Rakuten Investment Management Inc. Acquires New Position in Qorvo, Inc. $QRVO

Rakuten Investment Management Inc. bought a new position in Qorvo, Inc. (NASDAQ:QRVO) in the second quarter, Holdings Channel reports. The institutional investor bought 11,369 shares of the semiconductor company’s stock, valued at approximately $1,063,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bank of America Corp DE boosted its stake in shares of Qorvo by 801.4% in the 1st quarter. Bank of America Corp DE now owns 1,767,373 shares of the semiconductor company’s stock valued at $136,795,000 after purchasing an additional 1,571,303 shares in the last quarter. LSV Asset Management grew its holdings in shares of Qorvo by 2.3% during the 4th quarter. LSV Asset Management now owns 1,555,461 shares of the semiconductor company’s stock valued at $131,452,000 after purchasing an additional 34,605 shares during the last quarter. Amundi raised its position in Qorvo by 197.2% in the 1st quarter. Amundi now owns 772,352 shares of the semiconductor company’s stock worth $59,780,000 after purchasing an additional 512,475 shares during the period. Credit Industriel ET Commercial purchased a new position in Qorvo in the 4th quarter worth $5,223,000. Finally, Fieldview Capital Management LLC lifted its stake in Qorvo by 570.1% in the fourth quarter. Fieldview Capital Management LLC now owns 24,352 shares of the semiconductor company’s stock worth $2,058,000 after purchasing an additional 20,718 shares during the last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.

Qorvo Stock Performance

Shares of QRVO opened at $94.73 on Monday. The stock has a market capitalization of $8.36 billion, a P/E ratio of 21.98 and a beta of 1.44. The company has a quick ratio of 2.68, a current ratio of 3.54 and a debt-to-equity ratio of 0.45. The firm has a fifty day simple moving average of $91.92 and a two-hundred day simple moving average of $88.98. Qorvo, Inc. has a twelve month low of $74.92 and a twelve month high of $109.49.

Qorvo (NASDAQ:QRVO) last announced 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. Qorvo had a net margin of 10.95% and a return on equity of 17.23%. The business had revenue of $784.79 million for the quarter, compared to analyst estimates of $743.28 million. During the same quarter last year, the firm earned $0.92 EPS. The company’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. On average, research analysts anticipate that Qorvo, Inc. will post 6.3 EPS for the current year.

Insider Transactions at Qorvo

In related news, SVP Philip Chesley sold 5,487 shares of the firm’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $97.50, for a total value of $534,982.50. Following the sale, the senior vice president directly owned 44,021 shares of the company’s stock, valued at $4,292,047.50. This trade represents a 11.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Peter A. Feld sold 1,900,000 shares of the firm’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 sale, the director directly owned 5,611,526 shares in the company, valued at $567,886,431.20. The trade was a 25.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 1,910,666 shares of company stock worth $193,319,935. Company insiders own 0.49% of the company’s stock.

Wall Street Analysts Forecast Growth

QRVO has been the subject of several analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Qorvo in a research report on Friday, July 24th. Citigroup decreased their price objective on Qorvo from $100.00 to $95.00 and set a “neutral” rating on the stock in a report on Wednesday, July 29th. TD Cowen reissued a “hold” rating on shares of Qorvo in a research note on Wednesday, July 29th. JPMorgan Chase & Co. increased 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. Finally, UBS Group raised their price target on Qorvo from $91.00 to $96.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Three analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $94.00.

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.