Garner Asset Management Corp Reduces Position in Qorvo, Inc. (NASDAQ:QRVO)

Garner Asset Management Corp trimmed its holdings in Qorvo, Inc. (NASDAQ:QRVO) by 31.5% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,977 shares of the semiconductor company’s stock after selling 1,370 shares during the period. Garner Asset Management Corp’s holdings in Qorvo were worth $308,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of QRVO. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Qorvo in the 2nd quarter valued at about $29,000. EverSource Wealth Advisors LLC increased its holdings in shares of Qorvo by 81.0% in the first quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock valued at $30,000 after purchasing an additional 115 shares during the last quarter. Versant Capital Management Inc lifted its position in Qorvo by 9,333.3% during the second quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock worth $33,000 after buying an additional 280 shares in the last quarter. Larson Financial Group LLC boosted its stake in Qorvo by 163.4% during the third quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock worth $33,000 after buying an additional 201 shares during the last quarter. Finally, New Millennium Group LLC purchased a new stake in Qorvo in the 2nd quarter valued at $34,000. 88.57% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Gina Harrison sold 689 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $107.67, for a total transaction of $74,184.63. Following the completion of the transaction, the vice president now directly owns 21,601 shares of the company’s stock, valued at approximately $2,325,779.67. The trade was a 3.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.46% of the company’s stock.

Qorvo Stock Up 2.0 %

Shares of NASDAQ:QRVO opened at $69.25 on Friday. The firm has a market capitalization of $6.55 billion, a PE ratio of -47.43, a price-to-earnings-growth ratio of 5.44 and a beta of 1.49. Qorvo, Inc. has a 1 year low of $64.98 and a 1 year high of $130.99. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.38. The firm’s 50-day moving average is $90.08 and its two-hundred day moving average is $103.05.

Qorvo (NASDAQ:QRVO) last announced its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.03. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The firm had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the prior year, the firm earned $1.99 EPS. The firm’s revenue for the quarter was down 5.2% on a year-over-year basis. Analysts predict that Qorvo, Inc. will post 3.37 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on QRVO shares. StockNews.com cut shares of Qorvo from a “buy” rating to a “hold” rating in a research report on Thursday, October 31st. Morgan Stanley cut shares of Qorvo from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $130.00 to $120.00 in a research note on Friday, October 11th. Barclays reduced their price target on shares of Qorvo from $120.00 to $90.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 30th. JPMorgan Chase & Co. lowered their price objective on Qorvo from $115.00 to $95.00 and set an “underweight” rating for the company in a research report on Wednesday, October 30th. Finally, UBS Group 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. Two investment 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. Based on data from MarketBeat.com, Qorvo currently has a consensus rating of “Hold” and an average price target of $102.88.

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.