O Shaughnessy Asset Management LLC Sells 291 Shares of Qorvo, Inc. (NASDAQ:QRVO)

O Shaughnessy Asset Management LLC decreased its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 6.4% during the second quarter, HoldingsChannel reports. The firm owned 4,239 shares of the semiconductor company’s stock after selling 291 shares during the quarter. O Shaughnessy Asset Management LLC’s holdings in Qorvo were worth $829,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the company. Baupost Group LLC MA grew its position in shares of Qorvo by 17.7% in the 1st quarter. Baupost Group LLC MA now owns 5,224,466 shares of the semiconductor company’s stock worth $954,510,000 after buying an additional 784,371 shares during the period. Select Equity Group L.P. grew its position in shares of Qorvo by 101.3% in the 1st quarter. Select Equity Group L.P. now owns 1,266,503 shares of the semiconductor company’s stock worth $231,390,000 after buying an additional 637,220 shares during the period. BlackRock Inc. grew its position in shares of Qorvo by 4.8% in the 1st quarter. BlackRock Inc. now owns 9,501,385 shares of the semiconductor company’s stock worth $1,735,904,000 after buying an additional 437,614 shares during the period. Ameriprise Financial Inc. grew its position in shares of Qorvo by 31.7% in the 1st quarter. Ameriprise Financial Inc. now owns 784,707 shares of the semiconductor company’s stock worth $143,410,000 after buying an additional 188,751 shares during the period. Finally, Rafferty Asset Management LLC boosted its position in shares of Qorvo by 106.4% in the 1st quarter. Rafferty Asset Management LLC now owns 321,358 shares of the semiconductor company’s stock worth $58,712,000 after purchasing an additional 165,670 shares in the last quarter. 83.76% of the stock is owned by hedge funds and other institutional investors.

QRVO has been the subject of several recent analyst reports. Westpark Capital initiated coverage on Qorvo in a research report on Thursday, July 15th. They issued a “buy” rating and a $230.00 price target for the company. Barclays raised their price target on shares of Qorvo from $210.00 to $220.00 and gave the company an “overweight” rating in a research report on Tuesday, June 29th. Rosenblatt Securities increased their price objective on Qorvo from $200.00 to $215.00 and gave the company a “neutral” rating in a research report on Thursday, August 5th. Morgan Stanley increased their price objective on Qorvo from $223.00 to $225.00 and gave the company an “overweight” rating in a research report on Thursday, August 5th. Finally, Oppenheimer increased their price objective on shares of Qorvo from $220.00 to $250.00 and gave the company an “outperform” rating in a research report on Thursday, August 5th. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, Qorvo currently has an average rating of “Buy” and a consensus price target of $209.05.

Shares of QRVO stock opened at $182.13 on Wednesday. Qorvo, Inc. has a fifty-two week low of $123.08 and a fifty-two week high of $201.68. The company has a 50 day moving average price of $188.23 and a 200 day moving average price of $184.69. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.56 and a current ratio of 3.37. The stock has a market capitalization of $20.24 billion, a P/E ratio of 22.68, a price-to-earnings-growth ratio of 1.26 and a beta of 1.36.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Wednesday, August 4th. The semiconductor company reported $2.83 EPS for the quarter, topping analysts’ consensus estimates of $2.45 by $0.38. The firm had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.08 billion. Qorvo had a net margin of 21.26% and a return on equity of 26.25%. The company’s revenue was up 41.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.50 earnings per share. On average, research analysts forecast that Qorvo, Inc. will post 11.21 EPS for the current fiscal year.

In related news, VP Gina Harrison sold 1,187 shares of the company’s stock in a transaction that occurred on Tuesday, September 7th. The shares were sold at an average price of $185.16, for a total transaction of $219,784.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP James L. Klein sold 1,909 shares of Qorvo stock in a transaction that occurred on Monday, August 16th. The shares were sold at an average price of $186.72, for a total transaction of $356,448.48. Following the transaction, the vice president now directly owns 42,256 shares in the company, valued at $7,890,040.32. The disclosure for this sale can be found here. In the last quarter, insiders have sold 9,551 shares of company stock valued at $1,757,560. 0.52% of the stock is owned by company insiders.

Qorvo Profile

Qorvo, Inc engages in the provision of development and commercialization of technologies and products for wireless and wired connectivity. It operates through the following reportable segments: Mobile Products and Infrastructure & Defense Products. The Mobile Products segment is involved in supplyingof cellular, UWB, and Wi-Fi solutions for applications, including smartphones, wearables, laptops, tablets, and Internet of things.

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Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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