Qorvo, Inc. (NASDAQ:QRVO) Shares Bought by M&T Bank Corp

M&T Bank Corp grew its stake in Qorvo, Inc. (NASDAQ:QRVO) by 6.4% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,165 shares of the semiconductor company’s stock after acquiring an additional 311 shares during the quarter. M&T Bank Corp’s holdings in Qorvo were worth $534,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. GDS Wealth Management acquired a new stake in Qorvo during the third quarter worth about $2,171,000. Robeco Institutional Asset Management B.V. boosted its holdings 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 purchased a new stake in shares of Qorvo in the 3rd quarter valued at approximately $2,507,000. Quest Partners LLC increased its holdings in shares of Qorvo by 504.6% during the 3rd quarter. Quest Partners LLC now owns 11,596 shares of the semiconductor company’s stock worth $1,198,000 after buying an additional 9,678 shares during the last quarter. Finally, Paloma Partners Management Co purchased a new stake in shares of Qorvo during the 3rd quarter valued at approximately $5,165,000. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Analyst Ratings Changes

QRVO has been the subject of several recent analyst reports. JPMorgan Chase & Co. cut their target price on Qorvo from $115.00 to $95.00 and set an “underweight” rating for the company in a research note on Wednesday, October 30th. Bank of America lowered 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. StockNews.com lowered shares of Qorvo from a “buy” rating to a “hold” rating in a report on Tuesday. Piper Sandler lowered 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. Finally, Raymond James cut shares of Qorvo from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Qorvo has a consensus rating of “Hold” and a consensus price target of $102.88.

Insider Buying and Selling at Qorvo

In other news, SVP Philip Chesley sold 4,045 shares of the stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $70.15, for a total value of $283,756.75. Following the transaction, the senior vice president now owns 30,261 shares in the company, valued at approximately $2,122,809.15. This represents a 11.79 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.46% of the stock is owned by insiders.

Qorvo Stock Performance

Shares of Qorvo stock opened at $70.95 on Wednesday. The business has a 50-day simple moving average of $79.63 and a 200-day simple moving average of $99.88. 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 one year low of $64.54 and a one year high of $130.99. The company has a market cap of $6.71 billion, a PE ratio of -48.60, a P/E/G ratio of 5.58 and a beta of 1.42.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.03. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The company’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.99 EPS. On average, equities research analysts forecast that Qorvo, Inc. will post 3.37 EPS for the current fiscal year.

Qorvo 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.