Amundi Purchases 512,475 Shares of Qorvo, Inc. $QRVO

Key Points

• Amundi significantly increased its Qorvo position by purchasing 512,475 additional shares, bringing its holdings to 772,352 shares valued at approximately $59.8 million. Institutional investors now own 88.57% of Qorvo.
• Qorvo exceeded quarterly expectations, reporting earnings of $1.64 per share versus the $1.11 consensus estimate and revenue of $784.79 million. However, revenue declined 4.2% year over year.
• Analyst sentiment remains cautious, with Qorvo carrying a consensus “Hold” rating and an average price target of $94. Recent insider activity was notably negative, including large stock sales by the CEO and a director totaling nearly $199 million over 90 days.

Amundi lifted its position in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 197.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 772,352 shares of the semiconductor company's stock after purchasing an additional 512,475 shares during the quarter. Amundi owned 0.88% of Qorvo worth $59,780,000 at the end of the most recent reporting period.

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

A number of other large investors also recently modified their holdings of QRVO. Jones Financial Companies Lllp boosted its stake in Qorvo by 440.1% during the 1st quarter. Jones Financial Companies Lllp now owns 8,134 shares of the semiconductor company's stock valued at $589,000 after purchasing an additional 6,628 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Qorvo by 158.7% in the second 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 during the last quarter. First Trust Advisors LP raised its stake in shares of Qorvo by 56.5% in the second 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 during the last quarter. Marshall Wace LLP bought a new position in shares of Qorvo in the second quarter valued at approximately $428,000. Finally, Cerity Partners LLC purchased a new position in shares of Qorvo during the second quarter valued at approximately $327,000. 88.57% of the stock is currently owned by institutional investors.

Qorvo Price Performance

QRVO opened at $90.57 on Monday. Qorvo, Inc. has a twelve month low of $74.92 and a twelve month high of $109.49. The company's 50-day moving average price is $93.88 and its two-hundred day moving average price is $86.84. The stock has a market cap of $7.99 billion, a price-to-earnings ratio of 21.01, a PEG ratio of 1.41 and a beta of 1.44. The company has a quick ratio of 2.68, a current ratio of 3.54 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO - Get Free Report) last announced its quarterly earnings data 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. Qorvo had a return on equity of 17.23% and a net margin of 10.95%.The business had revenue of $784.79 million during the quarter, compared to analyst estimates of $743.28 million. During the same period in the prior year, the company earned $0.92 earnings per share. Qorvo's revenue 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, equities analysts expect that Qorvo, Inc. will post 5.87 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on QRVO. Citigroup dropped their price objective on Qorvo from $100.00 to $95.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 29th. Zacks Research lowered shares of Qorvo from a "strong-buy" rating to a "hold" rating in a research note on Thursday, April 16th. JPMorgan Chase & Co. raised their price target on shares of Qorvo from $85.00 to $100.00 and gave the company a "neutral" rating in a research report on Wednesday, May 6th. Barclays upgraded shares of Qorvo from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $95.00 to $100.00 in a report on Wednesday, April 22nd. Finally, Wall Street Zen upgraded shares of Qorvo from a "hold" rating to a "buy" rating in a research note on Sunday. Three equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Qorvo presently has an average rating of "Hold" and a consensus target price of $94.00.

Insider Buying and Selling at Qorvo

In other news, CEO Robert A. Bruggeworth sold 57,957 shares of Qorvo stock in a transaction on 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 completion of the transaction, the chief executive officer directly owned 319,880 shares in the company, valued at approximately $32,115,952. The trade was a 15.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Peter A. Feld sold 1,900,000 shares of the business's 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 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,966,127 shares of company stock valued at $198,911,103 over the last 90 days. 0.49% of the stock is currently owned by corporate 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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