Redwood Investment Management LLC Purchases New Position in Qorvo, Inc. $QRVO

Redwood Investment Management LLC purchased a new stake in Qorvo, Inc. (NASDAQ:QRVO) during the second quarter, HoldingsChannel.com reports. The firm purchased 12,359 shares of the semiconductor company’s stock, valued at approximately $1,153,000.

Several other large investors have also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC increased its holdings in shares of 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 in the last quarter. Global Retirement Partners LLC acquired a new position in shares of Qorvo in the 2nd quarter worth approximately $32,000. Advisory Services Network LLC acquired a new position in shares of Qorvo in the 3rd quarter worth approximately $36,000. Elevation Wealth Partners LLC grew its position in 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 last quarter. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA grew its position in 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. 88.57% of the stock is owned by institutional investors.

Qorvo Stock Performance

Shares of Qorvo stock opened at $96.18 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.54 and a quick ratio of 2.68. The firm has a 50 day simple moving average of $92.00 and a 200 day simple moving average of $88.90. Qorvo, Inc. has a fifty-two week low of $74.92 and a fifty-two week high of $109.49. The firm has a market cap of $8.48 billion, a P/E ratio of 22.32, a P/E/G ratio of 1.38 and a beta of 1.44.

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

Insider Transactions at Qorvo

In other news, CFO Grant Brown sold 5,179 shares of the business’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $97.50, for a total transaction 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Philip Chesley sold 5,487 shares of the company’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $97.50, for a total value of $534,982.50. Following the transaction, the senior vice president directly owned 44,021 shares in the company, valued at $4,292,047.50. This trade represents a 11.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 1,968,623 shares of company stock worth $199,138,818. Insiders own 0.49% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on QRVO. JPMorgan Chase & Co. lifted their price objective on Qorvo from $85.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Citigroup decreased their target price 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 restated a “hold” rating on shares of Qorvo in a research note on Wednesday, July 29th. Craig Hallum reaffirmed a “buy” rating and issued a $120.00 price target on shares of Qorvo in a report on Wednesday, May 6th. Finally, UBS Group upped their price target on shares of Qorvo from $91.00 to $96.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Three equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock 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.