Meeder Asset Management Inc. Has $696,000 Stake in Qorvo, Inc. (NASDAQ:QRVO)

Meeder Asset Management Inc. trimmed its position in shares of Qorvo, Inc. (NASDAQ:QRVO) by 65.3% in the third quarter, Holdings Channel reports. The fund owned 6,741 shares of the semiconductor company’s stock after selling 12,701 shares during the quarter. Meeder Asset Management Inc.’s holdings in Qorvo were worth $696,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also made changes to their positions in QRVO. Sei Investments Co. grew its holdings in Qorvo by 28.0% in 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 during the last quarter. O Shaughnessy Asset Management LLC grew its stake in shares of Qorvo by 15.7% in the first quarter. O Shaughnessy Asset Management LLC now owns 3,272 shares of the semiconductor company’s stock worth $376,000 after acquiring an additional 443 shares during the last quarter. Bessemer Group Inc. increased its position in Qorvo by 1,361.9% during the first quarter. Bessemer Group Inc. now owns 13,596 shares of the semiconductor company’s stock worth $1,562,000 after acquiring an additional 12,666 shares during the period. Lake Street Advisors Group LLC acquired a new position in Qorvo during the 1st quarter valued at $408,000. Finally, Pitcairn Co. bought a new stake in Qorvo in the 1st quarter valued at $201,000. 88.57% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

QRVO has been the subject of a number of research analyst reports. Craig Hallum cut their price objective 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. Bank of America cut their price target on Qorvo from $115.00 to $80.00 and set an “underperform” rating for the company in a report on Wednesday, October 30th. Barclays decreased their price objective on Qorvo from $120.00 to $90.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 30th. Susquehanna cut their target price on Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research note on Wednesday, October 30th. Finally, UBS Group decreased 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. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $102.88.

Insider Buying and Selling

In other Qorvo news, VP Gina Harrison sold 689 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at approximately $2,325,779.67. This represents a 3.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.46% of the stock is owned by corporate insiders.

Qorvo Stock Performance

NASDAQ QRVO opened at $66.28 on Wednesday. Qorvo, Inc. has a 1-year low of $65.35 and a 1-year high of $130.99. The company has a 50 day moving average of $92.43 and a 200-day moving average of $103.75. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45. The firm has a market cap of $6.27 billion, a price-to-earnings ratio of -45.40, a PEG ratio of 5.26 and a beta of 1.49.

Qorvo (NASDAQ:QRVO) last released its quarterly 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. The firm had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The business’s revenue was down 5.2% on a year-over-year basis. During the same period last year, the firm posted $1.99 EPS. On average, equities analysts forecast that Qorvo, Inc. will post 3.37 earnings per share for the current fiscal year.

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.