Pinnacle Associates Ltd. increased its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO – Free Report) by 3.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 354,033 shares of the semiconductor company’s stock after buying an additional 12,433 shares during the period. Pinnacle Associates Ltd.’s holdings in Qorvo were worth $40,530,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC boosted its position in Qorvo by 22.5% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,385 shares of the semiconductor company’s stock valued at $159,000 after buying an additional 254 shares during the period. 55 North Private Wealth LLC purchased a new stake in shares of Qorvo during the third quarter worth $264,000. CWA Asset Management Group LLC increased its position in shares of Qorvo by 2.7% during the third quarter. CWA Asset Management Group LLC now owns 46,454 shares of the semiconductor company’s stock worth $5,318,000 after acquiring an additional 1,203 shares during the period. Vontobel Holding Ltd. purchased a new stake in shares of Qorvo during the third quarter worth $204,000. Finally, Pension & Wealth Management Advisors Inc. acquired a new stake in shares of Qorvo in the third quarter valued at $47,000. 88.57% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity
In other Qorvo news, SVP Frank P. Stewart sold 8,279 shares of the firm’s stock in a transaction on Monday, August 31st. The stock was sold at an average price of $94.72, for a total value of $784,186.88. Following the sale, the senior vice president directly owned 43,069 shares in the company, valued at $4,079,495.68. This trade represents a 16.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Steven E. Creviston sold 4,810 shares of Qorvo stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $100.87, for a total value of $485,184.70. Following the sale, the senior vice president directly owned 119,451 shares of the company’s stock, valued at $12,049,022.37. This trade represents a 3.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 62,309 shares of company stock valued at $6,304,642. Insiders own 0.49% of the company’s stock.
Analysts Set New Price Targets
QRVO has been the subject of a number of recent research reports. UBS Group lifted their target price on Qorvo from $91.00 to $96.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. TD Cowen restated a “hold” rating on shares of Qorvo in a report on Wednesday, July 29th. Weiss Ratings restated a “hold (c)” rating on shares of Qorvo in a report on Friday, July 24th. Citigroup reduced their price target on Qorvo from $100.00 to $95.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 29th. Finally, Wall Street Zen upgraded Qorvo from a “hold” rating to a “buy” rating in a research note on Sunday, August 2nd. Three investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $94.00.
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Qorvo Stock Performance
NASDAQ QRVO opened at $114.17 on Wednesday. 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, Inc. has a 52 week low of $74.92 and a 52 week high of $121.09. The stock has a market capitalization of $10.07 billion, a PE ratio of 26.49, a price-to-earnings-growth ratio of 1.98 and a beta of 1.42. The firm has a 50 day moving average of $107.94 and a two-hundred day moving average of $97.23.
Qorvo (NASDAQ:QRVO – Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The semiconductor company reported $1.64 EPS for the quarter, beating 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 company had revenue of $784.79 million for the quarter, compared to the consensus estimate of $743.28 million. During the same period in the prior year, the firm posted $0.92 EPS. The company’s quarterly revenue was down 4.2% compared to the same quarter last year. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. As a group, research analysts expect that Qorvo, Inc. will post 6.42 EPS for the current fiscal year.
Qorvo Profile
Qorvo, Inc is a semiconductor company that develops radio-frequency (RF) and power-management solutions for wireless connectivity and other electronic systems. Its products include RF amplifiers, filters, switches, integrated modules, power amplifiers, and related components used to transmit, receive, and manage radio signals.
The company serves a range of markets, including smartphones and other mobile devices, wireless infrastructure, Wi-Fi and broadband equipment, automotive systems, Internet of Things devices, aerospace and defense applications, and industrial electronics.
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