Sumitomo Mitsui Trust Group Inc. trimmed its position in shares of Qorvo, Inc. (NASDAQ:QRVO – Free Report) by 70.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,439 shares of the semiconductor company’s stock after selling 8,272 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Qorvo were worth $266,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently modified their holdings of the company. AQR Arbitrage LLC purchased a new stake in Qorvo during the fourth quarter valued at $118,204,000. Norges Bank purchased a new position in Qorvo in the fourth quarter worth about $92,430,000. Marshall Wace LLP boosted its position in Qorvo by 16,066.5% in the third quarter. Marshall Wace LLP now owns 814,630 shares of the semiconductor company’s stock worth $74,197,000 after purchasing an additional 809,591 shares during the last quarter. Balyasny Asset Management L.P. bought a new stake in shares of Qorvo during the 3rd quarter valued at about $66,594,000. Finally, Magnetar Financial LLC grew its stake in shares of Qorvo by 12,037.4% during the 4th quarter. Magnetar Financial LLC now owns 542,786 shares of the semiconductor company’s stock valued at $45,871,000 after purchasing an additional 538,314 shares during the period. 88.57% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several equities analysts have recently weighed in on the stock. UBS Group increased their price objective on shares of Qorvo from $87.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Weiss Ratings restated a “hold (c)” rating on shares of Qorvo in a research report on Monday, April 27th. Craig Hallum reaffirmed a “buy” rating and set a $120.00 target price on shares of Qorvo in a report on Wednesday, May 6th. Zacks Research downgraded shares of Qorvo from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 16th. Finally, Wall Street Zen upgraded shares of Qorvo from a “hold” rating to a “buy” rating in a research note on Sunday, July 12th. Three research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Qorvo currently has an average rating of “Hold” and a consensus price target of $97.07.
Qorvo Stock Performance
Shares of QRVO opened at $83.50 on Friday. The business has a 50-day simple moving average of $95.17 and a two-hundred day simple moving average of $86.51. The company has a quick ratio of 2.46, a current ratio of 3.24 and a debt-to-equity ratio of 0.46. Qorvo, Inc. has a 52 week low of $74.92 and a 52 week high of $109.49. The stock has a market cap of $7.37 billion, a price-to-earnings ratio of 23.07, a PEG ratio of 1.31 and a beta of 1.44.
Qorvo (NASDAQ:QRVO – Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.48. The firm had revenue of $808.28 million for the quarter, compared to analysts’ expectations of $801.31 million. Qorvo had a return on equity of 15.32% and a net margin of 9.22%.The business’s quarterly revenue was down 7.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.42 EPS. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. On average, analysts expect that Qorvo, Inc. will post 5.84 EPS for the current year.
Insider Activity
In other Qorvo news, VP Gina Harrison sold 4,714 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $100.00, for a total value of $471,400.00. Following the completion of the transaction, the vice president directly owned 24,429 shares in the company, valued at $2,442,900. This represents a 16.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 completion of the sale, the director directly owned 5,611,526 shares of the company’s stock, valued at approximately $567,886,431.20. This trade represents a 25.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,966,127 shares of company stock worth $198,911,103 in the last quarter. 0.49% of the stock is currently owned by insiders.
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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