Wick Capital Partners LLC purchased a new stake in Qorvo, Inc. (NASDAQ:QRVO – Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 146,540 shares of the semiconductor company’s stock, valued at approximately $12,384,000. Qorvo comprises 2.2% of Wick Capital Partners LLC’s investment portfolio, making the stock its 10th largest position. Wick Capital Partners LLC owned about 0.16% of Qorvo at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of QRVO. Vanguard Group Inc. increased its holdings in Qorvo by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 11,105,104 shares of the semiconductor company’s stock worth $1,011,453,000 after purchasing an additional 100,058 shares during the last quarter. State Street Corp raised its position in shares of Qorvo by 5.0% in the 2nd quarter. State Street Corp now owns 3,704,113 shares of the semiconductor company’s stock valued at $314,516,000 after purchasing an additional 175,031 shares in the last quarter. FIL Ltd boosted its stake in shares of Qorvo by 13.2% during the 4th quarter. FIL Ltd now owns 3,610,045 shares of the semiconductor company’s stock valued at $305,085,000 after buying an additional 421,224 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Qorvo by 8.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,869,834 shares of the semiconductor company’s stock valued at $158,027,000 after buying an additional 142,731 shares during the last quarter. Finally, LSV Asset Management boosted its stake in shares of Qorvo by 2.3% during the 4th quarter. LSV Asset Management now owns 1,555,461 shares of the semiconductor company’s stock valued at $131,452,000 after buying an additional 34,605 shares during the last quarter. Institutional investors and hedge funds own 88.57% of the company’s stock.
Wall Street Analyst Weigh In
A number of analysts recently issued reports on QRVO shares. Barclays upgraded shares of Qorvo from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $95.00 to $100.00 in a research note on Wednesday, April 22nd. JPMorgan Chase & Co. increased their price objective on shares of Qorvo from $85.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Zacks Research lowered shares of Qorvo from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 16th. UBS Group boosted their target price on shares of Qorvo from $87.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Qorvo in a research note on Monday, April 27th. Three equities research analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $96.62.
Insider Buying and Selling at Qorvo
In other Qorvo news, CEO Robert A. Bruggeworth sold 57,957 shares of the business’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $100.40, for a total transaction of $5,818,882.80. Following the completion of the sale, the chief executive officer owned 319,880 shares in the company, valued at $32,115,952. The trade was a 15.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Peter A. Feld sold 1,900,000 shares of the stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $101.20, for a total transaction of $192,280,000.00. Following the sale, the director directly owned 5,611,526 shares in the company, valued at $567,886,431.20. This trade represents a 25.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 1,966,127 shares of company stock worth $198,911,103 in the last ninety days. 0.41% of the stock is currently owned by company insiders.
Qorvo Price Performance
Shares of QRVO opened at $98.42 on Friday. Qorvo, Inc. has a 52 week low of $74.92 and a 52 week high of $109.49. The company has a current ratio of 3.24, a quick ratio of 2.46 and a debt-to-equity ratio of 0.46. The firm has a market cap of $8.66 billion, a price-to-earnings ratio of 27.19, a PEG ratio of 1.53 and a beta of 1.43. The stock has a 50 day moving average of $93.40 and a 200-day moving average of $86.21.
Qorvo (NASDAQ:QRVO – Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.48. Qorvo had a return on equity of 15.32% and a net margin of 9.22%.The business had revenue of $808.28 million for the quarter, compared to analyst estimates of $801.31 million. During the same period in the prior year, the company posted $1.42 EPS. The business’s revenue was down 7.0% compared to the same quarter last year. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. As a group, analysts forecast that Qorvo, Inc. will post 5.88 EPS for the current 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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