State of New Jersey Common Pension Fund D Sells 1,538 Shares of Qorvo, Inc. (NASDAQ:QRVO)

State of New Jersey Common Pension Fund D reduced its holdings in Qorvo, Inc. (NASDAQ:QRVO) by 4.6% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 32,089 shares of the semiconductor company’s stock after selling 1,538 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Qorvo were worth $3,315,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC acquired a new position in shares of Qorvo during the 1st quarter valued at $811,000. Forsta AP Fonden boosted its position in shares of Qorvo by 7.7% during 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 in the last quarter. Sei Investments Co. boosted its position in shares of Qorvo by 28.0% during the 1st quarter. Sei Investments Co. now owns 35,314 shares of the semiconductor company’s stock worth $4,055,000 after purchasing an additional 7,735 shares in the last quarter. Russell Investments Group Ltd. increased its position in Qorvo by 9.6% in the 1st 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 in the last quarter. Finally, ProShare Advisors LLC raised its stake in Qorvo by 10.6% during the 1st 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 during the period. 88.57% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on QRVO shares. Needham & Company LLC assumed coverage on Qorvo in a research note on Monday, October 28th. They issued a “buy” rating and a $135.00 price objective for the company. Craig Hallum reduced their price target on shares of Qorvo from $142.00 to $105.00 and set a “buy” rating for the company in a research report on Wednesday, October 30th. Susquehanna lowered their price objective on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a report on Wednesday, October 30th. BNP Paribas lowered shares of Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price objective on the stock. in a research note on Wednesday, October 30th. Finally, Barclays decreased their target price on shares of Qorvo from $120.00 to $90.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 30th. Two research 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. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $102.88.

Insider Buying and Selling at Qorvo

In other Qorvo news, VP Gina Harrison sold 689 shares of the business’s stock in a transaction on 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 in the company, valued at $2,325,779.67. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.46% of the stock is owned by corporate insiders.

Qorvo Trading Down 2.1 %

Shares of Qorvo stock opened at $67.27 on Wednesday. The firm has a market cap of $6.36 billion, a PE ratio of -46.08, a P/E/G ratio of 5.64 and a beta of 1.49. The stock has a fifty day moving average price of $96.45 and a 200-day moving average price of $105.22. 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 1 year low of $67.16 and a 1 year high of $130.99.

Qorvo (NASDAQ:QRVO) last released its earnings results 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 negative net margin of 3.58% and a positive return on equity of 13.81%. The firm had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same period in the previous year, the company earned $1.99 earnings per share. The company’s quarterly revenue was down 5.2% on a year-over-year basis. Equities research analysts anticipate that Qorvo, Inc. will post 3.37 EPS for the current 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.