Alberta Investment Management Corp Takes $11.66 Million Position in Qorvo, Inc. $QRVO

Alberta Investment Management Corp purchased a new position in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 125,000 shares of the semiconductor company's stock, valued at approximately $11,659,000. Alberta Investment Management Corp owned about 0.14% of Qorvo as of its most recent SEC filing.

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

Other large investors have also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC boosted its stake 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 valued at $29,000 after acquiring an additional 231 shares during the last quarter. Advisory Services Network LLC purchased a new stake in shares of Qorvo during the 3rd quarter valued at $36,000. Elevation Wealth Partners LLC grew its position in Qorvo by 301.0% during the second quarter. Elevation Wealth Partners LLC now owns 413 shares of the semiconductor company's stock valued at $39,000 after acquiring an additional 310 shares during the period. Towarzystwo Funduszy Inwestycyjnych PZU SA grew its position in Qorvo by 60.0% during the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 480 shares of the semiconductor company's stock valued at $41,000 after acquiring an additional 180 shares during the period. Finally, Covestor Ltd increased its stake in Qorvo by 142.1% during the fourth quarter. Covestor Ltd now owns 523 shares of the semiconductor company's stock worth $44,000 after acquiring an additional 307 shares during the last quarter. 88.57% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on QRVO. Craig Hallum restated a "buy" rating and issued a $120.00 price objective on shares of Qorvo in a report on Wednesday, May 6th. Barclays upgraded Qorvo from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $95.00 to $100.00 in a report on Wednesday, April 22nd. Citigroup cut their price target on shares of Qorvo from $100.00 to $95.00 and set a "neutral" rating on the stock in a report on Wednesday, July 29th. TD Cowen reaffirmed a "hold" rating on shares of Qorvo in a research report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Qorvo from $85.00 to $100.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 6th. Three investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $94.00.

Insiders Place Their Bets

In related news, Director Peter A. Feld sold 1,900,000 shares of Qorvo stock in a transaction on Tuesday, June 2nd. The shares were 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 owned 5,611,526 shares in the company, valued at approximately $567,886,431.20. The trade was a 25.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Gina Harrison sold 4,714 shares of the company's stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $100.00, for a total transaction of $471,400.00. Following the completion of the sale, the vice president directly 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 SEC filing for this sale provides additional information. In the last quarter, insiders sold 1,966,127 shares of company stock valued at $198,911,103. Company insiders own 0.49% of the company's stock.

Qorvo Stock Performance

Shares of QRVO stock opened at $98.11 on Monday. 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 company's fifty day moving average price is $92.37 and its two-hundred day moving average price is $87.92. The firm has a market capitalization of $8.66 billion, a P/E ratio of 22.76, a P/E/G ratio of 1.43 and a beta of 1.44. Qorvo, Inc. has a 12 month low of $74.92 and a 12 month high of $109.49.

Qorvo (NASDAQ:QRVO - Get Free Report) last announced its earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.53. The company had revenue of $784.79 million during 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 company's revenue was down 4.2% on a year-over-year basis. During the same period last year, the firm earned $0.92 earnings per share. 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 earnings per share 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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