Mackay Shields LLC Reduces Stake in Qorvo, Inc. (NASDAQ:QRVO)

Mackay Shields LLC lowered its position in Qorvo, Inc. (NASDAQ:QRVO – Get Rating) by 4.3% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 16,466 shares of the semiconductor company’s stock after selling 742 shares during the period. Mackay Shields LLC’s holdings in Qorvo were worth $2,575,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Lindbrook Capital LLC boosted its position in Qorvo by 956.7% in the 4th quarter. Lindbrook Capital LLC now owns 317 shares of the semiconductor company’s stock worth $50,000 after purchasing an additional 287 shares in the last quarter. Trustcore Financial Services LLC boosted its position in Qorvo by 3,655.6% in the 3rd quarter. Trustcore Financial Services LLC now owns 338 shares of the semiconductor company’s stock worth $57,000 after purchasing an additional 329 shares in the last quarter. Concord Wealth Partners boosted its position in Qorvo by 1,600.0% in the 4th quarter. Concord Wealth Partners now owns 408 shares of the semiconductor company’s stock worth $64,000 after purchasing an additional 384 shares in the last quarter. Allworth Financial LP boosted its position in Qorvo by 263.8% in the 3rd quarter. Allworth Financial LP now owns 462 shares of the semiconductor company’s stock worth $77,000 after purchasing an additional 335 shares in the last quarter. Finally, Ahrens Investment Partners LLC purchased a new stake in Qorvo in the 4th quarter worth approximately $79,000. Hedge funds and other institutional investors own 83.49% of the company’s stock.

Shares of NASDAQ QRVO traded up $0.34 during mid-day trading on Monday, reaching $113.72. 1,600 shares of the company’s stock were exchanged, compared to its average volume of 1,382,641. The firm has a market capitalization of $12.33 billion, a price-to-earnings ratio of 11.45, a PEG ratio of 0.93 and a beta of 1.37. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.58 and a current ratio of 3.63. Qorvo, Inc. has a 52-week low of $111.44 and a 52-week high of $201.68. The company’s 50-day moving average is $127.20 and its 200-day moving average is $144.95.

Qorvo (NASDAQ:QRVO – Get Rating) last released its quarterly earnings results on Wednesday, February 2nd. The semiconductor company reported $2.81 earnings per share for the quarter, topping analysts’ consensus estimates of $2.53 by $0.28. The business had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Qorvo had a return on equity of 27.27% and a net margin of 24.60%. The company’s revenue was up 1.8% compared to the same quarter last year. During the same period in the prior year, the business posted $2.95 EPS. As a group, equities analysts predict that Qorvo, Inc. will post 11.25 earnings per share for the current fiscal year.

In related news, VP Paul J. Fego sold 861 shares of the firm’s stock in a transaction dated Tuesday, February 15th. The stock was sold at an average price of $131.78, for a total transaction of $113,462.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.52% of the company’s stock.

Several research analysts have recently weighed in on the company. Oppenheimer downgraded Qorvo from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 13th. Benchmark reduced their target price on Qorvo from $225.00 to $175.00 and set a “buy” rating for the company in a research note on Thursday, February 3rd. BMO Capital Markets reduced their target price on Qorvo from $185.00 to $160.00 and set a “market perform” rating for the company in a research note on Thursday, February 3rd. Bank of America reduced their target price on Qorvo from $180.00 to $165.00 and set a “neutral” rating for the company in a research note on Thursday, February 3rd. Finally, Mizuho reduced their target price on Qorvo from $155.00 to $135.00 and set a “neutral” rating for the company in a research note on Monday. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $178.67.

Qorvo Profile (Get Rating)

Qorvo, Inc develops and commercializes technologies and products for wireless and wired connectivity worldwide. The company operates through two segments, Mobile Products, and Infrastructure and Defense Products. The company offers integrated modules incorporating switches, power amplifiers, filters, multiplexers and other components, radio frequency (RF) power management integrated circuits, antenna tuners, antenna-plexers, discrete filters and duplexers, discrete switches, and ultra-wideband (UWB) system solutions.

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