Qorvo Inc (NASDAQ:QRVO) Position Cut by Suntrust Banks Inc.

Suntrust Banks Inc. decreased its position in Qorvo Inc (NASDAQ:QRVO) by 2.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,269 shares of the semiconductor company’s stock after selling 412 shares during the quarter. Suntrust Banks Inc.’s holdings in Qorvo were worth $1,049,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. D. E. Shaw & Co. Inc. grew its holdings in shares of Qorvo by 261.6% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 60,570 shares of the semiconductor company’s stock valued at $3,678,000 after buying an additional 43,818 shares in the last quarter. Stone Ridge Asset Management LLC acquired a new stake in Qorvo during the fourth quarter valued at $278,000. QS Investors LLC boosted its position in Qorvo by 191.6% during the fourth quarter. QS Investors LLC now owns 26,419 shares of the semiconductor company’s stock valued at $1,605,000 after purchasing an additional 17,359 shares during the last quarter. LMR Partners LLP acquired a new stake in Qorvo during the fourth quarter valued at $1,015,000. Finally, Foresters Investment Management Company Inc. acquired a new stake in Qorvo during the fourth quarter valued at $8,311,000. 95.30% of the stock is currently owned by hedge funds and other institutional investors.

Shares of QRVO traded up $0.12 on Friday, hitting $76.68. The company’s stock had a trading volume of 934,609 shares, compared to its average volume of 995,403. The company has a market capitalization of $9.42 billion, a P/E ratio of 16.04, a PEG ratio of 1.40 and a beta of 0.91. The company has a debt-to-equity ratio of 0.16, a current ratio of 3.90 and a quick ratio of 2.78. Qorvo Inc has a fifty-two week low of $54.74 and a fifty-two week high of $86.50.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Thursday, February 7th. The semiconductor company reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.55 by $0.30. Qorvo had a return on equity of 14.11% and a net margin of 1.92%. The firm had revenue of $832.20 million for the quarter, compared to the consensus estimate of $819.21 million. During the same quarter in the prior year, the business earned $1.69 EPS. The business’s revenue for the quarter was down 1.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Qorvo Inc will post 5.03 EPS for the current fiscal year.

In other news, VP Gina Harrison sold 1,016 shares of the stock in a transaction on Wednesday, February 6th. The stock was sold at an average price of $70.00, for a total value of $71,120.00. Following the transaction, the vice president now owns 17,004 shares of the company’s stock, valued at approximately $1,190,280. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Steven E. Creviston sold 6,000 shares of the stock in a transaction on Friday, January 25th. The shares were sold at an average price of $65.00, for a total value of $390,000.00. Following the completion of the transaction, the vice president now directly owns 61,006 shares in the company, valued at approximately $3,965,390. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 228,295 shares of company stock worth $15,753,409. Company insiders own 0.85% of the company’s stock.

A number of analysts have weighed in on QRVO shares. ValuEngine raised Qorvo from a “sell” rating to a “hold” rating in a research report on Wednesday, January 2nd. Needham & Company LLC reduced their price target on Qorvo to $66.00 and set a “sell” rating for the company in a research report on Thursday, January 3rd. They noted that the move was a valuation call. JPMorgan Chase & Co. set a $80.00 price objective on Qorvo and gave the stock a “buy” rating in a research report on Friday, January 4th. Morgan Stanley cut their price objective on Qorvo from $68.00 to $63.00 and set an “equal weight” rating for the company in a research report on Monday, January 7th. Finally, Craig Hallum raised Qorvo from a “hold” rating to a “buy” rating and cut their price objective for the stock from $74.00 to $72.00 in a research report on Thursday, January 10th. Fourteen research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Qorvo has an average rating of “Hold” and an average price target of $76.00.

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Qorvo Profile

Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.

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Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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