Pzena Investment Management LLC Decreases Position in Qorvo, Inc. (NASDAQ:QRVO)

Pzena Investment Management LLC lowered its position in Qorvo, Inc. (NASDAQ:QRVO) by 25.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,244 shares of the semiconductor company’s stock after selling 1,112 shares during the quarter. Pzena Investment Management LLC’s holdings in Qorvo were worth $335,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Qorvo during the 2nd quarter worth approximately $29,000. EverSource Wealth Advisors LLC raised its holdings in shares of Qorvo by 81.0% in the first quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock worth $30,000 after acquiring an additional 115 shares during the last quarter. Versant Capital Management Inc lifted its position in shares of Qorvo by 9,333.3% in the second quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock valued at $33,000 after acquiring an additional 280 shares in the last quarter. New Millennium Group LLC purchased a new stake in shares of Qorvo in the second quarter valued at $34,000. Finally, Blue Trust Inc. boosted its stake in shares of Qorvo by 241.6% during the second 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 last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Insider Activity

In other news, VP Gina Harrison sold 689 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $107.67, for a total transaction of $74,184.63. Following the transaction, the vice president now directly owns 21,601 shares of the company’s stock, valued at approximately $2,325,779.67. The trade was a 3.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.46% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. UBS Group cut their target price on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research note on Wednesday, October 30th. Needham & Company LLC began coverage on shares of Qorvo in a research report on Monday, October 28th. They issued a “buy” rating and a $135.00 price objective for the company. Barclays reduced their price objective on shares of Qorvo from $120.00 to $90.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 30th. StockNews.com cut shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Thursday, October 31st. Finally, TD Cowen decreased their price objective on Qorvo from $125.00 to $85.00 and set a “hold” rating on the stock in a report on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $102.88.

Qorvo Stock Down 0.9 %

QRVO opened at $65.66 on Thursday. Qorvo, Inc. has a 52-week low of $64.98 and a 52-week high of $130.99. The company has a 50 day moving average of $91.60 and a two-hundred day moving average of $103.48. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.03. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The firm had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same period in the prior year, the company earned $1.99 EPS. The firm’s revenue was down 5.2% on a year-over-year basis. On average, sell-side analysts predict that Qorvo, Inc. will post 3.37 EPS for the current fiscal year.

Qorvo 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.