Citigroup Inc. Buys 35,293 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Citigroup Inc. boosted its position in shares of Qorvo, Inc. (NASDAQ:QRVO) by 5.3% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 707,271 shares of the semiconductor company’s stock after purchasing an additional 35,293 shares during the quarter. Citigroup Inc.’s holdings in Qorvo were worth $73,061,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the business. GDS Wealth Management acquired a new position in shares of Qorvo in the 3rd quarter valued at about $2,171,000. Robeco Institutional Asset Management B.V. raised its stake in shares of Qorvo by 78.6% in the third quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock valued at $55,548,000 after acquiring an additional 236,590 shares in the last quarter. Quest Partners LLC raised its holdings in Qorvo by 504.6% in the third quarter. Quest Partners LLC now owns 11,596 shares of the semiconductor company’s stock valued at $1,198,000 after acquiring an additional 9,678 shares in the last quarter. APG Asset Management N.V. increased its stake in Qorvo by 21.9% in the second quarter. APG Asset Management N.V. now owns 101,243 shares of the semiconductor company’s stock valued at $10,962,000 after purchasing an additional 18,178 shares during the last quarter. Finally, Lazard Asset Management LLC raised its holdings in shares of Qorvo by 23,191.0% in the first quarter. Lazard Asset Management LLC now owns 20,729 shares of the semiconductor company’s stock valued at $2,380,000 after buying an additional 20,640 shares during the last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Analyst Upgrades and Downgrades

QRVO has been the topic of a number of recent analyst reports. BNP Paribas lowered shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price target on the stock. in a research note on Wednesday, October 30th. The Goldman Sachs Group upped their target price on shares of Qorvo from $105.00 to $118.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. UBS Group lowered 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. JPMorgan Chase & Co. reduced their target price on Qorvo from $115.00 to $95.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 30th. Finally, Benchmark downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $102.88.

Qorvo Stock Up 2.0 %

Shares of NASDAQ QRVO opened at $69.25 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90. Qorvo, Inc. has a 1 year low of $64.98 and a 1 year high of $130.99. The stock’s 50-day simple moving average is $90.08 and its 200-day simple moving average is $103.05. The firm has a market cap of $6.55 billion, a price-to-earnings ratio of -47.43, a PEG ratio of 5.44 and a beta of 1.49.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.03. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the previous year, the business earned $1.99 EPS. Qorvo’s revenue for the quarter was down 5.2% compared to the same quarter last year. As a group, equities analysts anticipate that Qorvo, Inc. will post 3.37 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Qorvo news, VP Gina Harrison sold 689 shares of the firm’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 completion of the transaction, the vice president now directly owns 21,601 shares of the company’s stock, valued at $2,325,779.67. This trade represents a 3.09 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.46% of the company’s stock.

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.