Sumitomo Mitsui Asset Management Company LTD cut its position in shares of Qorvo, Inc. (NASDAQ:QRVO) by 6.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,199 shares of the semiconductor company’s stock after selling 726 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in Qorvo were worth $645,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Qorvo by 2.3% in the first quarter. Vanguard Group Inc. now owns 12,118,959 shares of the semiconductor company’s stock worth $830,876,000 after buying an additional 275,709 shares in the last quarter. BlackRock Inc. raised its position in Qorvo by 3,264.5% in the first quarter. BlackRock Inc. now owns 8,737,400 shares of the semiconductor company’s stock worth $599,038,000 after buying an additional 8,477,705 shares in the last quarter. Baupost Group LLC MA acquired a new position in Qorvo during the first quarter worth $492,639,000. State Street Corp raised its position in Qorvo by 1.8% in the first quarter. State Street Corp now owns 5,527,332 shares of the semiconductor company’s stock worth $378,951,000 after buying an additional 98,614 shares in the last quarter. Finally, Manning & Napier Advisors LLC acquired a new position in Qorvo during the second quarter worth $101,456,000. Institutional investors and hedge funds own 97.39% of the company’s stock.

Shares of Qorvo, Inc. (NASDAQ:QRVO) opened at 69.16 on Wednesday. The company’s market capitalization is $8.78 billion. The stock’s 50 day moving average is $67.57 and its 200-day moving average is $68.60. Qorvo, Inc. has a 12-month low of $48.28 and a 12-month high of $79.34.

Qorvo (NASDAQ:QRVO) last posted its earnings results on Wednesday, August 2nd. The semiconductor company reported $0.87 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.07. The company had revenue of $640.80 million during the quarter, compared to analysts’ expectations of $632.18 million. Qorvo had a negative net margin of 1.40% and a positive return on equity of 10.10%. Qorvo’s quarterly revenue was down 8.3% on a year-over-year basis. During the same period last year, the company posted $1.08 earnings per share. Analysts anticipate that Qorvo, Inc. will post $5.55 earnings per share for the current year.

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A number of research analysts recently weighed in on QRVO shares. Cowen and Company reiterated a “market perform” rating and issued a $85.00 price objective (up from $74.00) on shares of Qorvo in a research note on Friday, May 26th. Craig Hallum lifted their price objective on shares of Qorvo from $68.00 to $78.00 and gave the company a “buy” rating in a research note on Thursday, May 4th. BMO Capital Markets reiterated a “hold” rating and issued a $63.00 price objective on shares of Qorvo in a research note on Monday, June 12th. Barclays PLC lifted their price objective on shares of Qorvo from $60.00 to $75.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 18th. Finally, TheStreet upgraded shares of Qorvo from a “c+” rating to a “b” rating in a research note on Wednesday, May 3rd. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the stock. Qorvo presently has an average rating of “Hold” and a consensus price target of $73.28.

In related news, Director Roderick Nelson sold 2,000 shares of the firm’s stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $74.41, for a total transaction of $148,820.00. Following the completion of the transaction, the director now directly owns 5,907 shares of the company’s stock, valued at $439,539.87. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP James L. Klein sold 2,600 shares of the firm’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $78.69, for a total transaction of $204,594.00. Following the transaction, the vice president now directly owns 40,058 shares of the company’s stock, valued at $3,152,164.02. The disclosure for this sale can be found here. Insiders have sold 136,986 shares of company stock valued at $9,863,763 over the last ninety days. 0.91% of the stock is currently owned by corporate insiders.

Qorvo Company Profile

Qorvo, Inc is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs).

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Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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