The Manufacturers Life Insurance Company reduced its stake in Qorvo, Inc. (NASDAQ:QRVO – Free Report) by 99.1% in the first quarter, Holdings Channel.com reports. The fund owned 4,416 shares of the semiconductor company’s stock after selling 482,384 shares during the period. The Manufacturers Life Insurance Company’s holdings in Qorvo were worth $342,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds also recently made changes to their positions in QRVO. State Street Corp grew its holdings in Qorvo by 5.0% during the 2nd quarter. State Street Corp now owns 3,704,113 shares of the semiconductor company’s stock valued at $314,516,000 after buying an additional 175,031 shares in the last quarter. FIL Ltd lifted its holdings in shares of Qorvo by 13.2% in the fourth quarter. FIL Ltd now owns 3,610,045 shares of the semiconductor company’s stock worth $305,085,000 after buying an additional 421,224 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Qorvo by 16.7% in the first quarter. Dimensional Fund Advisors LP now owns 2,181,479 shares of the semiconductor company’s stock worth $168,842,000 after buying an additional 311,645 shares in the last quarter. LSV Asset Management boosted its position in shares of Qorvo by 2.3% in the fourth quarter. LSV Asset Management now owns 1,555,461 shares of the semiconductor company’s stock valued at $131,452,000 after acquiring an additional 34,605 shares during the period. Finally, Bank of America Corp DE boosted its position in shares of Qorvo by 20.2% in the second quarter. Bank of America Corp DE now owns 1,518,964 shares of the semiconductor company’s stock valued at $128,975,000 after acquiring an additional 255,068 shares during the period. 88.57% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several brokerages recently commented on QRVO. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Qorvo in a research note on Friday, July 24th. UBS Group upped their price target on shares of Qorvo from $91.00 to $96.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Craig Hallum reissued a “buy” rating and set a $120.00 price objective on shares of Qorvo in a research note on Wednesday, May 6th. JPMorgan Chase & Co. upped their target price on Qorvo from $85.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Finally, Mizuho reaffirmed an “underperform” rating and issued a $66.00 price target (down from $70.00) on shares of Qorvo in a report on Monday, April 20th. Three equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $94.00.
Insider Transactions at Qorvo
In other Qorvo news, SVP Paul J. Fego sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following the completion of the sale, the senior vice president owned 71,038 shares of the company’s stock, valued at $7,103,800. This represents a 3.40% decrease in their ownership of the stock. The sale was disclosed in a filing 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 that occurred on Friday, May 22nd. The shares were sold at an average price of $100.00, for a total transaction of $471,400.00. Following the transaction, the vice president owned 24,429 shares in the company, valued at $2,442,900. The trade was a 16.18% 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 1,966,127 shares of company stock worth $198,911,103. 0.49% of the stock is owned by corporate insiders.
Qorvo Stock Performance
NASDAQ QRVO opened at $98.11 on Monday. The company has a quick ratio of 2.68, a current ratio of 3.54 and a debt-to-equity ratio of 0.45. The stock’s 50-day simple moving average is $92.37 and its two-hundred day simple moving average is $87.92. Qorvo, Inc. has a twelve month low of $74.92 and a twelve month high of $109.49. The company has a market capitalization of $8.66 billion, a price-to-earnings ratio of 22.76, a PEG ratio of 1.43 and a beta of 1.44.
Qorvo (NASDAQ:QRVO – Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The semiconductor company reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.11 by $0.53. The firm had revenue of $784.79 million during 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 company’s revenue for the quarter was down 4.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.92 EPS. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Research analysts forecast that Qorvo, Inc. will post 6.3 EPS for the current fiscal year.
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.
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