Delta Global Management LP Reduces Stock Position in Qorvo, Inc. $QRVO

Delta Global Management LP trimmed its position in Qorvo, Inc. (NASDAQ:QRVO) by 33.1% in the fourth quarter, Holdings Channel.com reports. The fund owned 185,087 shares of the semiconductor company’s stock after selling 91,401 shares during the period. Delta Global Management LP’s holdings in Qorvo were worth $15,642,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in QRVO. Fred Alger Management LLC boosted its position in Qorvo by 5.3% during the 3rd quarter. Fred Alger Management LLC now owns 3,179 shares of the semiconductor company’s stock valued at $290,000 after purchasing an additional 160 shares during the period. Beacon Investment Advisory Services Inc. lifted its holdings in shares of Qorvo by 5.7% in the fourth quarter. Beacon Investment Advisory Services Inc. now owns 3,001 shares of the semiconductor company’s stock valued at $254,000 after buying an additional 161 shares during the period. Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its holdings in shares of Qorvo by 60.0% in the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 480 shares of the semiconductor company’s stock valued at $41,000 after buying an additional 180 shares during the period. Larson Financial Group LLC lifted its holdings in shares of Qorvo by 14.6% in the fourth quarter. Larson Financial Group LLC now owns 1,483 shares of the semiconductor company’s stock valued at $125,000 after buying an additional 189 shares during the period. Finally, Lido Advisors LLC lifted its holdings in shares of Qorvo by 4.1% in the fourth quarter. Lido Advisors LLC now owns 4,816 shares of the semiconductor company’s stock valued at $431,000 after buying an additional 191 shares during the period. 88.57% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. JPMorgan Chase & Co. upped their price objective on Qorvo from $85.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Wolfe Research lowered Qorvo from an “outperform” rating to a “peer perform” rating in a report on Friday, April 17th. Mizuho restated an “underperform” rating and issued a $66.00 price objective (down from $70.00) on shares of Qorvo in a report on Monday, April 20th. Barclays upgraded Qorvo from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $95.00 to $100.00 in a report on Wednesday, April 22nd. Finally, Zacks Research lowered Qorvo from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 16th. Three analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Qorvo has an average rating of “Hold” and a consensus target price of $96.63.

Insider Transactions at Qorvo

In other Qorvo news, CEO Robert A. Bruggeworth sold 57,957 shares of the company’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $100.40, for a total value of $5,818,882.80. Following the transaction, the chief executive officer directly owned 319,880 shares of the company’s stock, valued at $32,115,952. This represents a 15.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Peter A. Feld sold 1,900,000 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $101.20, for a total value of $192,280,000.00. Following the completion of the transaction, the director directly owned 5,611,526 shares in the company, valued at approximately $567,886,431.20. The trade was a 25.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 1,966,127 shares of company stock valued at $198,911,103. 0.41% of the stock is currently owned by company insiders.

Qorvo Stock Up 2.7%

NASDAQ:QRVO opened at $101.28 on Tuesday. The firm has a market capitalization of $8.91 billion, a price-to-earnings ratio of 27.98, a PEG ratio of 1.54 and a beta of 1.43. Qorvo, Inc. has a 1-year low of $74.92 and a 1-year 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 business’s fifty day moving average price is $91.95 and its 200 day moving average price is $85.90.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.48. The firm had revenue of $808.28 million for the quarter, compared to analyst estimates of $801.31 million. Qorvo had a return on equity of 15.32% and a net margin of 9.22%.Qorvo’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 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. On average, sell-side analysts forecast that Qorvo, Inc. will post 5.87 earnings per share for the current fiscal 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.