Jackson Wealth Management LLC Lowers Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Jackson Wealth Management LLC trimmed its position in Qorvo, Inc. (NASDAQ:QRVO) by 5.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 17,668 shares of the semiconductor company’s stock after selling 1,000 shares during the quarter. Jackson Wealth Management LLC’s holdings in Qorvo were worth $2,029,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Norges Bank purchased a new stake in Qorvo in the fourth quarter valued at about $118,120,000. Balyasny Asset Management L.P. raised its stake in 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 buying an additional 529,309 shares during the last quarter. Panagora Asset Management Inc. raised its stake in 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 buying an additional 316,172 shares during the last quarter. KBC Group NV raised its stake in 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 buying an additional 289,885 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in 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 buying an additional 272,872 shares during the last quarter. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

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

Analyst Ratings Changes

QRVO has been the topic of a number of research reports. Raymond James increased their price objective on Qorvo from $115.00 to $135.00 and gave the company an “outperform” rating in a report on Wednesday. Susquehanna cut their price objective on Qorvo from $145.00 to $135.00 and set a “neutral” rating on the stock in a report on Wednesday. JPMorgan Chase & Co. increased their price objective on Qorvo from $100.00 to $115.00 and gave the company an “underweight” rating in a report on Wednesday. The Goldman Sachs Group raised their target price on Qorvo from $105.00 to $118.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Mizuho dropped their target price on Qorvo from $115.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, May 2nd. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Qorvo presently has a consensus rating of “Hold” and a consensus target price of $120.83.

Qorvo Trading Down 2.5 %

QRVO stock traded down $2.72 during midday trading on Friday, hitting $107.93. 2,386,253 shares of the company’s stock were exchanged, compared to its average volume of 1,514,124. The business has a 50-day simple moving average of $113.66 and a two-hundred day simple moving average of $110.79. The company has a current ratio of 1.95, a quick ratio of 1.41 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $10.24 billion, a PE ratio of -147.85, a P/E/G ratio of 1.29 and a beta of 1.46. Qorvo, Inc. has a 1-year low of $80.62 and a 1-year high of $130.99.

Qorvo (NASDAQ:QRVO) last posted its earnings results on Tuesday, July 30th. The semiconductor company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.16. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The company had revenue of $886.70 million during the quarter, compared to analysts’ expectations of $851.95 million. During the same quarter last year, the firm earned $0.03 earnings per share. The firm’s quarterly revenue was up 36.2% compared to the same quarter last year. On average, sell-side analysts predict that Qorvo, Inc. will post 5.02 EPS for the current fiscal year.

About Qorvo

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.