Illinois Municipal Retirement Fund Reduces Position in Qorvo, Inc. (NASDAQ:QRVO)

Illinois Municipal Retirement Fund cut its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 13.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 93,235 shares of the semiconductor company’s stock after selling 14,471 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Qorvo were worth $10,499,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Huntington National Bank lifted its holdings in Qorvo by 8,090.0% during the third quarter. Huntington National Bank now owns 819 shares of the semiconductor company’s stock valued at $78,000 after purchasing an additional 809 shares during the last quarter. BluePath Capital Management LLC purchased a new stake in Qorvo during the third quarter valued at about $133,000. Allworth Financial LP lifted its holdings in Qorvo by 16.7% during the third quarter. Allworth Financial LP now owns 1,416 shares of the semiconductor company’s stock valued at $135,000 after purchasing an additional 203 shares during the last quarter. Wahed Invest LLC lifted its holdings in Qorvo by 7.5% during 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 last quarter. Finally, William Blair Investment Management LLC purchased a new stake in shares of Qorvo in the third quarter worth about $203,000. 88.57% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. raised their price objective on shares of Qorvo from $95.00 to $105.00 and gave the company an “underweight” rating in a research report on Thursday, February 1st. Barclays raised their price objective on shares of Qorvo from $95.00 to $100.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 16th. Susquehanna restated a “neutral” rating and issued a $100.00 price objective on shares of Qorvo in a research report on Monday, April 8th. The Goldman Sachs Group raised their price objective on shares of Qorvo from $104.00 to $117.00 and gave the company a “neutral” rating in a research report on Thursday, February 1st. Finally, Piper Sandler cut their price objective on shares of Qorvo from $120.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, February 1st. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $111.53.

Insider Activity

In other news, SVP Paul J. Fego sold 3,027 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $114.00, for a total transaction of $345,078.00. Following the sale, the senior vice president now owns 29,705 shares in the company, valued at approximately $3,386,370. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, SVP Paul J. Fego sold 3,027 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $114.00, for a total transaction of $345,078.00. Following the sale, the senior vice president now owns 29,705 shares in the company, valued at approximately $3,386,370. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Steven E. Creviston sold 3,000 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $120.00, for a total transaction of $360,000.00. Following the sale, 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. In the last 90 days, insiders have sold 6,381 shares of company stock worth $745,434. Corporate insiders own 0.43% of the company’s stock.

Qorvo Trading Up 1.1 %

NASDAQ:QRVO traded up $1.17 during trading hours on Tuesday, hitting $108.29. The company had a trading volume of 331,886 shares, compared to its average volume of 1,251,572. The company has a market capitalization of $10.46 billion, a PE ratio of -49.98, a price-to-earnings-growth ratio of 0.81 and a beta of 1.56. The stock has a 50-day moving average price of $113.60 and a 200 day moving average price of $104.70. Qorvo, Inc. has a 52 week low of $80.62 and a 52 week high of $121.65. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.90 and a quick ratio of 1.33.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Wednesday, January 31st. The semiconductor company reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.42 by $0.47. Qorvo had a negative net margin of 6.11% and a positive return on equity of 10.41%. The business had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1 billion. On average, equities research analysts predict that Qorvo, Inc. will post 4.95 EPS for the current fiscal year.

Qorvo Company 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.