Greenland Capital Management LP reduced its position in Qorvo, Inc. (NASDAQ:QRVO – Free Report) by 84.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,726 shares of the semiconductor company’s stock after selling 32,276 shares during the quarter. Greenland Capital Management LP’s holdings in Qorvo were worth $534,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of the company. Fred Alger Management LLC boosted its stake in shares of Qorvo by 5.3% during the 3rd quarter. Fred Alger Management LLC now owns 3,179 shares of the semiconductor company’s stock worth $290,000 after purchasing an additional 160 shares during the period. Wedmont Private Capital grew its holdings in Qorvo by 1.6% during the 2nd quarter. Wedmont Private Capital now owns 10,247 shares of the semiconductor company’s stock valued at $879,000 after purchasing an additional 162 shares during the last quarter. Fifth Third Wealth Advisors LLC raised its position in Qorvo by 4.4% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 3,955 shares of the semiconductor company’s stock worth $306,000 after purchasing an additional 167 shares during the period. Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its stake in Qorvo by 60.0% in the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 480 shares of the semiconductor company’s stock worth $41,000 after purchasing an additional 180 shares during the last quarter. Finally, Larson Financial Group LLC lifted its stake in Qorvo by 14.6% in the fourth quarter. Larson Financial Group LLC now owns 1,483 shares of the semiconductor company’s stock worth $125,000 after purchasing an additional 189 shares during the last quarter. 88.57% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of research firms have recently commented on QRVO. Wall Street Zen raised Qorvo from a “hold” rating to a “buy” rating in a research note on Sunday, August 2nd. UBS Group boosted their price objective on Qorvo from $91.00 to $96.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Citigroup cut their price objective on Qorvo from $100.00 to $95.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 29th. Weiss Ratings reiterated a “hold (c)” rating on shares of Qorvo in a research report on Friday, July 24th. Finally, TD Cowen reissued a “hold” rating on shares of Qorvo in a research note on Wednesday, July 29th. Three research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Qorvo has a consensus rating of “Hold” and a consensus price target of $94.00.
Qorvo Price Performance
Shares of NASDAQ:QRVO opened at $102.84 on Tuesday. The business’s 50 day moving average is $92.28 and its 200 day moving average is $89.64. The stock has a market cap of $9.07 billion, a P/E ratio of 23.86, a price-to-earnings-growth ratio of 1.81 and a beta of 1.45. Qorvo, Inc. has a 52-week low of $74.92 and a 52-week high of $109.49. 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 (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, beating analysts’ consensus estimates of $1.11 by $0.53. Qorvo had a return on equity of 17.23% and a net margin of 10.95%.The business had revenue of $784.79 million during the quarter, compared to analyst estimates of $743.28 million. During the same period in the previous year, the company posted $0.92 EPS. Qorvo’s revenue was down 4.2% on a year-over-year basis. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Sell-side analysts predict that Qorvo, Inc. will post 6.3 EPS for the current year.
Insider Activity
In other Qorvo news, SVP Frank P. Stewart sold 8,279 shares of the stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $94.72, for a total transaction of $784,186.88. Following the transaction, the senior vice president directly owned 43,069 shares in the company, valued at $4,079,495.68. This represents a 16.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Steven E. Creviston sold 4,810 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $100.87, for a total transaction of $485,184.70. Following the transaction, the senior vice president directly owned 119,451 shares in the company, valued at $12,049,022.37. This trade represents a 3.87% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 54,999 shares of company stock valued at $5,458,714. Company insiders own 0.49% of the company’s stock.
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.
Featured Articles
- Five stocks we like better than Qorvo
- 3 Under-the-Radar Defense Stocks With Record Backlogs
- This Korea ETF Has Soared, But the Rally May Not Be Over
- Why Guidewire’s Post-Earnings Plunge May Not Last
- Ride-Share Reckoning: Tesla Drives Into Uber’s Lane
Want to see what other hedge funds are holding QRVO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Qorvo, Inc. (NASDAQ:QRVO – Free Report).
Receive News & Ratings for Qorvo Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Qorvo and related companies with MarketBeat.com's FREE daily email newsletter.
