Hanson & Doremus Investment Management Sells 728 Shares of Qorvo Inc (NASDAQ:QRVO)

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Hanson & Doremus Investment Management decreased its position in Qorvo Inc (NASDAQ:QRVO) by 4.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,587 shares of the semiconductor company’s stock after selling 728 shares during the quarter. Hanson & Doremus Investment Management’s holdings in Qorvo were worth $1,230,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the stock. Breakline Capital LLC acquired a new position in shares of Qorvo during the 2nd quarter worth $2,553,000. Pearl River Capital LLC acquired a new position in shares of Qorvo in the 2nd quarter valued at approximately $42,000. Korea Investment CORP raised its position in shares of Qorvo by 111.9% in the 2nd quarter. Korea Investment CORP now owns 197,853 shares of the semiconductor company’s stock valued at $13,179,000 after purchasing an additional 104,500 shares in the last quarter. DekaBank Deutsche Girozentrale raised its position in shares of Qorvo by 108.8% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 21,662 shares of the semiconductor company’s stock valued at $1,478,000 after purchasing an additional 11,286 shares in the last quarter. Finally, Alps Advisors Inc. raised its position in shares of Qorvo by 44.9% in the 2nd quarter. Alps Advisors Inc. now owns 11,110 shares of the semiconductor company’s stock valued at $740,000 after purchasing an additional 3,445 shares in the last quarter. 91.79% of the stock is currently owned by hedge funds and other institutional investors.

In related news, Director Walter H. Wilkinson sold 2,762 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.71, for a total transaction of $280,923.02. Following the completion of the transaction, the director now owns 36,565 shares in the company, valued at approximately $3,719,026.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Roderick Nelson sold 500 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $69.03, for a total value of $34,515.00. Following the sale, the director now directly owns 4,782 shares of the company’s stock, valued at $330,101.46. The disclosure for this sale can be found here. Insiders have sold a total of 34,895 shares of company stock valued at $2,600,774 in the last 90 days. 0.71% of the stock is owned by corporate insiders.

QRVO has been the topic of a number of recent analyst reports. Raymond James upped their target price on Qorvo from $90.00 to $98.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. JPMorgan Chase & Co. set a $110.00 price target on Qorvo and gave the company a “buy” rating in a research report on Friday, November 1st. Cowen restated an “outperform” rating and set a $95.00 price objective (up from $90.00) on shares of Qorvo in a research note on Friday, November 1st. Needham & Company LLC increased their price target on Qorvo from $90.00 to $105.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Finally, Morgan Stanley upped their price objective on Qorvo from $71.00 to $77.00 and gave the company a “weight” rating in a report on Friday, November 1st. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and fourteen have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $86.78.

Qorvo stock traded up $2.73 during mid-day trading on Friday, hitting $104.04. The company’s stock had a trading volume of 2,866,900 shares, compared to its average volume of 1,413,771. The firm’s 50 day moving average is $80.44 and its 200 day moving average is $72.60. The company has a debt-to-equity ratio of 0.24, a current ratio of 3.45 and a quick ratio of 2.37. Qorvo Inc has a 52-week low of $54.74 and a 52-week high of $104.22. The company has a market cap of $11.77 billion, a PE ratio of 19.82, a price-to-earnings-growth ratio of 2.11 and a beta of 1.11.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.52 EPS for the quarter, topping the Zacks’ consensus estimate of $1.30 by $0.22. The company had revenue of $806.70 million during the quarter, compared to the consensus estimate of $754.67 million. Qorvo had a return on equity of 15.10% and a net margin of 8.19%. The company’s quarterly revenue was down 8.8% on a year-over-year basis. During the same quarter last year, the company earned $1.75 EPS. As a group, analysts forecast that Qorvo Inc will post 4.76 EPS for the current year.

About Qorvo

Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.

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Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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