Hillsdale Investment Management Inc. Sells 800 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Hillsdale Investment Management Inc. reduced its holdings in Qorvo, Inc. (NASDAQ:QRVO) by 16.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 4,210 shares of the semiconductor company’s stock after selling 800 shares during the quarter. Hillsdale Investment Management Inc.’s holdings in Qorvo were worth $474,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Huntington National Bank lifted its stake in Qorvo by 8,090.0% during the 3rd quarter. Huntington National Bank now owns 819 shares of the semiconductor company’s stock valued at $78,000 after acquiring an additional 809 shares in the last quarter. GAMMA Investing LLC purchased a new position in Qorvo in the fourth quarter valued at about $104,000. Quadrant Capital Group LLC grew its position in shares of Qorvo by 18.7% during the 4th quarter. Quadrant Capital Group LLC now owns 951 shares of the semiconductor company’s stock valued at $107,000 after acquiring an additional 150 shares during the period. Allworth Financial LP increased its stake in shares of Qorvo by 16.7% in the third quarter. Allworth Financial LP now owns 1,416 shares of the semiconductor company’s stock worth $135,000 after purchasing an additional 203 shares in the last quarter. Finally, Wahed Invest LLC raised its position in shares of Qorvo by 7.5% in the third quarter. Wahed Invest LLC now owns 1,540 shares of the semiconductor company’s stock valued at $147,000 after purchasing an additional 108 shares during the period. 88.57% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Rosenblatt Securities raised their price target on Qorvo from $95.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, February 1st. Mizuho decreased their price objective on shares of Qorvo from $115.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, May 2nd. Needham & Company LLC dropped their target price on shares of Qorvo from $125.00 to $110.00 and set a “buy” rating for the company in a research report on Thursday, May 2nd. Piper Sandler reduced their target price on Qorvo from $120.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday, February 1st. Finally, Susquehanna dropped their price target on Qorvo from $100.00 to $95.00 and set a “neutral” rating for the company in a research note on Thursday, May 2nd. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $110.83.

Qorvo Trading Down 0.7 %

NASDAQ QRVO opened at $97.99 on Wednesday. The company has a quick ratio of 1.41, a current ratio of 1.99 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $9.46 billion, a PE ratio of -134.23, a P/E/G ratio of 1.20 and a beta of 1.53. The stock’s 50 day moving average is $108.75 and its 200 day moving average is $106.65. Qorvo, Inc. has a twelve month low of $80.62 and a twelve month high of $121.65.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Wednesday, May 1st. The semiconductor company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.18. Qorvo had a negative net margin of 1.86% and a positive return on equity of 13.43%. The firm had revenue of $941.00 million for the quarter, compared to the consensus estimate of $927.24 million. During the same quarter in the prior year, the firm posted $0.11 earnings per share. The business’s revenue was up 48.7% on a year-over-year basis. Research analysts forecast that Qorvo, Inc. will post 5.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Steven E. Creviston sold 3,000 shares of the stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $120.00, for a total transaction of $360,000.00. Following the completion of the sale, the senior vice president now owns 77,552 shares in the company, valued at $9,306,240. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Robert A. Bruggeworth sold 22,299 shares of the business’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $99.31, for a total value of $2,214,513.69. Following the completion of the sale, the chief executive officer now owns 154,714 shares in the company, valued at approximately $15,364,647.34. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Steven E. Creviston sold 3,000 shares of Qorvo stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $120.00, for a total value of $360,000.00. Following the completion of the transaction, the senior vice president now owns 77,552 shares in the company, valued at approximately $9,306,240. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,372 shares of company stock valued at $2,877,858. 0.43% of the stock is owned by insiders.

About Qorvo

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.