AQR Capital Management LLC Lowers Holdings in Qorvo, Inc. (NASDAQ:QRVO)

AQR Capital Management LLC reduced its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 7.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 242,908 shares of the semiconductor company’s stock after selling 20,945 shares during the period. AQR Capital Management LLC owned about 0.26% of Qorvo worth $16,940,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Rakuten Securities Inc. acquired a new stake in shares of Qorvo in the fourth quarter valued at $28,000. Huntington National Bank raised its position in Qorvo by 47.1% in the 4th quarter. Huntington National Bank now owns 453 shares of the semiconductor company’s stock valued at $32,000 after purchasing an additional 145 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in shares of Qorvo in the 4th quarter valued at about $37,000. Versant Capital Management Inc grew its position in shares of Qorvo by 89.7% during the fourth quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company’s stock worth $42,000 after buying an additional 286 shares in the last quarter. Finally, Venturi Wealth Management LLC increased its stake in shares of Qorvo by 67.4% during the fourth quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company’s stock worth $43,000 after buying an additional 250 shares during the period. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Loop Capital lowered their price target on shares of Qorvo from $90.00 to $75.00 and set a “hold” rating for the company in a report on Wednesday, April 30th. TD Cowen dropped their target price on Qorvo from $90.00 to $80.00 and set a “hold” rating on the stock in a report on Wednesday, April 30th. Stifel Nicolaus set a $75.00 price target on Qorvo in a report on Monday, April 28th. Barclays increased their price objective on Qorvo from $60.00 to $70.00 and gave the company an “equal weight” rating in a report on Wednesday, April 30th. Finally, Mizuho upped their price target on Qorvo from $80.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, January 24th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $91.21.

Qorvo Stock Up 1.6 %

QRVO stock opened at $70.90 on Monday. The stock has a market capitalization of $6.62 billion, a PE ratio of 253.21, a price-to-earnings-growth ratio of 15.57 and a beta of 1.38. Qorvo, Inc. has a one year low of $49.46 and a one year high of $130.99. The company has a fifty day moving average of $66.44 and a 200-day moving average of $72.70. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.78 and a current ratio of 2.60.

Qorvo (NASDAQ:QRVO) last released its earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.42. Qorvo had a return on equity of 12.41% and a net margin of 0.71%. The company had revenue of $869.47 million for the quarter, compared to analysts’ expectations of $850.13 million. During the same quarter in the previous year, the firm posted $1.39 EPS. The firm’s quarterly revenue was down 7.6% on a year-over-year basis. As a group, analysts expect that Qorvo, Inc. will post 4.09 EPS for the current 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.