Envestnet Asset Management Inc. Lowers Position in Qorvo, Inc. (QRVO)

Envestnet Asset Management Inc. trimmed its position in shares of Qorvo, Inc. (NASDAQ:QRVO) by 42.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,544 shares of the semiconductor company’s stock after selling 4,080 shares during the period. Envestnet Asset Management Inc.’s holdings in Qorvo were worth $389,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Qorvo by 3.6% in the 2nd quarter. Vanguard Group Inc. now owns 12,549,555 shares of the semiconductor company’s stock worth $794,638,000 after acquiring an additional 430,596 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of Qorvo by 4.3% in the 3rd quarter. Ameriprise Financial Inc. now owns 4,657,995 shares of the semiconductor company’s stock worth $329,228,000 after acquiring an additional 194,106 shares in the last quarter. Manning & Napier Advisors LLC boosted its holdings in shares of Qorvo by 52.5% in the 3rd quarter. Manning & Napier Advisors LLC now owns 2,443,052 shares of the semiconductor company’s stock worth $172,674,000 after acquiring an additional 840,755 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Qorvo by 4.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,217,756 shares of the semiconductor company’s stock worth $86,067,000 after acquiring an additional 50,179 shares in the last quarter. Finally, UBS Asset Management Americas Inc. boosted its holdings in shares of Qorvo by 0.6% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 800,170 shares of the semiconductor company’s stock worth $50,667,000 after acquiring an additional 4,998 shares in the last quarter. Institutional investors own 96.72% of the company’s stock.

Several research analysts have recently commented on the company. Drexel Hamilton reissued a “buy” rating and issued a $95.00 target price on shares of Qorvo in a report on Thursday, November 2nd. Morgan Stanley boosted their target price on Qorvo from $69.00 to $72.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 13th. Needham & Company LLC reaffirmed a “buy” rating and set a $84.00 price objective on shares of Qorvo in a report on Thursday, November 2nd. Craig Hallum downgraded Qorvo from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $78.00 to $71.00 in a report on Thursday, November 2nd. Finally, KeyCorp reaffirmed a “hold” rating on shares of Qorvo in a report on Wednesday, October 11th. Three equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have issued a buy rating to the stock. Qorvo presently has an average rating of “Hold” and a consensus price target of $76.89.

In other Qorvo news, insider Robert A. Bruggeworth sold 5,000 shares of the company’s stock in a transaction on Monday, October 16th. The shares were sold at an average price of $72.27, for a total transaction of $361,350.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP James L. Klein sold 2,600 shares of the company’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $70.84, for a total transaction of $184,184.00. Following the sale, the vice president now owns 42,993 shares of the company’s stock, valued at approximately $3,045,624.12. The disclosure for this sale can be found here. Insiders have sold a total of 60,696 shares of company stock valued at $4,519,191 in the last quarter. Corporate insiders own 0.91% of the company’s stock.

Shares of Qorvo, Inc. (NASDAQ QRVO) opened at $67.69 on Monday. The company has a market cap of $8,630.00 and a price-to-earnings ratio of -483.50. Qorvo, Inc. has a 1 year low of $52.05 and a 1 year high of $81.20. The company has a current ratio of 3.80, a quick ratio of 2.71 and a debt-to-equity ratio of 0.20.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Wednesday, November 1st. The semiconductor company reported $1.52 EPS for the quarter, meeting the consensus estimate of $1.52. The company had revenue of $821.60 million during the quarter, compared to analysts’ expectations of $810.47 million. Qorvo had a negative net margin of 0.59% and a positive return on equity of 10.77%. The business’s revenue for the quarter was down 5.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.29 EPS. equities research analysts forecast that Qorvo, Inc. will post 4.74 earnings per share for the current fiscal year.

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Qorvo Company Profile

Qorvo, Inc is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs).

Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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