Ieq Capital LLC Makes New Investment in Qorvo, Inc. $QRVO

Ieq Capital LLC purchased a new stake in Qorvo, Inc. (NASDAQ:QRVO) in the 2nd quarter, HoldingsChannel.com reports. The fund purchased 6,207 shares of the semiconductor company’s stock, valued at approximately $579,000.

Other hedge funds have also recently made changes to their positions in the company. Bank of America Corp DE raised its position in shares of Qorvo by 801.4% during the 1st quarter. Bank of America Corp DE now owns 1,767,373 shares of the semiconductor company’s stock valued at $136,795,000 after buying an additional 1,571,303 shares during the period. LSV Asset Management grew its position in Qorvo by 2.3% in the fourth quarter. LSV Asset Management now owns 1,555,461 shares of the semiconductor company’s stock worth $131,452,000 after acquiring an additional 34,605 shares during the period. Credit Industriel ET Commercial acquired a new stake in Qorvo during the fourth quarter worth $5,223,000. Amundi increased its stake in Qorvo by 197.2% during the first quarter. Amundi now owns 772,352 shares of the semiconductor company’s stock worth $59,780,000 after acquiring an additional 512,475 shares during the last quarter. Finally, Fieldview Capital Management LLC raised its position in Qorvo by 570.1% in the fourth quarter. Fieldview Capital Management LLC now owns 24,352 shares of the semiconductor company’s stock valued at $2,058,000 after purchasing an additional 20,718 shares during the period. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on QRVO shares. Craig Hallum restated a “buy” rating and set a $120.00 price target on shares of Qorvo in a research report on Wednesday, May 6th. Weiss Ratings reissued a “hold (c)” rating on shares of Qorvo in a research note on Friday, July 24th. Citigroup lowered their target price on Qorvo from $100.00 to $95.00 and set a “neutral” rating for the company in a report on Wednesday, July 29th. UBS Group lifted their target price on Qorvo from $91.00 to $96.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. boosted their price target 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 research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $94.00.

Qorvo Stock Performance

Shares of QRVO opened at $94.73 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.68 and a current ratio of 3.54. The stock has a market capitalization of $8.36 billion, a P/E ratio of 21.98, a P/E/G ratio of 1.40 and a beta of 1.44. The company’s fifty day moving average is $91.92 and its two-hundred day moving average is $88.94. Qorvo, Inc. has a 1 year low of $74.92 and a 1 year high of $109.49.

Qorvo (NASDAQ:QRVO) last released its earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 EPS for the quarter, topping the consensus estimate of $1.11 by $0.53. Qorvo had a net margin of 10.95% and a return on equity of 17.23%. The company had revenue of $784.79 million during the quarter, compared to analysts’ expectations of $743.28 million. During the same quarter last year, the business earned $0.92 EPS. The business’s 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 earnings per share for the current year.

Insiders Place Their Bets

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

About Qorvo

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.