Philip Chesley Sells 4,045 Shares of Qorvo, Inc. (NASDAQ:QRVO) Stock

Qorvo, Inc. (NASDAQ:QRVO) SVP Philip Chesley sold 4,045 shares of the firm’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $70.15, for a total value of $283,756.75. Following the sale, the senior vice president now owns 30,261 shares in the company, valued at approximately $2,122,809.15. The trade was a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Qorvo Price Performance

Qorvo stock opened at $68.33 on Friday. Qorvo, Inc. has a 1 year low of $64.54 and a 1 year high of $130.99. The firm’s 50-day moving average is $83.48 and its 200-day moving average is $101.04. 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 (NASDAQ:QRVO) last issued its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, topping 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 quarter last year, the company posted $1.99 earnings per share. Qorvo’s revenue was down 5.2% on a year-over-year basis. As a group, research analysts forecast that Qorvo, Inc. will post 3.37 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in QRVO. GDS Wealth Management bought a new stake in Qorvo in the third quarter valued at $2,171,000. Robeco Institutional Asset Management B.V. lifted its position in Qorvo by 78.6% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock valued at $55,548,000 after purchasing an additional 236,590 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in Qorvo in the 3rd quarter valued at about $2,507,000. Quest Partners LLC boosted its stake in Qorvo by 504.6% during the 3rd quarter. Quest Partners LLC now owns 11,596 shares of the semiconductor company’s stock valued at $1,198,000 after purchasing an additional 9,678 shares during the period. Finally, APG Asset Management N.V. grew its position in Qorvo by 21.9% in 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. Institutional investors and hedge funds own 88.57% of the company’s stock.

Wall Street Analysts Forecast Growth

QRVO has been the subject of several recent research reports. Raymond James downgraded shares of Qorvo from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 30th. Susquehanna dropped their price target on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 30th. TD Cowen decreased their price objective on shares of Qorvo from $125.00 to $85.00 and set a “hold” rating for the company in a research report on Wednesday, October 30th. Morgan Stanley downgraded Qorvo from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $130.00 to $120.00 in a research note on Friday, October 11th. Finally, Piper Sandler cut their price target on Qorvo from $120.00 to $100.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $102.88.

About Qorvo

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.