BNP Paribas Financial Markets Buys 58,608 Shares of Qorvo, Inc. (NASDAQ:QRVO)

BNP Paribas Financial Markets grew its stake in Qorvo, Inc. (NASDAQ:QRVO) by 20.1% during the third quarter, Holdings Channel.com reports. The fund owned 349,719 shares of the semiconductor company’s stock after purchasing an additional 58,608 shares during the quarter. BNP Paribas Financial Markets’ holdings in Qorvo were worth $36,126,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Qorvo in the 2nd quarter worth approximately $29,000. EverSource Wealth Advisors LLC lifted its position in shares of Qorvo by 81.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 115 shares during the period. Versant Capital Management Inc lifted its position in shares of Qorvo by 9,333.3% in the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 280 shares during the period. Larson Financial Group LLC lifted its position in shares of Qorvo by 163.4% in the 3rd quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 201 shares during the period. Finally, New Millennium Group LLC purchased a new stake in shares of Qorvo in the 2nd quarter worth approximately $34,000. 88.57% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on QRVO shares. Benchmark cut shares of Qorvo from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. decreased their target price on shares of Qorvo from $115.00 to $95.00 and set an “underweight” rating for the company in a research report on Wednesday, October 30th. Raymond James cut shares of Qorvo from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 30th. Morgan Stanley cut shares of Qorvo from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $130.00 to $120.00 in a research report on Friday, October 11th. Finally, UBS Group decreased their target price on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research report on Wednesday, October 30th. Two equities research 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 MarketBeat, Qorvo has an average rating of “Hold” and a consensus target price of $102.88.

Qorvo Trading Up 1.0 %

NASDAQ QRVO opened at $69.05 on Friday. The stock has a market cap of $6.53 billion, a P/E ratio of -46.85, a P/E/G ratio of 5.48 and a beta of 1.49. Qorvo, Inc. has a 12-month low of $64.98 and a 12-month high of $130.99. The company has a fifty day simple moving average of $87.50 and a two-hundred day simple moving average of $102.26. 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 released its quarterly earnings data 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. The firm had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The business’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.99 earnings per share. On average, analysts forecast that Qorvo, Inc. will post 3.37 earnings per share for the current year.

Insider Transactions at Qorvo

In related 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 sale, the vice president now owns 21,601 shares in the company, valued at approximately $2,325,779.67. This trade represents a 3.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.46% of the company’s stock.

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.