BNP Paribas Financial Markets Grows Stock Holdings in Qorvo, Inc. (NASDAQ:QRVO)

BNP Paribas Financial Markets grew its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 20.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 349,719 shares of the semiconductor company’s stock after purchasing an additional 58,608 shares during the period. BNP Paribas Financial Markets owned approximately 0.37% of Qorvo worth $36,126,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in QRVO. Tidal Investments LLC lifted its holdings in shares of Qorvo by 302.9% during the first quarter. Tidal Investments LLC now owns 14,369 shares of the semiconductor company’s stock valued at $1,649,000 after purchasing an additional 10,803 shares during the last quarter. Comerica Bank increased its position in shares of Qorvo by 13.3% during the first quarter. Comerica Bank now owns 17,363 shares of the semiconductor company’s stock valued at $1,994,000 after acquiring an additional 2,041 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of Qorvo during the first quarter valued at approximately $575,000. PGGM Investments increased its position in shares of Qorvo by 8.5% during the first quarter. PGGM Investments now owns 6,628 shares of the semiconductor company’s stock valued at $761,000 after acquiring an additional 520 shares in the last quarter. Finally, Cetera Advisors LLC increased its position in shares of Qorvo by 40.9% during the first quarter. Cetera Advisors LLC now owns 2,542 shares of the semiconductor company’s stock valued at $292,000 after acquiring an additional 738 shares in the last quarter. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

QRVO has been the subject of several analyst reports. TD Cowen reduced their price target on shares of Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a research report on Wednesday, October 30th. JPMorgan Chase & Co. reduced their price target on shares of Qorvo from $115.00 to $95.00 and set an “underweight” rating for the company in a research report on Wednesday, October 30th. Bank of America reduced their price target on shares of Qorvo from $115.00 to $80.00 and set an “underperform” rating for the company in a research report on Wednesday, October 30th. Piper Sandler cut their target price on shares of Qorvo from $120.00 to $100.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. Finally, Barclays cut their target price on shares of Qorvo from $120.00 to $90.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $102.88.

Insider Activity at Qorvo

In related news, VP Gina Harrison sold 689 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $107.67, for a total transaction of $74,184.63. Following the transaction, the vice president now directly owns 21,601 shares in the company, valued at approximately $2,325,779.67. This represents a 3.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.46% of the stock is currently owned by insiders.

Qorvo Stock Up 1.0 %

Shares of NASDAQ QRVO opened at $69.05 on Friday. The firm’s 50-day moving average price is $87.50 and its 200-day moving average price is $102.26. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $6.53 billion, a price-to-earnings ratio of -46.85, a P/E/G ratio of 5.48 and a beta of 1.49. Qorvo, Inc. has a 12-month low of $64.98 and a 12-month high of $130.99.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, beating the consensus estimate of $1.85 by $0.03. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The firm’s revenue was down 5.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.99 EPS. On average, equities research analysts anticipate that Qorvo, Inc. will post 3.37 EPS for the current fiscal year.

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.