Qorvo, Inc. $QRVO Stock: Kestra Investment Management LLC Trims Position

Kestra Investment Management LLC trimmed its holdings in Qorvo, Inc. (NASDAQ:QRVO) by 58.9% in the third quarter, Holdings Channel reports. The institutional investor owned 21,434 shares of the semiconductor company’s stock after selling 30,664 shares during the quarter. Kestra Investment Management LLC’s holdings in Qorvo were worth $2,454,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. State Street Corp lifted its stake in Qorvo by 5.0% in 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 increased its holdings in shares of Qorvo by 801.4% in the 1st quarter. Bank of America Corp DE now owns 1,767,373 shares of the semiconductor company’s stock worth $136,795,000 after buying an additional 1,571,303 shares during the last quarter. Allianz Asset Management GmbH increased its holdings in shares of Qorvo by 12.1% in the 2nd quarter. Allianz Asset Management GmbH now owns 825,960 shares of the semiconductor company’s stock worth $77,037,000 after buying an additional 89,378 shares during the last quarter. Paradigm Capital Management Inc. NY purchased a new stake in shares of Qorvo during the 2nd quarter valued at $2,414,000. Finally, Amundi raised its position in shares of Qorvo by 197.2% during the 1st 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 in the last quarter. 88.57% of the stock is owned by hedge funds and other institutional investors.

Qorvo Price Performance

Shares of Qorvo stock opened at $114.17 on Tuesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.68 and a current ratio of 3.54. Qorvo, Inc. has a 52-week low of $74.92 and a 52-week high of $121.09. The company has a fifty day moving average of $112.83 and a 200-day moving average of $94.36. The stock has a market capitalization 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.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other Qorvo news, SVP Frank Stewart sold 8,279 shares of the business’s stock in a transaction on Monday, August 31st. The shares were sold at an average price of $94.72, for a total value of $784,186.88. Following the completion of the sale, the senior vice president directly owned 43,069 shares of the company’s stock, valued at $4,079,495.68. The trade was a 16.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Grant Brown sold 5,179 shares of the firm’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $97.50, for a total value of $504,952.50. Following the transaction, the chief financial officer directly owned 49,268 shares in the company, valued at $4,803,630. This trade represents a 9.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 62,309 shares of company stock valued at $6,304,642 over the last three months. 0.49% of the stock is currently owned by company insiders.

Qorvo 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.