Nissay Asset Management Corp Japan increased its position in shares of Qorvo, Inc. (NASDAQ:QRVO – Free Report) by 35.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 30,643 shares of the semiconductor company’s stock after purchasing an additional 7,960 shares during the period. Nissay Asset Management Corp Japan’s holdings in Qorvo were worth $2,858,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in Qorvo during the second quarter valued at about $942,610,000. State Street Corp boosted 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 acquiring an additional 175,031 shares during the period. FIL Ltd raised its stake in 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 purchasing an additional 421,224 shares during the period. Dimensional Fund Advisors LP boosted its stake in Qorvo by 16.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,181,479 shares of the semiconductor company’s stock worth $168,842,000 after purchasing an additional 311,645 shares during the period. Finally, Bank of America Corp DE purchased a new stake in Qorvo during the 2nd quarter valued at approximately $182,131,000. Institutional investors own 88.57% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities analysts recently weighed in on QRVO shares. JPMorgan Chase & Co. upped their target price on shares of Qorvo from $85.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Craig Hallum reiterated a “buy” rating and issued a $120.00 price target on shares of Qorvo in a report on Wednesday, May 6th. TD Cowen reiterated a “hold” rating on shares of Qorvo in a research note on Wednesday, July 29th. Citigroup dropped their price objective on shares of Qorvo from $100.00 to $95.00 and set a “neutral” rating for the company in a report on Wednesday, July 29th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Qorvo in a research report on Friday, July 24th. 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. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $94.00.
Insider Buying and Selling at Qorvo
In other news, CFO Grant Brown sold 5,179 shares of the firm’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $97.50, for a total value of $504,952.50. Following the completion of the sale, the chief financial officer owned 49,268 shares in the company, valued at approximately $4,803,630. This trade represents a 9.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Philip Chesley sold 5,487 shares of Qorvo stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $97.50, for a total transaction of $534,982.50. Following the transaction, the senior vice president directly owned 44,021 shares of the company’s stock, valued at approximately $4,292,047.50. This represents a 11.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.49% of the company’s stock.
Qorvo Stock Performance
NASDAQ QRVO opened at $96.08 on Tuesday. The company has a market cap of $8.48 billion, a P/E ratio of 22.29 and a beta of 1.44. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.68 and a current ratio of 3.54. The business’s 50 day moving average price is $91.81 and its 200-day moving average price is $89.07. Qorvo, Inc. has a fifty-two week low of $74.92 and a fifty-two week high of $109.49.
Qorvo (NASDAQ:QRVO – Get Free Report) last issued its quarterly earnings results 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 company had revenue of $784.79 million during the quarter, compared to the consensus estimate of $743.28 million. Qorvo had a return on equity of 17.23% and a net margin of 10.95%.Qorvo’s revenue was down 4.2% on a year-over-year basis. During the same period last year, the company earned $0.92 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Sell-side analysts predict that Qorvo, Inc. will post 6.3 earnings per share for the current year.
Qorvo 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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