Mint Tower Capital Management B.V. Buys New Shares in Qorvo, Inc. $QRVO

Mint Tower Capital Management B.V. purchased a new stake in shares of Qorvo, Inc. (NASDAQ:QRVO) in the 2nd quarter, Holdings Channel reports. The institutional investor purchased 25,000 shares of the semiconductor company’s stock, valued at approximately $2,332,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Jones Financial Companies Lllp grew its stake in shares of Qorvo by 440.1% during the 1st quarter. Jones Financial Companies Lllp now owns 8,134 shares of the semiconductor company’s stock valued at $589,000 after acquiring an additional 6,628 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in Qorvo by 158.7% during 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 in the last quarter. First Trust Advisors LP boosted its position 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 worth $12,100,000 after purchasing an additional 51,475 shares during the period. Marshall Wace LLP purchased a new stake in shares of Qorvo in the second quarter worth $428,000. Finally, Cerity Partners LLC purchased a new stake in shares of Qorvo in the second quarter worth $327,000. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Insider Transactions at Qorvo

In other Qorvo news, CFO Grant Brown sold 5,179 shares of Qorvo stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $97.50, for a total value of $504,952.50. Following the sale, the chief financial officer owned 49,268 shares of the company’s stock, valued at $4,803,630. The trade was a 9.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Philip Chesley sold 5,487 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $97.50, for a total value of $534,982.50. Following the sale, the senior vice president directly owned 44,021 shares in the company, valued at $4,292,047.50. This trade represents a 11.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 1,968,623 shares of company stock worth $199,138,818. 0.49% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Citigroup lowered their target price on shares of Qorvo from $100.00 to $95.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 29th. Wall Street Zen upgraded Qorvo from a “hold” rating to a “buy” rating in a research report on Sunday, August 2nd. Craig Hallum reaffirmed a “buy” rating and issued a $120.00 price objective on shares of Qorvo in a research note on Wednesday, May 6th. UBS Group increased 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. Finally, TD Cowen reissued a “hold” rating on shares of Qorvo in a research note on Wednesday, July 29th. Three equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Qorvo presently has an average rating of “Hold” and an average target price of $94.00.

Qorvo Stock Down 1.5%

Shares of QRVO stock opened at $94.73 on Friday. The company’s fifty day simple moving average is $91.92 and its two-hundred day simple moving average is $88.94. Qorvo, Inc. has a 52 week low of $74.92 and a 52 week high of $109.49. The stock has a market cap of $8.36 billion, a P/E ratio of 21.98, a PEG ratio of 1.40 and a beta of 1.44. The company has a quick ratio of 2.68, a current ratio of 3.54 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO) last issued its earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.53. The firm had revenue of $784.79 million for the quarter, compared to analysts’ expectations of $743.28 million. Qorvo had a return on equity of 17.23% and a net margin of 10.95%.The business’s revenue was down 4.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.92 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Analysts predict that Qorvo, Inc. will post 6.3 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.