Canada Pension Plan Investment Board Invests $51.92 Million in Qorvo, Inc. $QRVO

Canada Pension Plan Investment Board bought a new stake in Qorvo, Inc. (NASDAQ:QRVO) during the second quarter, HoldingsChannel.com reports. The fund bought 556,672 shares of the semiconductor company’s stock, valued at approximately $51,921,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Smartleaf Asset Management LLC increased its position in Qorvo by 215.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 338 shares of the semiconductor company’s stock worth $29,000 after buying an additional 231 shares during the last quarter. Global Retirement Partners LLC acquired a new stake in shares of Qorvo in the second quarter valued at approximately $32,000. Advisory Services Network LLC acquired a new stake in shares of Qorvo in the third quarter valued at approximately $36,000. Elevation Wealth Partners LLC boosted its stake in shares of Qorvo by 301.0% during the 2nd quarter. Elevation Wealth Partners LLC now owns 413 shares of the semiconductor company’s stock worth $39,000 after acquiring an additional 310 shares during the period. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA increased its holdings in shares of Qorvo by 60.0% during the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 480 shares of the semiconductor company’s stock worth $41,000 after acquiring an additional 180 shares during the last quarter. Institutional investors own 88.57% of the company’s stock.

Insider Buying and Selling at Qorvo

In other Qorvo news, CFO Grant Brown sold 5,179 shares of Qorvo stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $97.50, for a total value of $504,952.50. Following the completion of the sale, the chief financial officer owned 49,268 shares in the company, valued at $4,803,630. The trade was a 9.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Peter A. Feld sold 1,900,000 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $101.20, for a total transaction of $192,280,000.00. Following the completion of the sale, the director directly owned 5,611,526 shares of the company’s stock, valued at $567,886,431.20. This represents a 25.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 1,968,623 shares of company stock worth $199,138,818. Insiders own 0.49% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. UBS Group raised their price target on Qorvo from $91.00 to $96.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Wall Street Zen upgraded shares of Qorvo from a “hold” rating to a “buy” rating in a report on Sunday, August 2nd. Weiss Ratings reissued a “hold (c)” rating on shares of Qorvo in a research report on Friday, July 24th. TD Cowen restated a “hold” rating on shares of Qorvo in a research note on Wednesday, July 29th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Qorvo from $85.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Three equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $94.00.

Qorvo Stock Performance

NASDAQ:QRVO opened at $96.18 on Friday. The stock has a 50 day simple moving average of $92.00 and a 200 day simple moving average of $88.90. The stock has a market cap of $8.48 billion, a P/E ratio of 22.32, a PEG ratio of 1.38 and a beta of 1.44. 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 3.54, a quick ratio of 2.68 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data on Tuesday, July 28th. The semiconductor company reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.53. The firm had revenue of $784.79 million for the quarter, compared to analyst estimates of $743.28 million. Qorvo had a return on equity of 17.23% and a net margin of 10.95%.The company’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.92 EPS. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Research analysts anticipate that Qorvo, Inc. will post 6.3 earnings per share for the current 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.