AlphaQuest LLC Has $2.91 Million Stock Holdings in Qorvo, Inc. $QRVO

Key Points

• AlphaQuest LLC boosted its Qorvo stake by 298.4% in the fourth quarter, ending with 34,477 shares valued at about $2.91 million.
• Other institutional investors also increased or initiated positions, and institutions now own 88.57% of Qorvo’s stock, highlighting strong Wall Street interest.
• Qorvo reported quarterly EPS of $1.69, beating expectations, though revenue fell 7.0% year over year; analysts currently rate the stock Hold with a consensus price target of $96.63.

AlphaQuest LLC increased its stake in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 298.4% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 34,477 shares of the semiconductor company's stock after buying an additional 25,824 shares during the period. AlphaQuest LLC's holdings in Qorvo were worth $2,914,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of QRVO. Jones Financial Companies Lllp boosted its holdings in shares of Qorvo by 440.1% during the 1st quarter. Jones Financial Companies Lllp now owns 8,134 shares of the semiconductor company's stock worth $589,000 after buying an additional 6,628 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of Qorvo by 158.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,121 shares of the semiconductor company's stock worth $180,000 after buying an additional 1,301 shares during the period. First Trust Advisors LP boosted its holdings in shares of Qorvo by 56.5% during the 2nd quarter. First Trust Advisors LP now owns 142,503 shares of the semiconductor company's stock worth $12,100,000 after buying an additional 51,475 shares during the period. Marshall Wace LLP bought a new stake in shares of Qorvo during the 2nd quarter worth about $428,000. Finally, Cerity Partners LLC bought a new stake in shares of Qorvo during the 2nd quarter worth about $327,000. Institutional investors own 88.57% of the company's stock.

Qorvo Stock Performance

Shares of Qorvo stock opened at $108.23 on Wednesday. The company has a 50 day moving average of $85.58 and a 200-day moving average of $84.24. Qorvo, Inc. has a 1-year low of $74.03 and a 1-year high of $109.03. The company has a current ratio of 3.24, a quick ratio of 2.46 and a debt-to-equity ratio of 0.46. The company has a market cap of $9.53 billion, a PE ratio of 29.90, a price-to-earnings-growth ratio of 1.66 and a beta of 1.42.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $801.31 million. During the same quarter in the prior year, the firm posted $1.42 EPS. 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. As a group, equities research analysts forecast that Qorvo, Inc. will post 5.87 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, VP Gina Harrison sold 4,714 shares of the company'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 transaction of $471,400.00. Following the completion of the transaction, the vice president directly owned 24,429 shares in the company, valued at $2,442,900. This represents a 16.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Paul J. Fego sold 2,500 shares of the company'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 $250,000.00. Following the transaction, the senior vice president owned 71,038 shares of the company's stock, valued at approximately $7,103,800. This represents a 3.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 8,170 shares of company stock valued at $812,220. 0.41% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages recently commented on QRVO. Piper Sandler reaffirmed a "neutral" rating on shares of Qorvo in a report on Wednesday, January 28th. Zacks Research downgraded shares of Qorvo from a "strong-buy" rating to a "hold" rating in a report on Thursday, April 16th. UBS Group boosted their price objective on shares of Qorvo from $87.00 to $100.00 and gave the company a "neutral" rating in a report on Wednesday, May 6th. TD Cowen cut their price objective on shares of Qorvo from $95.00 to $80.00 and set a "hold" rating for the company in a report on Wednesday, January 28th. Finally, Morgan Stanley set a $84.00 price objective on shares of Qorvo in a report on Wednesday, January 28th. Three analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus 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.

Want to see what other hedge funds are holding QRVO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Qorvo, Inc. (NASDAQ:QRVO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.