Qorvo, Inc. (NASDAQ:QRVO) Shares Sold by Garner Asset Management Corp

Garner Asset Management Corp reduced its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 31.5% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,977 shares of the semiconductor company’s stock after selling 1,370 shares during the quarter. Garner Asset Management Corp’s holdings in Qorvo were worth $308,000 as of its most recent filing with the SEC.

Other hedge funds also recently added to or reduced their stakes in the company. Pacer Advisors Inc. raised its holdings in shares of Qorvo by 17,255.9% in the second quarter. Pacer Advisors Inc. now owns 1,427,006 shares of the semiconductor company’s stock valued at $165,590,000 after buying an additional 1,418,784 shares during the last quarter. Vulcan Value Partners LLC raised its stake in shares of Qorvo by 35.0% during the 2nd quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock worth $246,665,000 after buying an additional 550,111 shares during the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of Qorvo by 140.2% in the third quarter. Thrivent Financial for Lutherans now owns 835,336 shares of the semiconductor company’s stock valued at $86,290,000 after purchasing an additional 487,621 shares in the last quarter. Caxton Associates LP acquired a new stake in Qorvo during the 2nd quarter valued at $34,812,000. Finally, Robeco Institutional Asset Management B.V. increased its position in Qorvo by 78.6% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock worth $55,548,000 after purchasing an additional 236,590 shares in the last quarter. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Qorvo Price Performance

QRVO stock opened at $69.25 on Friday. The stock’s 50 day moving average is $90.08 and its two-hundred day moving average is $103.05. Qorvo, Inc. has a 52-week low of $64.98 and a 52-week high of $130.99. The company has a market capitalization of $6.55 billion, a PE ratio of -47.43, a P/E/G ratio of 5.44 and a beta of 1.49. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) 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 business had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the previous year, the firm earned $1.99 earnings per share. The business’s revenue was down 5.2% compared to the same quarter last year. Analysts predict that Qorvo, Inc. will post 3.37 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on QRVO shares. BNP Paribas cut shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 target price on the stock. in a research report on Wednesday, October 30th. JPMorgan Chase & Co. cut their price objective on Qorvo from $115.00 to $95.00 and set an “underweight” rating on the stock in a report on Wednesday, October 30th. Susquehanna decreased their target price on Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a report on Wednesday, October 30th. The Goldman Sachs Group raised their price target on shares of Qorvo from $105.00 to $118.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Finally, Raymond James downgraded shares of Qorvo from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 30th. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, Qorvo has an average rating of “Hold” and an average price target of $102.88.

Insider Transactions at Qorvo

In other Qorvo news, VP Gina Harrison sold 689 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $107.67, for a total transaction of $74,184.63. Following the transaction, the vice president now 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 transaction was disclosed in a filing with the SEC, 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.