37,400 Shares in Qorvo, Inc. $QRVO Purchased by Louisiana State Employees Retirement System

Key Points

• Louisiana State Employees Retirement System opened a new position in Qorvo, buying 37,400 shares valued at about $2.9 million in the first quarter.
• Analyst sentiment remains cautious overall: Qorvo’s consensus rating is “Hold” with an average price target of $96.62, though some firms recently raised targets and Barclays upgraded the stock to overweight.
• Insiders have been notable sellers, including Director Peter A. Feld, who sold 1.9 million shares for about $192.3 million, while Qorvo also reported a strong quarterly EPS beat of $1.69 versus $1.21 expected.

Louisiana State Employees Retirement System bought a new stake in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 37,400 shares of the semiconductor company's stock, valued at approximately $2,895,000.

Several other large investors have also recently made changes to their positions in QRVO. Jones Financial Companies Lllp grew its stake in shares of Qorvo by 440.1% in the first quarter. Jones Financial Companies Lllp now owns 8,134 shares of the semiconductor company's stock worth $589,000 after acquiring an additional 6,628 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in Qorvo by 158.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,121 shares of the semiconductor company's stock worth $180,000 after purchasing an additional 1,301 shares in the last quarter. First Trust Advisors LP boosted its stake in Qorvo by 56.5% in the 2nd quarter. First Trust Advisors LP now owns 142,503 shares of the semiconductor company's stock worth $12,100,000 after purchasing an additional 51,475 shares in the last quarter. Marshall Wace LLP purchased a new stake in Qorvo during the 2nd quarter valued at about $428,000. Finally, Cerity Partners LLC purchased a new stake in Qorvo during the 2nd quarter valued at about $327,000. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently commented on QRVO shares. Citigroup increased their price target on shares of Qorvo from $90.00 to $100.00 and gave the company a "neutral" rating in a report on Thursday, May 7th. Barclays raised Qorvo from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $95.00 to $100.00 in a research report on Wednesday, April 22nd. Zacks Research downgraded Qorvo from a "strong-buy" rating to a "hold" rating in a research note on Thursday, April 16th. Craig Hallum restated a "buy" rating and issued a $120.00 price target on shares of Qorvo in a research note on Wednesday, May 6th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Qorvo in a report on Monday, April 27th. Three investment analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Qorvo presently has an average rating of "Hold" and a consensus price target of $96.62.

Insider Buying and Selling

In other Qorvo news, Director Peter A. Feld sold 1,900,000 shares of the company's stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $101.20, for a total transaction of $192,280,000.00. Following the sale, the director directly owned 5,611,526 shares in the company, valued at $567,886,431.20. This represents a 25.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Paul J. Fego sold 2,500 shares of the firm's stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the completion of the sale, the senior vice president directly owned 71,038 shares of the company's stock, valued at $7,103,800. The trade was a 3.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 1,966,127 shares of company stock worth $198,911,103. Insiders own 0.41% of the company's stock.

Qorvo Price Performance

Shares of NASDAQ:QRVO opened at $93.88 on Monday. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.24 and a quick ratio of 2.46. Qorvo, Inc. has a 1-year low of $74.92 and a 1-year high of $109.49. The company has a market capitalization of $8.26 billion, a P/E ratio of 25.93, a P/E/G ratio of 1.47 and a beta of 1.43. The firm's 50 day simple moving average is $95.13 and its two-hundred day simple moving average is $86.51.

Qorvo (NASDAQ:QRVO - Get Free Report) last released its earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.48. Qorvo had a return on equity of 15.32% and a net margin of 9.22%.The firm had revenue of $808.28 million during the quarter, compared to analysts' expectations of $801.31 million. During the same quarter last year, the business posted $1.42 earnings per share. The firm's revenue was down 7.0% on a year-over-year basis. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Research analysts expect that Qorvo, Inc. will post 5.84 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.

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