Commerzbank Aktiengesellschaft FI trimmed its stake in Qorvo, Inc. (NASDAQ:QRVO) by 64.1% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,805 shares of the semiconductor company’s stock after selling 6,805 shares during the quarter. Commerzbank Aktiengesellschaft FI’s holdings in Qorvo were worth $241,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Radnor Capital Management LLC acquired a new position in shares of Qorvo in the 2nd quarter worth $424,000. Oppenheimer & Co. Inc. grew its holdings in shares of Qorvo by 25.8% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 4,012 shares of the semiconductor company’s stock worth $254,000 after acquiring an additional 824 shares during the last quarter. Westpac Banking Corp grew its holdings in shares of Qorvo by 7.5% in the 2nd quarter. Westpac Banking Corp now owns 7,478 shares of the semiconductor company’s stock worth $474,000 after acquiring an additional 521 shares during the last quarter. Swiss National Bank grew its holdings in shares of Qorvo by 1.9% in the 2nd quarter. Swiss National Bank now owns 461,345 shares of the semiconductor company’s stock worth $29,212,000 after acquiring an additional 8,700 shares during the last quarter. Finally, Pacad Investment Ltd. acquired a new position in shares of Qorvo in the 2nd quarter worth $825,000. Institutional investors and hedge funds own 94.39% of the company’s stock.
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In related news, VP Steven E. Creviston sold 6,000 shares of the firm’s stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $70.75, for a total value of $424,500.00. Following the completion of the sale, the vice president now directly owns 120,733 shares in the company, valued at approximately $8,541,859.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP James L. Klein sold 2,600 shares of the firm’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $63.49, for a total transaction of $165,074.00. Following the completion of the sale, the vice president now owns 40,058 shares of the company’s stock, valued at $2,543,282.42. The disclosure for this sale can be found here. Insiders sold a total of 84,919 shares of company stock valued at $5,804,053 over the last quarter. 0.91% of the stock is currently owned by company insiders.
A number of brokerages recently issued reports on QRVO. Instinet began coverage on Qorvo in a report on Wednesday, September 6th. They issued a “neutral” rating and a $75.00 target price on the stock. Nomura began coverage on Qorvo in a research report on Tuesday, September 5th. They issued a “neutral” rating and a $75.00 target price for the company. Zacks Investment Research cut Qorvo from a “hold” rating to a “sell” rating in a research report on Friday, September 1st. BidaskClub raised Qorvo from a “hold” rating to a “buy” rating in a research report on Friday, August 18th. Finally, Mizuho reaffirmed a “hold” rating and issued a $70.00 target price on shares of Qorvo in a research report on Friday, August 4th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $73.45.
Shares of Qorvo, Inc. (NASDAQ QRVO) opened at 72.95 on Wednesday. The firm has a 50 day moving average price of $37.10 and a 200-day moving average price of $56.82. Qorvo, Inc. has a 12 month low of $19.18 and a 12 month high of $73.64. The firm’s market cap is $9.28 billion.
Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.87 EPS for the quarter, topping the Zacks’ 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 company had revenue of $640.80 million during the quarter, compared to the consensus estimate of $632.18 million. During the same period in the prior year, the business posted $1.08 EPS. The company’s quarterly revenue was down 8.3% on a year-over-year basis. On average, analysts predict that Qorvo, Inc. will post $5.54 EPS for the current fiscal year.
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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