Alliancebernstein L.P. Sells 892,779 Shares of Qorvo, Inc. (QRVO)
Alliancebernstein L.P. lowered its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 46.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,046,157 shares of the semiconductor company’s stock after selling 892,779 shares during the quarter. Alliancebernstein L.P. owned 0.82% of Qorvo worth $66,243,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently bought and sold shares of QRVO. Wells Fargo & Company MN increased its holdings in Qorvo by 1.2% in the second quarter. Wells Fargo & Company MN now owns 114,834 shares of the semiconductor company’s stock valued at $7,271,000 after buying an additional 1,409 shares during the last quarter. Meiji Yasuda Life Insurance Co increased its holdings in Qorvo by 14.1% in the second quarter. Meiji Yasuda Life Insurance Co now owns 5,660 shares of the semiconductor company’s stock valued at $358,000 after buying an additional 700 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Qorvo by 0.7% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 9,442 shares of the semiconductor company’s stock valued at $598,000 after buying an additional 62 shares during the last quarter. Radnor Capital Management LLC purchased a new position in Qorvo in the second quarter valued at $424,000. Finally, Oppenheimer & Co. Inc. increased its holdings in Qorvo by 25.8% in the second quarter. Oppenheimer & Co. Inc. now owns 4,012 shares of the semiconductor company’s stock valued at $254,000 after buying an additional 824 shares during the last quarter. 94.39% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts recently commented on QRVO shares. Zacks Investment Research lowered Qorvo from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 21st. Needham & Company LLC increased their target price on Qorvo from $70.00 to $86.00 and gave the company a “buy” rating in a report on Friday, May 26th. BidaskClub lowered Qorvo from a “buy” rating to a “hold” rating in a report on Tuesday, June 27th. Nomura began coverage on Qorvo in a report on Tuesday, September 5th. They set a “neutral” rating and a $75.00 price objective on the stock. Finally, Mizuho reaffirmed a “neutral” rating and set a $72.00 price objective (up previously from $68.00) on shares of Qorvo in a report on Sunday, May 28th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have assigned a buy rating to the stock. Qorvo presently has a consensus rating of “Hold” and an average target price of $73.45.
Shares of Qorvo, Inc. (QRVO) opened at 73.01 on Thursday. Qorvo, Inc. has a 1-year low of $19.18 and a 1-year high of $73.64. The company’s 50-day moving average is $46.06 and its 200 day moving average is $57.57. The firm’s market capitalization is $9.29 billion.
Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.07. Qorvo had a negative net margin of 1.40% and a positive return on equity of 10.10%. The business had revenue of $640.80 million for the quarter, compared to analyst estimates of $632.18 million. During the same quarter last year, the firm earned $1.08 EPS. Qorvo’s quarterly revenue was down 8.3% compared to the same quarter last year. On average, analysts expect that Qorvo, Inc. will post $5.54 EPS for the current fiscal year.
In other Qorvo news, insider Robert A. Bruggeworth sold 27,839 shares of the company’s stock in a transaction on Friday, July 7th. The shares were sold at an average price of $65.03, for a total value of $1,810,370.17. Following the transaction, the insider now directly owns 217,042 shares in the company, valued at $14,114,241.26. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Steven E. Creviston sold 6,000 shares of the company’s stock in a transaction on Monday, July 17th. The shares were sold at an average price of $66.94, for a total transaction of $401,640.00. Following the completion of the transaction, the vice president now owns 114,733 shares in the company, valued at $7,680,227.02. The disclosure for this sale can be found here. Insiders sold 78,919 shares of company stock worth $5,379,553 over the last quarter. 0.91% of the stock is 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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