Qorvo, Inc. $QRVO Shares Purchased by Renaissance Technologies LLC

Renaissance Technologies LLC lifted its position in Qorvo, Inc. (NASDAQ:QRVO) by 15.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 544,206 shares of the semiconductor company’s stock after acquiring an additional 71,100 shares during the quarter. Renaissance Technologies LLC owned 0.62% of Qorvo worth $42,122,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in QRVO. LSV Asset Management boosted its holdings in shares of Qorvo by 2.3% in 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 period. M&T Bank Corp raised its stake in Qorvo by 3,397.3% during the fourth quarter. M&T Bank Corp now owns 150,173 shares of the semiconductor company’s stock worth $12,691,000 after acquiring an additional 145,879 shares during the period. Fieldview Capital Management LLC raised its stake in Qorvo by 570.1% during the fourth quarter. Fieldview Capital Management LLC now owns 24,352 shares of the semiconductor company’s stock worth $2,058,000 after acquiring an additional 20,718 shares during the period. Credit Industriel ET Commercial bought a new position in Qorvo in the fourth quarter worth about $5,223,000. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its holdings in Qorvo by 241.0% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 20,417 shares of the semiconductor company’s stock worth $1,725,000 after acquiring an additional 14,429 shares during the last quarter. 88.57% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Peter A. Feld sold 1,900,000 shares of the firm’s stock in a transaction that occurred on 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 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert A. Bruggeworth sold 57,957 shares of Qorvo stock in a transaction on Monday, June 1st. The shares were sold at an average price of $100.40, for a total value of $5,818,882.80. Following the sale, the chief executive officer directly owned 319,880 shares in the company, valued at $32,115,952. The trade was a 15.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,966,127 shares of company stock valued at $198,911,103 in the last quarter. 0.49% of the stock is owned by insiders.

Qorvo Price Performance

NASDAQ QRVO opened at $89.85 on Tuesday. 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 stock has a market cap of $7.93 billion, a price-to-earnings ratio of 24.82, a price-to-earnings-growth ratio of 1.36 and a beta of 1.44. The company has a 50-day moving average price of $94.58 and a two-hundred day moving average price of $86.59.

Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 EPS for the quarter, beating the consensus estimate of $1.21 by $0.48. The company had revenue of $808.28 million for the quarter, compared to analyst estimates of $801.31 million. Qorvo had a net margin of 9.22% and a return on equity of 15.32%. Qorvo’s revenue was down 7.0% compared to the same quarter last year. During the same quarter last year, the business earned $1.42 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Analysts forecast that Qorvo, Inc. will post 5.83 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. JPMorgan Chase & Co. upped their target price on Qorvo from $85.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. UBS Group raised their price target on Qorvo from $87.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Citigroup boosted their price objective on Qorvo from $90.00 to $100.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Wolfe Research downgraded Qorvo from an “outperform” rating to a “peer perform” rating in a research note on Friday, April 17th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Qorvo in a research note on Friday. Three investment analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $97.07.

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.