Alberta Investment Management Corp Takes $8.45 Million Position in Qorvo, Inc. $QRVO

Key Points

• Alberta Investment Management Corp initiated a new position in Qorvo, buying 100,000 shares valued at about $8.45 million in the fourth quarter.
• Qorvo reported better-than-expected quarterly earnings of $1.69 EPS versus the $1.21 estimate, with revenue of $808.28 million, though sales were still down 7% year over year.
• The stock was down 4.7% in the session, while analysts currently rate it a Hold on average with a consensus price target of about $96.63.

Alberta Investment Management Corp acquired a new stake in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 100,000 shares of the semiconductor company's stock, valued at approximately $8,451,000. Alberta Investment Management Corp owned 0.11% of Qorvo as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in QRVO. Stance Capital LLC purchased a new stake in Qorvo in the third quarter worth $27,000. Smartleaf Asset Management LLC raised its holdings in Qorvo by 215.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 338 shares of the semiconductor company's stock worth $29,000 after purchasing an additional 231 shares in the last quarter. Sound Income Strategies LLC raised its holdings in Qorvo by 952.8% in the fourth quarter. Sound Income Strategies LLC now owns 379 shares of the semiconductor company's stock worth $30,000 after purchasing an additional 343 shares in the last quarter. Advisory Services Network LLC bought a new position in Qorvo in the third quarter worth $36,000. Finally, Clearstead Advisors LLC raised its holdings in Qorvo by 93.3% in the third quarter. Clearstead Advisors LLC now owns 431 shares of the semiconductor company's stock worth $39,000 after purchasing an additional 208 shares in the last quarter. Hedge funds and other institutional investors own 88.57% of the company's stock.

Qorvo Stock Down 4.7%

QRVO opened at $96.56 on Wednesday. The stock has a market capitalization of $8.50 billion, a price-to-earnings ratio of 26.67, a PEG ratio of 1.58 and a beta of 1.43. The firm has a 50 day moving average price of $92.30 and a 200-day moving average price of $85.98. Qorvo, Inc. has a twelve month low of $74.92 and a twelve month high of $109.49. 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 - Get Free Report) last issued 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 net margin of 9.22% and a return on equity of 15.32%. The company had revenue of $808.28 million for the quarter, compared to analysts' expectations of $801.31 million. During the same quarter last year, the company posted $1.42 earnings per share. The firm's quarterly revenue was down 7.0% on a year-over-year basis. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Equities research analysts forecast that Qorvo, Inc. will post 5.87 earnings per share for the current year.

Insider Transactions at Qorvo

In other Qorvo news, CEO Robert A. Bruggeworth sold 57,957 shares of the firm's stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $100.40, for a total value of $5,818,882.80. Following the transaction, the chief executive officer directly owned 319,880 shares of the company's stock, valued at approximately $32,115,952. This trade represents a 15.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Gina Harrison sold 4,714 shares of the firm'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 transaction of $471,400.00. Following the completion of the transaction, the vice president directly owned 24,429 shares in the company, valued at approximately $2,442,900. The trade was a 16.18% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 1,966,127 shares of company stock valued at $198,911,103. Company insiders own 0.41% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Craig Hallum reiterated a "buy" rating and issued a $120.00 price objective on shares of Qorvo in a report on Wednesday, May 6th. JPMorgan Chase & Co. increased their price objective on Qorvo from $85.00 to $100.00 and gave the stock a "neutral" rating in a report on Wednesday, May 6th. UBS Group increased their price objective on Qorvo from $87.00 to $100.00 and gave the stock a "neutral" rating in a report on Wednesday, May 6th. Mizuho restated an "underperform" rating and set a $66.00 price target (down from $70.00) on shares of Qorvo in a report on Monday, April 20th. Finally, Zacks Research downgraded Qorvo from a "strong-buy" rating to a "hold" rating in a report on Thursday, April 16th. Three equities research analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $96.63.

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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