Jupiter Asset Management Ltd. Sells 13,551 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Jupiter Asset Management Ltd. trimmed its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 22.8% in the first quarter, Holdings Channel.com reports. The firm owned 45,899 shares of the semiconductor company’s stock after selling 13,551 shares during the quarter. Jupiter Asset Management Ltd.’s holdings in Qorvo were worth $8,386,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. CENTRAL TRUST Co increased its stake in Qorvo by 39.7% during the 1st quarter. CENTRAL TRUST Co now owns 190 shares of the semiconductor company’s stock worth $35,000 after purchasing an additional 54 shares in the last quarter. Bay Harbor Wealth Management LLC boosted its position in Qorvo by 19.8% during the 4th quarter. Bay Harbor Wealth Management LLC now owns 406 shares of the semiconductor company’s stock worth $68,000 after acquiring an additional 67 shares during the last quarter. MorganRosel Wealth Management LLC boosted its position in Qorvo by 1.1% during the 4th quarter. MorganRosel Wealth Management LLC now owns 6,268 shares of the semiconductor company’s stock worth $1,042,000 after acquiring an additional 68 shares during the last quarter. Keybank National Association OH boosted its position in Qorvo by 5.0% during the 1st quarter. Keybank National Association OH now owns 1,466 shares of the semiconductor company’s stock worth $268,000 after acquiring an additional 70 shares during the last quarter. Finally, Cetera Advisor Networks LLC boosted its position in Qorvo by 2.4% during the 4th quarter. Cetera Advisor Networks LLC now owns 3,010 shares of the semiconductor company’s stock worth $500,000 after acquiring an additional 71 shares during the last quarter. 83.07% of the stock is owned by institutional investors and hedge funds.

QRVO opened at $182.91 on Friday. Qorvo, Inc. has a 1-year low of $104.57 and a 1-year high of $201.68. The firm has a fifty day simple moving average of $184.80. The company has a current ratio of 3.64, a quick ratio of 2.90 and a debt-to-equity ratio of 0.38. The company has a market cap of $20.59 billion, a PE ratio of 28.80, a PEG ratio of 1.61 and a beta of 1.39.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Wednesday, May 5th. The semiconductor company reported $2.74 earnings per share for the quarter, topping the consensus estimate of $2.23 by $0.51. The firm had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Qorvo had a return on equity of 23.45% and a net margin of 18.27%. Analysts predict that Qorvo, Inc. will post 10.61 earnings per share for the current year.

In other Qorvo news, CEO Robert A. Bruggeworth sold 788 shares of the stock in a transaction on Monday, May 17th. The stock was sold at an average price of $168.78, for a total transaction of $132,998.64. Following the transaction, the chief executive officer now owns 193,761 shares in the company, valued at approximately $32,702,981.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP James L. Klein sold 1,910 shares of the stock in a transaction on Monday, May 17th. The stock was sold at an average price of $168.78, for a total value of $322,369.80. Following the transaction, the vice president now owns 50,150 shares in the company, valued at approximately $8,464,317. The disclosure for this sale can be found here. Insiders have sold a total of 24,130 shares of company stock worth $4,163,421 in the last quarter. Company insiders own 0.66% of the company’s stock.

QRVO has been the subject of a number of recent research reports. Piper Sandler upped their price target on Qorvo from $190.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, April 23rd. Mizuho upped their price target on Qorvo from $183.00 to $215.00 and gave the stock a “buy” rating in a research report on Friday, April 9th. Needham & Company LLC increased their price objective on Qorvo from $220.00 to $245.00 and gave the company a “buy” rating in a report on Thursday, May 6th. Wells Fargo & Company increased their price objective on Qorvo from $205.00 to $230.00 and gave the company an “overweight” rating in a report on Thursday, May 6th. Finally, Citigroup cut their price objective on Qorvo from $188.00 to $170.00 and set a “neutral” rating for the company in a report on Thursday, February 11th. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $197.70.

Qorvo Company Profile

Qorvo, Inc develops and commercializes technologies and products for wireless and wired connectivity worldwide. The company operates in two segments, Mobile Products, and Infrastructure and Defense Products. The company offers integrated modules incorporating switches, power amplifiers, filters and duplexers, antenna tuners, RF power management integrated circuits, multimode/multi-band PAs and transmit modules, antenna-plexers, discrete filters and duplexers, discrete switches, and UWB system solutions, as well as envelope tracking power management solutions, antenna control solutions, and UWB system solutions supporting secure, low power, location, and communication services.

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Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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