Bank of Nova Scotia Sells 71,001 Shares of Qorvo, Inc. $QRVO

Bank of Nova Scotia decreased its position in shares of Qorvo, Inc. (NASDAQ:QRVO) by 84.6% during the 1st quarter, Holdings Channel reports. The institutional investor owned 12,900 shares of the semiconductor company’s stock after selling 71,001 shares during the quarter. Bank of Nova Scotia’s holdings in Qorvo were worth $998,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. State Street Corp boosted its position 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 valued at $314,516,000 after acquiring an additional 175,031 shares during the period. FIL Ltd increased its position in Qorvo by 13.2% during the fourth quarter. FIL Ltd now owns 3,610,045 shares of the semiconductor company’s stock worth $305,085,000 after acquiring an additional 421,224 shares during the period. Dimensional Fund Advisors LP increased its position in Qorvo by 16.7% during the first quarter. Dimensional Fund Advisors LP now owns 2,181,479 shares of the semiconductor company’s stock worth $168,842,000 after acquiring an additional 311,645 shares during the period. LSV Asset Management raised its stake in Qorvo by 2.3% in the 4th quarter. LSV Asset Management now owns 1,555,461 shares of the semiconductor company’s stock worth $131,452,000 after purchasing an additional 34,605 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in Qorvo by 20.2% in the 2nd quarter. Bank of America Corp DE now owns 1,518,964 shares of the semiconductor company’s stock worth $128,975,000 after purchasing an additional 255,068 shares in the last quarter. Institutional investors and hedge funds own 88.57% of the company’s stock.

Key Qorvo News

Here are the key news stories impacting Qorvo this week:

• Positive Sentiment: Qorvo reported adjusted earnings of $1.64 per share, well above the $1.11 consensus estimate, while revenue of approximately $784.8 million also exceeded expectations. Growth in High-Performance Analog products and cost controls helped improve profitability despite weaker smartphone-related sales. Qorvo Beats Q1 Earnings Estimates Despite Lower Year-over-Year Revenues
• Positive Sentiment: The company raised or reaffirmed its fiscal 2027 outlook at approximately $7.00 in EPS, above the roughly $6.69 analyst expectation, supporting the longer-term earnings case.
• Positive Sentiment: Qorvo and Skyworks unveiled a leadership team for their planned combination. The transaction could create scale and cost synergies, while regulatory approvals are reportedly progressing. Skyworks and Qorvo Unveil Leadership Team for Planned Merger
• Neutral Sentiment: Analysts broadly acknowledged the solid quarter but remain on the sidelines until the Skyworks merger closes. UBS raised its target to $96 while maintaining Hold, and Susquehanna reiterated Hold with an $80 target, citing valuation concerns. UBS Maintains Hold on Qorvo
• Negative Sentiment: Quarterly revenue declined about 4.2% from the prior year, reflecting softer mobile and smartphone demand. Citi lowered its price target from $100 to $95 and kept a Neutral rating, reinforcing concerns about near-term growth. Qorvo Beats Q1 Earnings and Revenue Estimates
• Negative Sentiment: The planned merger introduces execution, regulatory, financing, and integration risks. Continued insider selling reported over the past six months may also weigh on investor confidence.

Analyst Ratings Changes

A number of research firms have issued reports on QRVO. Weiss Ratings reissued a “hold (c)” rating on shares of Qorvo in a report on Friday, July 24th. Citigroup lowered their target price on shares of Qorvo from $100.00 to $95.00 and set a “neutral” rating on the stock in a report on Wednesday. Craig Hallum reiterated a “buy” rating and issued a $120.00 price target on shares of Qorvo in a research report on Wednesday, May 6th. Mizuho reiterated an “underperform” rating and issued a $66.00 price target (down from $70.00) on shares of Qorvo in a research note on Monday, April 20th. Finally, Wolfe Research downgraded Qorvo from an “outperform” rating to a “peer perform” rating in a research report on Friday, April 17th. Three equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Qorvo has an average rating of “Hold” and an average price target of $94.00.

Insider Activity

In related news, SVP Paul J. Fego sold 2,500 shares of the stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the sale, the senior vice president owned 71,038 shares in the company, valued at approximately $7,103,800. This trade represents a 3.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Gina Harrison sold 4,714 shares of Qorvo stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $100.00, for a total transaction 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 trade represents a 16.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,966,127 shares of company stock valued at $198,911,103 over the last quarter. 0.49% of the stock is owned by corporate insiders.

Qorvo Stock Down 2.5%

QRVO stock opened at $89.50 on Thursday. The company has a market cap of $7.90 billion, a PE ratio of 20.77, a price-to-earnings-growth ratio of 1.44 and a beta of 1.44. The business has a 50-day simple moving average of $94.34 and a 200 day simple moving average of $86.71. 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 2.46, a current ratio of 3.24 and a debt-to-equity ratio of 0.46.

Qorvo (NASDAQ:QRVO) last posted its quarterly earnings data on Tuesday, July 28th. The semiconductor company reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.53. The business had revenue of $784.79 million during the quarter, compared to analysts’ expectations of $743.28 million. Qorvo had a net margin of 10.95% and a return on equity of 17.17%. Qorvo’s revenue was down 4.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.92 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Sell-side analysts anticipate that Qorvo, Inc. will post 5.83 EPS for the current fiscal 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.