Summit Global Investments Takes Position in Qorvo, Inc. $QRVO

Summit Global Investments bought a new stake in Qorvo, Inc. (NASDAQ:QRVO) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 6,432 shares of the semiconductor company’s stock, valued at approximately $600,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Platform Technology Partners acquired a new position in Qorvo in the 2nd quarter valued at approximately $221,000. Legacy Advisors LLC acquired a new stake in shares of Qorvo during the 2nd quarter worth approximately $347,000. Olympiad Research LP grew its holdings in shares of Qorvo by 13.1% during the 2nd quarter. Olympiad Research LP now owns 17,666 shares of the semiconductor company’s stock worth $1,648,000 after purchasing an additional 2,045 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Qorvo by 11.1% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 117,401 shares of the semiconductor company’s stock valued at $10,950,000 after purchasing an additional 11,745 shares during the period. Finally, Beacon Investment Advisory Services Inc. increased its position in shares of Qorvo by 15.4% during the second quarter. Beacon Investment Advisory Services Inc. now owns 4,208 shares of the semiconductor company’s stock valued at $392,000 after purchasing an additional 560 shares during the period. 88.57% of the stock is currently owned by institutional investors.

Qorvo Trading Down 0.3%

Shares of QRVO opened at $98.11 on Friday. The company has a current ratio of 3.54, a quick ratio of 2.68 and a debt-to-equity ratio of 0.45. The stock has a market cap of $8.66 billion, a PE ratio of 22.76, a PEG ratio of 1.43 and a beta of 1.44. Qorvo, Inc. has a 1 year low of $74.92 and a 1 year high of $109.49. The stock has a 50 day simple moving average of $92.37 and a 200-day simple moving average of $87.88.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 EPS for the quarter, beating the consensus estimate of $1.11 by $0.53. Qorvo had a return on equity of 17.23% and a net margin of 10.95%.The business had revenue of $784.79 million for the quarter, compared to analyst estimates of $743.28 million. During the same quarter in the previous year, the firm earned $0.92 EPS. Qorvo’s quarterly revenue was down 4.2% on a year-over-year basis. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. On average, sell-side analysts predict that Qorvo, Inc. will post 6.3 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently commented on QRVO shares. UBS Group raised their target price on Qorvo from $91.00 to $96.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Weiss Ratings reissued a “hold (c)” rating on shares of Qorvo in a report on Friday, July 24th. Wall Street Zen upgraded shares of Qorvo from a “hold” rating to a “buy” rating in a research note on Sunday, August 2nd. JPMorgan Chase & Co. increased their price objective on shares of Qorvo from $85.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Finally, Craig Hallum reaffirmed a “buy” rating and set a $120.00 price objective on shares of Qorvo in a report on Wednesday, May 6th. Three analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $94.00.

Insider Buying and Selling

In other news, Director Peter A. Feld sold 1,900,000 shares of the company’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 owned 5,611,526 shares of the company’s stock, valued at approximately $567,886,431.20. This represents a 25.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Gina Harrison sold 4,714 shares of the stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $100.00, for a total transaction of $471,400.00. Following the sale, the vice president owned 24,429 shares of the company’s stock, valued at $2,442,900. This trade represents a 16.18% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 1,966,127 shares of company stock valued at $198,911,103 in the last ninety days. Insiders own 0.49% of the company’s stock.

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.