Entropy Technologies LP Sells 11,676 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Entropy Technologies LP reduced its position in Qorvo, Inc. (NASDAQ:QRVO) by 33.2% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 23,443 shares of the semiconductor company’s stock after selling 11,676 shares during the period. Entropy Technologies LP’s holdings in Qorvo were worth $2,422,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Janney Montgomery Scott LLC purchased a new stake in shares of Qorvo during the first quarter worth $811,000. Forsta AP Fonden boosted its stake in Qorvo by 7.7% in the 1st quarter. Forsta AP Fonden now owns 16,800 shares of the semiconductor company’s stock worth $1,929,000 after purchasing an additional 1,200 shares during the period. Sei Investments Co. grew its holdings in Qorvo by 28.0% during the 1st quarter. Sei Investments Co. now owns 35,314 shares of the semiconductor company’s stock valued at $4,055,000 after buying an additional 7,735 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Qorvo by 9.6% during the first quarter. Russell Investments Group Ltd. now owns 310,977 shares of the semiconductor company’s stock valued at $35,708,000 after buying an additional 27,192 shares during the period. Finally, ProShare Advisors LLC lifted its holdings in shares of Qorvo by 10.6% in the first quarter. ProShare Advisors LLC now owns 28,251 shares of the semiconductor company’s stock worth $3,244,000 after buying an additional 2,715 shares in the last quarter. 88.57% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, VP Gina Harrison sold 689 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $107.67, for a total transaction of $74,184.63. Following the transaction, the vice president now owns 21,601 shares in the company, valued at $2,325,779.67. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Loop Capital assumed coverage on shares of Qorvo in a report on Monday. They set a “hold” rating and a $73.00 target price on the stock. Piper Sandler lowered their price objective on Qorvo from $120.00 to $100.00 and set a “neutral” rating on the stock in a research report on Friday, October 25th. BNP Paribas cut Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 target price for the company. in a research report on Wednesday, October 30th. UBS Group lowered their price target on Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. cut their price objective on Qorvo from $115.00 to $95.00 and set an “underweight” rating for the company in a report on Wednesday, October 30th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $102.88.

Qorvo Stock Down 2.1 %

Shares of QRVO stock opened at $67.27 on Wednesday. The business has a 50-day moving average of $96.45 and a 200 day moving average of $105.22. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90. Qorvo, Inc. has a 1-year low of $67.16 and a 1-year high of $130.99.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the prior year, the firm posted $1.99 earnings per share. The business’s quarterly revenue was down 5.2% compared to the same quarter last year. On average, equities analysts anticipate that Qorvo, Inc. will post 3.37 earnings per share for the current fiscal year.

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.