PNC Financial Services Group Inc. decreased its position in Qorvo, Inc. (NASDAQ:QRVO) by 2.8% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 17,158 shares of the semiconductor company’s stock after selling 487 shares during the period. PNC Financial Services Group Inc.’s holdings in Qorvo were worth $1,084,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Federated Investors Inc. PA lifted its position in Qorvo by 4.0% in the 2nd quarter. Federated Investors Inc. PA now owns 2,323 shares of the semiconductor company’s stock valued at $147,000 after acquiring an additional 90 shares in the last quarter. NEXT Financial Group Inc lifted its position in Qorvo by 2.1% in the 2nd quarter. NEXT Financial Group Inc now owns 2,370 shares of the semiconductor company’s stock valued at $150,000 after acquiring an additional 49 shares in the last quarter. Global X Management Co. LLC lifted its position in Qorvo by 400.9% in the 2nd quarter. Global X Management Co. LLC now owns 2,795 shares of the semiconductor company’s stock valued at $177,000 after acquiring an additional 2,237 shares in the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. lifted its position in Qorvo by 180.0% in the 1st quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 2,800 shares of the semiconductor company’s stock valued at $192,000 after acquiring an additional 1,800 shares in the last quarter. Finally, Pacer Advisors Inc. bought a new stake in Qorvo in the 1st quarter valued at $197,000. 94.34% of the stock is owned by institutional investors.

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In related news, VP James L. Klein sold 2,600 shares of the firm’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $70.84, for a total transaction of $184,184.00. Following the transaction, the vice president now directly owns 42,993 shares of the company’s stock, valued at $3,045,624.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert A. Bruggeworth sold 6,769 shares of the firm’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $71.34, for a total transaction of $482,900.46. Following the transaction, the insider now directly owns 219,719 shares in the company, valued at $15,674,753.46. The disclosure for this sale can be found here. Insiders have sold 62,080 shares of company stock worth $4,395,363 over the last three months. 0.91% of the stock is owned by insiders.

QRVO has been the topic of several research reports. BMO Capital Markets reaffirmed a “hold” rating and issued a $63.00 price objective on shares of Qorvo in a research report on Monday, June 12th. Raymond James Financial, Inc. initiated coverage on shares of Qorvo in a research report on Friday, June 16th. They issued an “outperform” rating and a $87.00 price objective on the stock. BidaskClub cut shares of Qorvo from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 16th. Drexel Hamilton reaffirmed a “buy” rating and issued a $95.00 price objective on shares of Qorvo in a research report on Tuesday, August 1st. Finally, Canaccord Genuity boosted their price objective on shares of Qorvo from $79.00 to $81.00 and gave the company a “buy” rating in a research report on Thursday, August 3rd. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $73.45.

Shares of Qorvo, Inc. (QRVO) opened at 72.69 on Monday. Qorvo, Inc. has a one year low of $48.28 and a one year high of $79.34. The stock has a 50 day moving average of $71.70 and a 200-day moving average of $70.48. The company’s market capitalization is $9.25 billion.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.07. Qorvo had a negative net margin of 1.40% and a positive return on equity of 10.10%. The company had revenue of $640.80 million for the quarter, compared to analyst estimates of $632.18 million. During the same period last year, the firm earned $1.08 earnings per share. The firm’s revenue was down 8.3% on a year-over-year basis. On average, equities analysts forecast that Qorvo, Inc. will post $5.53 earnings per share for the current fiscal year.

Qorvo 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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