Citigroup Inc. Raises Position in Qorvo, Inc. (NASDAQ:QRVO)

Citigroup Inc. grew its position in shares of Qorvo, Inc. (NASDAQ:QRVO) by 5.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 707,271 shares of the semiconductor company’s stock after buying an additional 35,293 shares during the quarter. Citigroup Inc. owned 0.75% of Qorvo worth $73,061,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in QRVO. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Qorvo in the 2nd quarter worth $29,000. EverSource Wealth Advisors LLC increased its holdings in Qorvo by 81.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock worth $30,000 after buying an additional 115 shares in the last quarter. Versant Capital Management Inc raised its position in Qorvo by 9,333.3% in the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock worth $33,000 after buying an additional 280 shares during the last quarter. New Millennium Group LLC bought a new position in Qorvo during the 2nd quarter valued at about $34,000. Finally, Blue Trust Inc. boosted its holdings in shares of Qorvo by 241.6% during the 2nd quarter. Blue Trust Inc. now owns 345 shares of the semiconductor company’s stock valued at $40,000 after acquiring an additional 244 shares during the last quarter. Institutional investors own 88.57% of the company’s stock.

Insiders Place Their Bets

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

Qorvo Stock Up 2.0 %

Shares of QRVO stock opened at $69.25 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.38. Qorvo, Inc. has a one year low of $64.98 and a one year high of $130.99. The company’s fifty day moving average price is $90.08 and its 200-day moving average price is $103.05. The company has a market capitalization of $6.55 billion, a price-to-earnings ratio of -47.43, a PEG ratio of 5.44 and a beta of 1.49.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, beating the consensus estimate of $1.85 by $0.03. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The business had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the previous year, the business earned $1.99 earnings per share. The business’s revenue was down 5.2% on a year-over-year basis. Sell-side analysts expect that Qorvo, Inc. will post 3.37 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently weighed in on QRVO. Loop Capital began coverage on shares of Qorvo in a report on Monday, November 11th. They set a “hold” rating and a $73.00 price objective for the company. Piper Sandler dropped their price target on Qorvo from $120.00 to $100.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th. Barclays reduced their price objective on Qorvo from $120.00 to $90.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 30th. Needham & Company LLC started coverage on Qorvo in a research report on Monday, October 28th. They issued a “buy” rating and a $135.00 target price on the stock. Finally, Rosenblatt Securities upped their price target on shares of Qorvo from $105.00 to $120.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have given a buy rating to the company. According to MarketBeat, Qorvo presently has an average rating of “Hold” and an average price target of $102.88.

Qorvo Profile

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.