Sona Asset Management US LLC Buys Shares of 90,046 Qorvo, Inc. $QRVO

Sona Asset Management US LLC bought a new stake in shares of Qorvo, Inc. (NASDAQ:QRVO) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 90,046 shares of the semiconductor company’s stock, valued at approximately $6,970,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of QRVO. Jones Financial Companies Lllp increased its position in shares of Qorvo by 440.1% during the first quarter. Jones Financial Companies Lllp now owns 8,134 shares of the semiconductor company’s stock worth $589,000 after acquiring an additional 6,628 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of Qorvo by 158.7% in the second quarter. EverSource Wealth Advisors LLC now owns 2,121 shares of the semiconductor company’s stock valued at $180,000 after purchasing an additional 1,301 shares during the period. First Trust Advisors LP boosted its holdings in shares of Qorvo by 56.5% in the second quarter. First Trust Advisors LP now owns 142,503 shares of the semiconductor company’s stock valued at $12,100,000 after purchasing an additional 51,475 shares during the period. Marshall Wace LLP bought a new position in Qorvo in the second quarter worth approximately $428,000. Finally, Cerity Partners LLC bought a new position in Qorvo in the second quarter worth approximately $327,000. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Robert A. Bruggeworth sold 57,957 shares of the company’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $100.40, for a total transaction of $5,818,882.80. Following the completion of the sale, the chief executive officer directly owned 319,880 shares in the company, valued at $32,115,952. This represents a 15.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Peter A. Feld sold 1,900,000 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $101.20, for a total value of $192,280,000.00. Following the sale, the director directly owned 5,611,526 shares in the company, valued at approximately $567,886,431.20. The trade was a 25.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 1,966,127 shares of company stock valued at $198,911,103. 0.49% of the stock is currently owned by insiders.

Analyst Ratings Changes

QRVO has been the subject of a number of research analyst reports. Wolfe Research lowered Qorvo from an “outperform” rating to a “peer perform” rating in a research report on Friday, April 17th. Mizuho reissued an “underperform” rating and set a $66.00 price target (down from $70.00) on shares of Qorvo in a research report on Monday, April 20th. Weiss Ratings restated a “hold (c)” rating on shares of Qorvo in a research note on Friday. Craig Hallum restated a “buy” rating and issued a $120.00 price objective on shares of Qorvo in a report on Wednesday, May 6th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Qorvo from $85.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Three analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Qorvo currently has an average rating of “Hold” and an average target price of $97.07.

Qorvo Stock Performance

Shares of QRVO stock opened at $86.51 on Monday. The firm has a market cap of $7.63 billion, a price-to-earnings ratio of 23.90, a PEG ratio of 1.36 and a beta of 1.44. Qorvo, Inc. has a 52-week low of $74.92 and a 52-week high of $109.49. The company has a quick ratio of 2.46, a current ratio of 3.24 and a debt-to-equity ratio of 0.46. The company’s 50 day moving average is $94.67 and its 200 day moving average is $86.57.

Qorvo (NASDAQ:QRVO) last posted its earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.48. The company had revenue of $808.28 million during the quarter, compared to analyst estimates of $801.31 million. Qorvo had a return on equity of 15.32% and a net margin of 9.22%.Qorvo’s revenue was down 7.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.42 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. On average, sell-side analysts anticipate that Qorvo, Inc. will post 5.83 EPS for the current fiscal year.

Qorvo Company 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.