QRG Capital Management Inc. Purchases New Shares in Qorvo, Inc. $QRVO

QRG Capital Management Inc. acquired a new stake in Qorvo, Inc. (NASDAQ:QRVO) in the 1st quarter, according to the company in its most recent filing with the SEC. The firm acquired 9,265 shares of the semiconductor company’s stock, valued at approximately $717,000.

A number of other institutional investors and hedge funds also recently modified their holdings of QRVO. Stance Capital LLC purchased a new position in Qorvo in the third quarter worth $27,000. Smartleaf Asset Management LLC increased its holdings in Qorvo by 215.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 338 shares of the semiconductor company’s stock worth $29,000 after buying an additional 231 shares during the last quarter. Sound Income Strategies LLC increased its holdings in Qorvo by 952.8% during the fourth quarter. Sound Income Strategies LLC now owns 379 shares of the semiconductor company’s stock worth $30,000 after buying an additional 343 shares during the last quarter. Advisory Services Network LLC bought a new stake in Qorvo in the third quarter worth about $36,000. Finally, V Square Quantitative Management LLC bought a new stake in Qorvo in the fourth quarter worth about $39,000. 88.57% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Robert A. Bruggeworth sold 57,957 shares of the company’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $100.40, for a total value of $5,818,882.80. Following the transaction, the chief executive officer owned 319,880 shares of the company’s stock, valued at approximately $32,115,952. This represents a 15.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Gina Harrison sold 4,714 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $100.00, for a total value of $471,400.00. Following the completion of the sale, the vice president owned 24,429 shares in the company, valued at $2,442,900. This trade represents a 16.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,966,127 shares of company stock valued at $198,911,103 in the last quarter. 0.49% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on QRVO shares. Citigroup increased their target price on shares of Qorvo from $90.00 to $100.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Craig Hallum reiterated a “buy” rating and issued a $120.00 price objective on shares of Qorvo in a research note on Wednesday, May 6th. Wolfe Research lowered Qorvo from an “outperform” rating to a “peer perform” rating in a report on Friday, April 17th. Barclays raised Qorvo from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $95.00 to $100.00 in a research report on Wednesday, April 22nd. Finally, UBS Group boosted their target price on Qorvo from $87.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Three equities research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Qorvo presently has a consensus rating of “Hold” and a consensus target price of $97.07.

Qorvo Trading Up 1.9%

Shares of Qorvo stock opened at $85.45 on Friday. Qorvo, Inc. has a 12-month low of $74.92 and a 12-month high of $109.49. The company has a market cap of $7.54 billion, a price-to-earnings ratio of 23.61, a PEG ratio of 1.31 and a beta of 1.44. The company has a current ratio of 3.24, a quick ratio of 2.46 and a debt-to-equity ratio of 0.46. The company’s 50-day moving average price is $95.87 and its 200-day moving average price is $86.56.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.69 EPS for the quarter, beating the consensus estimate of $1.21 by $0.48. The company had revenue of $808.28 million during the quarter, compared to analysts’ expectations of $801.31 million. Qorvo had a net margin of 9.22% and a return on equity of 15.32%. Qorvo’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.42 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. On average, equities analysts expect that Qorvo, Inc. will post 5.84 earnings per share for the current fiscal year.

Qorvo Profile

Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.

Qorvo’s product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.