Allianz Asset Management GmbH Has $77.04 Million Stock Position in Qorvo, Inc. $QRVO

Key Points

• Allianz Asset Management increased its Qorvo stake by 12.1% in the second quarter, adding 89,378 shares to hold 825,960 shares valued at approximately $77 million.
• Institutional ownership remains substantial at 88.57%, with BlackRock, California State Teachers Retirement System, Bank of America and other major investors also building or initiating positions.
• Qorvo exceeded quarterly earnings and revenue expectations, but analysts maintain a consensus “Hold” rating with an average price target of $94, below the reported share price of $102.84; company insiders have also sold roughly $5.46 million of stock over the past 90 days.

Allianz Asset Management GmbH lifted its position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 12.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 825,960 shares of the semiconductor company's stock after acquiring an additional 89,378 shares during the period. Allianz Asset Management GmbH owned about 0.94% of Qorvo worth $77,037,000 as of its most recent SEC filing.

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Qorvo during the second quarter valued at $942,610,000. California State Teachers Retirement System boosted its position in Qorvo by 8,968.7% during the 2nd quarter. California State Teachers Retirement System now owns 9,208,361 shares of the semiconductor company's stock worth $858,864,000 after acquiring an additional 9,106,821 shares during the period. Bank of America Corp DE purchased a new position in Qorvo during the 2nd quarter valued at about $182,131,000. AQR Arbitrage LLC purchased a new stake in shares of Qorvo in the fourth quarter worth approximately $118,204,000. Finally, Norges Bank acquired a new stake in shares of Qorvo during the fourth quarter worth approximately $92,430,000. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on QRVO shares. Weiss Ratings reiterated a "hold (c)" rating on shares of Qorvo in a research report on Friday, July 24th. Citigroup dropped their target price on Qorvo from $100.00 to $95.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 29th. UBS Group lifted 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 raised shares of Qorvo from a "hold" rating to a "buy" rating in a research report on Sunday, August 2nd. Finally, TD Cowen reiterated a "hold" rating on shares of Qorvo in a research note on Wednesday, July 29th. Three investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $94.00.

Qorvo Price Performance

Shares of QRVO stock opened at $102.84 on Tuesday. The stock's 50 day simple moving average is $92.28 and its 200 day simple moving average is $89.64. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.68 and a current ratio of 3.54. Qorvo, Inc. has a twelve month low of $74.92 and a twelve month high of $109.49. The company has a market capitalization of $9.07 billion, a price-to-earnings ratio of 23.86, a PEG ratio of 1.81 and a beta of 1.45.

Qorvo (NASDAQ:QRVO - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 EPS for the quarter, beating the consensus estimate of $1.11 by $0.53. Qorvo had a return on equity of 17.23% and a net margin of 10.95%.The company had revenue of $784.79 million for the quarter, compared to the consensus estimate of $743.28 million. During the same quarter last year, the company posted $0.92 earnings per share. The company's revenue for the quarter was down 4.2% compared to the same quarter last year. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. As a group, research analysts predict that Qorvo, Inc. will post 6.3 EPS for the current year.

Insider Buying and Selling at Qorvo

In related news, CEO Robert Bruggeworth sold 28,744 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $100.87, for a total transaction of $2,899,407.28. Following the completion of the sale, the chief executive officer owned 325,546 shares in the company, valued at $32,837,825.02. This represents a 8.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Frank Stewart sold 8,279 shares of the firm's stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $94.72, for a total value of $784,186.88. Following the completion of the sale, the senior vice president directly owned 43,069 shares in the company, valued at $4,079,495.68. This trade represents a 16.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 54,999 shares of company stock worth $5,458,714 in the last ninety days. 0.49% of the stock is owned by insiders.

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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