Empowered Funds LLC acquired a new stake in Qorvo, Inc. (NASDAQ:QRVO – Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 9,403 shares of the semiconductor company’s stock, valued at approximately $877,000.
Other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in Qorvo in the 2nd quarter valued at approximately $942,610,000. State Street Corp grew its stake in shares of Qorvo by 5.0% in the second quarter. State Street Corp now owns 3,704,113 shares of the semiconductor company’s stock worth $314,516,000 after purchasing an additional 175,031 shares during the last quarter. FIL Ltd raised its position in Qorvo by 13.2% during the 4th quarter. FIL Ltd now owns 3,610,045 shares of the semiconductor company’s stock worth $305,085,000 after purchasing an additional 421,224 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake 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 acquiring an additional 311,645 shares during the period. Finally, Bank of America Corp DE bought a new stake in shares of Qorvo in the 2nd quarter valued at $182,131,000. 88.57% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
Several equities analysts have issued reports on QRVO shares. Weiss Ratings reissued a “hold (c)” rating on shares of Qorvo in a research note on Friday, July 24th. TD Cowen reissued a “hold” rating on shares of Qorvo in a research note on Wednesday, July 29th. Wall Street Zen upgraded shares of Qorvo from a “hold” rating to a “buy” rating in a report on Sunday, August 2nd. UBS Group increased their price objective on shares of Qorvo from $91.00 to $96.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Finally, Citigroup cut their target price on Qorvo from $100.00 to $95.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 29th. Three analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $94.00.
More Qorvo News
Here are the key news stories impacting Qorvo this week:
- Positive Sentiment: Qorvo’s latest quarterly results exceeded expectations: earnings per share came in at $1.64 versus the $1.11 consensus estimate, while revenue of roughly $784.8 million surpassed forecasts of $743.3 million. The earnings beat provides support for the stock, although revenue declined 4.2% year over year.
- Positive Sentiment: Institutional ownership remains high at approximately 88.6%, with major investors including BlackRock, California State Teachers’ Retirement System and Bank of America reportedly adding or initiating sizable positions. Such buying can reinforce investor confidence and provide demand for QRVO shares.
- Positive Sentiment: Qorvo’s exposure to radio-frequency solutions for drones, satellite communications and industrial IoT may offer longer-term growth opportunities in bandwidth, connectivity and power-efficiency markets.
- Neutral Sentiment: Brokerages maintain an average “Hold” recommendation, with three Buy ratings, fourteen Holds and one Sell. The average price target is $94, below recent trading levels, suggesting analysts see limited near-term upside despite the earnings beat. Qorvo Given Average Recommendation of Hold
- Neutral Sentiment: Skyworks Solutions’ extension of exchange offers for Qorvo notes keeps the companies’ merger plans in focus. The potential transaction could be a catalyst, but the extension also leaves timing, financing and completion risks unresolved.
- Negative Sentiment: Several executives recently sold shares. CEO Robert Bruggeworth sold 28,744 shares for approximately $2.9 million, while SVPs Steven Creviston, Paul Fego and Frank Stewart also reduced their holdings. The combined sales total roughly $4.4 million and could weigh on sentiment, though they may reflect routine diversification rather than a change in business outlook. Qorvo Insider Selling
Insider Activity
In related news, CFO Grant Brown sold 5,179 shares of Qorvo stock in a transaction on Monday, August 17th. The stock was sold at an average price of $97.50, for a total transaction of $504,952.50. Following the completion of the sale, the chief financial officer owned 49,268 shares of the company’s stock, valued at approximately $4,803,630. This trade represents a 9.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Steven E. Creviston sold 4,810 shares of the stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $100.87, for a total transaction of $485,184.70. Following the completion of the transaction, the senior vice president directly owned 119,451 shares in the company, valued at $12,049,022.37. The trade was a 3.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 54,999 shares of company stock worth $5,458,714. Company insiders own 0.49% of the company’s stock.
Qorvo Stock Performance
NASDAQ:QRVO opened at $102.84 on Friday. Qorvo, Inc. has a 1 year low of $74.92 and a 1 year high of $109.49. The business has a fifty day simple moving average of $92.09 and a two-hundred day simple moving average of $89.47. The company has a market capitalization of $9.07 billion, a P/E ratio of 23.86, a P/E/G ratio of 1.77 and a beta of 1.45. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.54 and a quick ratio of 2.68.
Qorvo (NASDAQ:QRVO – Get Free Report) last issued its earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.53. Qorvo had a net margin of 10.95% and a return on equity of 17.23%. The firm had revenue of $784.79 million during the quarter, compared to analyst estimates of $743.28 million. During the same quarter last year, the business earned $0.92 earnings per share. The company’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, analysts expect that Qorvo, Inc. will post 6.3 earnings per share for the current 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.
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