Shell Asset Management Co. Has $394,000 Position in Qorvo, Inc. (NASDAQ:QRVO)

Shell Asset Management Co. reduced its stake in Qorvo, Inc. (NASDAQ:QRVO) by 43.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,435 shares of the semiconductor company’s stock after selling 2,625 shares during the period. Shell Asset Management Co.’s holdings in Qorvo were worth $394,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of QRVO. Norges Bank acquired a new position in shares of Qorvo in the fourth quarter valued at $118,120,000. Balyasny Asset Management L.P. boosted its position in shares of Qorvo by 161.2% in the fourth quarter. Balyasny Asset Management L.P. now owns 857,596 shares of the semiconductor company’s stock valued at $96,574,000 after acquiring an additional 529,309 shares during the period. Panagora Asset Management Inc. boosted its position in shares of Qorvo by 119.4% in the fourth quarter. Panagora Asset Management Inc. now owns 580,929 shares of the semiconductor company’s stock valued at $65,418,000 after acquiring an additional 316,172 shares during the period. KBC Group NV boosted its position in shares of Qorvo by 3,169.2% in the fourth quarter. KBC Group NV now owns 299,032 shares of the semiconductor company’s stock valued at $33,674,000 after acquiring an additional 289,885 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in shares of Qorvo by 177.4% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 426,678 shares of the semiconductor company’s stock valued at $48,995,000 after acquiring an additional 272,872 shares during the period. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Qorvo Stock Up 2.8 %

Qorvo stock opened at $122.01 on Friday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.41 and a current ratio of 1.99. Qorvo, Inc. has a 52-week low of $80.62 and a 52-week high of $130.99. The firm has a 50 day moving average price of $111.40 and a two-hundred day moving average price of $110.16. The firm has a market cap of $11.59 billion, a price-to-earnings ratio of -167.14, a PEG ratio of 1.15 and a beta of 1.46.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Wednesday, May 1st. The semiconductor company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.18. The firm had revenue of $941.00 million during the quarter, compared to analyst estimates of $927.24 million. Qorvo had a negative net margin of 1.86% and a positive return on equity of 13.43%. The company’s revenue was up 48.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.11 EPS. Equities analysts predict that Qorvo, Inc. will post 5.16 EPS for the current year.

Analyst Upgrades and Downgrades

QRVO has been the subject of a number of recent research reports. The Goldman Sachs Group reduced their target price on shares of Qorvo from $117.00 to $105.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Barclays reduced their price objective on shares of Qorvo from $110.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 2nd. Susquehanna increased their price objective on shares of Qorvo from $95.00 to $145.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 17th. Rosenblatt Securities reiterated a “neutral” rating and set a $105.00 price objective on shares of Qorvo in a research note on Wednesday, June 12th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $110.00 price objective on shares of Qorvo in a research note on Wednesday, June 12th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $112.94.

Insider Activity at Qorvo

In related news, CEO Robert A. Bruggeworth sold 22,299 shares of Qorvo stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $99.31, for a total value of $2,214,513.69. Following the completion of the sale, the chief executive officer now owns 154,714 shares of the company’s stock, valued at approximately $15,364,647.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CEO Robert A. Bruggeworth sold 22,299 shares of Qorvo stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $99.31, for a total value of $2,214,513.69. Following the completion of the sale, the chief executive officer now owns 154,714 shares of the company’s stock, valued at approximately $15,364,647.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director John R. Harding sold 941 shares of Qorvo stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $97.36, for a total transaction of $91,615.76. Following the completion of the sale, the director now directly owns 6,950 shares of the company’s stock, valued at approximately $676,652. The disclosure for this sale can be found here. In the last 90 days, insiders sold 45,372 shares of company stock valued at $4,517,858. 0.46% of the stock is owned by company insiders.

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.