KLP Kapitalforvaltning AS Trims Stock Position in Qorvo, Inc. (NASDAQ:QRVO)

by · The Cerbat Gem

KLP Kapitalforvaltning AS trimmed its holdings in Qorvo, Inc. (NASDAQ:QRVO – Free Report) by 41.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 17,400 shares of the semiconductor company’s stock after selling 12,352 shares during the period. KLP Kapitalforvaltning AS’s holdings in Qorvo were worth $1,260,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. City Holding Co. acquired a new stake in shares of Qorvo in the first quarter worth approximately $25,000. Larson Financial Group LLC raised its stake in Qorvo by 222.6% during the first quarter. Larson Financial Group LLC now owns 429 shares of the semiconductor company’s stock worth $31,000 after purchasing an additional 296 shares during the period. Huntington National Bank boosted its holdings in shares of Qorvo by 47.1% in the 4th quarter. Huntington National Bank now owns 453 shares of the semiconductor company’s stock valued at $32,000 after purchasing an additional 145 shares during the last quarter. Curat Global LLC acquired a new position in shares of Qorvo in the 1st quarter valued at $34,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Qorvo during the 1st quarter valued at $34,000. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Qorvo Trading Down 1.1%

NASDAQ:QRVO opened at $85.28 on Monday. The stock has a market cap of $7.92 billion, a price-to-earnings ratio of 147.04, a price-to-earnings-growth ratio of 2.27 and a beta of 1.39. Qorvo, Inc. has a one year low of $49.46 and a one year high of $124.87. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.95 and a current ratio of 2.77. The business’s 50-day simple moving average is $82.48 and its 200 day simple moving average is $75.76.

Qorvo (NASDAQ:QRVO – Get Free Report) last announced its earnings results 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. The company had revenue of $869.47 million for the quarter, compared to analyst estimates of $850.13 million. Qorvo had a return on equity of 12.48% and a net margin of 1.50%. Qorvo’s quarterly revenue was down 7.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.39 EPS. As a group, sell-side analysts predict that Qorvo, Inc. will post 4.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Qorvo news, Director John R. Harding sold 1,450 shares of the firm’s stock in a transaction on 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 directly owned 7,597 shares of the company’s stock, valued at $532,473.73. This trade represents a 16.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.41% of the stock is owned by company insiders.

Analysts Set New Price Targets

QRVO has been the topic of several research reports. UBS Group increased their target price on Qorvo from $75.00 to $95.00 and gave the stock a “neutral” rating in a research report on Monday, July 21st. The Goldman Sachs Group began coverage on Qorvo in a report on Thursday, July 10th. They issued a “neutral” rating and a $90.00 price objective on the stock. Needham & Company LLC decreased their target price on Qorvo from $100.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, April 30th. Susquehanna raised their price target on shares of Qorvo from $75.00 to $90.00 and gave the company a “neutral” rating in a report on Tuesday, July 22nd. Finally, Wall Street Zen cut shares of Qorvo from a “buy” rating to a “hold” rating in a research report on Saturday, June 7th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $91.79.

Get Our Latest Stock Report on QRVO

Qorvo Company Profile

(Free Report)

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.

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