UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Has $58.37 Million Stock Position in Qorvo, Inc. (NASDAQ:QRVO)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Qorvo, Inc. (NASDAQ:QRVO) by 0.4% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 565,023 shares of the semiconductor company’s stock after purchasing an additional 2,382 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.60% of Qorvo worth $58,367,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. GDS Wealth Management acquired a new stake in shares of Qorvo in the 3rd quarter valued at approximately $2,171,000. Robeco Institutional Asset Management B.V. raised its position in Qorvo by 78.6% during the third quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock worth $55,548,000 after acquiring an additional 236,590 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in Qorvo in the third quarter valued at $2,507,000. Quest Partners LLC grew its position in shares of Qorvo by 504.6% in the 3rd quarter. Quest Partners LLC now owns 11,596 shares of the semiconductor company’s stock valued at $1,198,000 after acquiring an additional 9,678 shares during the period. Finally, APG Asset Management N.V. increased its stake in shares of Qorvo by 21.9% during the 2nd quarter. APG Asset Management N.V. now owns 101,243 shares of the semiconductor company’s stock worth $10,962,000 after purchasing an additional 18,178 shares during the last quarter. 88.57% of the stock is currently owned by institutional investors.

Qorvo Stock Performance

QRVO opened at $70.43 on Wednesday. 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 52-week low of $64.98 and a 52-week high of $130.99. The firm has a market cap of $6.66 billion, a P/E ratio of -48.24, a price-to-earnings-growth ratio of 5.67 and a beta of 1.42. The business’s fifty day moving average is $86.21 and its 200-day moving average is $101.89.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.03. The business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.03 billion. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. Qorvo’s revenue was down 5.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.99 earnings per share. Sell-side analysts expect that Qorvo, Inc. will post 3.37 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on QRVO shares. Needham & Company LLC started coverage on Qorvo in a report on Monday, October 28th. They set a “buy” rating and a $135.00 price target for the company. Raymond James cut Qorvo from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 30th. Barclays reduced their price objective 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. Susquehanna dropped their price objective on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 30th. Finally, Piper Sandler cut their target price on shares of Qorvo from $120.00 to $100.00 and set a “neutral” rating for the company in a research note on Friday, October 25th. 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.com, the stock currently has an average rating of “Hold” and a consensus price target of $102.88.

Insider Activity 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 shares were sold at an average price of $107.67, for a total transaction of $74,184.63. Following the completion of the sale, the vice president now owns 21,601 shares in the company, valued at approximately $2,325,779.67. The trade was a 3.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.46% of the stock is currently owned by insiders.

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.