8,223 Shares in Qorvo, Inc. $QRVO Bought by OP Asset Management Ltd

OP Asset Management Ltd bought a new position in shares of Qorvo, Inc. (NASDAQ:QRVO) in the first quarter, HoldingsChannel.com reports. The institutional investor bought 8,223 shares of the semiconductor company’s stock, valued at approximately $636,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. AQR Arbitrage LLC acquired a new position in shares of Qorvo during the fourth quarter worth about $118,204,000. Norges Bank bought a new position in shares of Qorvo during the fourth quarter worth about $92,430,000. Marshall Wace LLP raised its position in Qorvo by 16,066.5% in the 3rd quarter. Marshall Wace LLP now owns 814,630 shares of the semiconductor company’s stock valued at $74,197,000 after buying an additional 809,591 shares during the last quarter. Balyasny Asset Management L.P. acquired a new stake in Qorvo in the 3rd quarter valued at approximately $66,594,000. Finally, Dorsal Capital Management LP lifted its stake in Qorvo by 146.9% in the 3rd quarter. Dorsal Capital Management LP now owns 1,000,000 shares of the semiconductor company’s stock valued at $91,080,000 after acquiring an additional 595,000 shares in the last quarter. Institutional investors and hedge funds own 88.57% of the company’s stock.

Insiders Place Their Bets

In other Qorvo news, VP Gina Harrison sold 4,714 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $100.00, for a total value of $471,400.00. Following the sale, the vice president owned 24,429 shares in the company, valued at $2,442,900. This represents a 16.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Paul J. Fego sold 2,500 shares of Qorvo stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following the transaction, the senior vice president owned 71,038 shares of the company’s stock, valued at $7,103,800. This represents a 3.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 1,966,127 shares of company stock worth $198,911,103 in the last three months. 0.41% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on QRVO shares. Wolfe Research downgraded Qorvo from an “outperform” rating to a “peer perform” rating in a research report on Friday, April 17th. Weiss Ratings reiterated a “hold (c)” rating on shares of Qorvo in a report on Monday, April 27th. Mizuho reissued an “underperform” rating and issued a $66.00 price objective (down from $70.00) on shares of Qorvo in a research report on Monday, April 20th. Zacks Research cut shares of Qorvo from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 16th. Finally, Citigroup raised their target price on shares of Qorvo from $90.00 to $100.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Three equities research analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $96.62.

Qorvo Stock Down 0.3%

QRVO stock opened at $93.27 on Wednesday. The company has a market cap of $8.23 billion, a price-to-earnings ratio of 25.77, a P/E/G ratio of 1.47 and a beta of 1.43. Qorvo, Inc. has a twelve month low of $74.92 and a twelve month high of $109.49. The business has a 50 day moving average price of $95.60 and a two-hundred day moving average price of $86.57. 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 announced its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.48. The company had revenue of $808.28 million for the quarter, compared to analysts’ expectations of $801.31 million. Qorvo had a return on equity of 15.32% and a net margin of 9.22%.The business’s revenue was down 7.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.42 EPS. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Analysts anticipate that Qorvo, Inc. will post 5.84 EPS for the current fiscal year.

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.