and set a $95.00 price objective on the stock in a research report on Wednesday, April 30th. Mizuho raised their target price on Qorvo from $80.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, January 24th. Morgan Stanley raised shares of Qorvo from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $90.00 to $106.00 in a report on Tuesday, January 21st. Finally, The Goldman Sachs Group dropped their price objective on shares of Qorvo from $99.00 to $78.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Qorvo currently has an average rating of “Hold” and an average price target of $91.21.

Qorvo Stock Performance

QRVO stock opened at $70.31 on Wednesday. The company has a 50 day moving average price of $66.35 and a 200 day moving average price of $72.44. Qorvo, Inc. has a fifty-two week low of $49.46 and a fifty-two week high of $130.99. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.60 and a quick ratio of 1.78. The stock has a market capitalization of $6.57 billion, a PE ratio of 251.11, a price-to-earnings-growth ratio of 15.57 and a beta of 1.38.

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

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.