AQR Capital Management LLC Reduces Position in Qorvo, Inc. $QRVO

Key Points

• AQR Capital Management LLC has sold 55,481 shares of Qorvo, Inc., reducing its stake by 22.8% during the first quarter, resulting in ownership of 187,427 shares valued at approximately $13.3 million.
• Multiple hedge funds have increased their holdings in Qorvo, with Contour Asset Management acquiring a new position worth about $151.7 million and The Manufacturers Life Insurance Company increasing their stake by over 2,000% during the same period.
• Qorvo reported an earnings per share (EPS) of $0.92 for the last quarter, exceeding analyst expectations, despite a 7.7% revenue decline compared to the previous year.

AQR Capital Management LLC reduced its position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 22.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 187,427 shares of the semiconductor company's stock after selling 55,481 shares during the quarter. AQR Capital Management LLC owned about 0.20% of Qorvo worth $13,279,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Signaturefd LLC increased its stake in Qorvo by 34.6% during the 1st quarter. Signaturefd LLC now owns 662 shares of the semiconductor company's stock valued at $48,000 after purchasing an additional 170 shares in the last quarter. Brooklyn Investment Group increased its stake in Qorvo by 33.1% during the 1st quarter. Brooklyn Investment Group now owns 1,170 shares of the semiconductor company's stock valued at $85,000 after purchasing an additional 291 shares in the last quarter. Larson Financial Group LLC increased its stake in Qorvo by 222.6% during the 1st quarter. Larson Financial Group LLC now owns 429 shares of the semiconductor company's stock valued at $31,000 after purchasing an additional 296 shares in the last quarter. City Holding Co. bought a new stake in Qorvo during the 1st quarter valued at $25,000. Finally, Vident Advisory LLC increased its stake in Qorvo by 2.4% during the 1st quarter. Vident Advisory LLC now owns 17,705 shares of the semiconductor company's stock valued at $1,282,000 after purchasing an additional 422 shares in the last quarter. 88.57% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on QRVO. UBS Group set a $100.00 price target on shares of Qorvo and gave the company a "neutral" rating in a research note on Wednesday, July 30th. Wall Street Zen upgraded shares of Qorvo from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 2nd. Craig Hallum reiterated a "buy" rating on shares of Qorvo in a research note on Wednesday, July 30th. Barclays upped their target price on shares of Qorvo from $70.00 to $90.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 30th. Finally, The Goldman Sachs Group initiated coverage on shares of Qorvo in a research note on Thursday, July 10th. They issued a "neutral" rating and a $90.00 target price for the company. Five analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, Qorvo currently has a consensus rating of "Hold" and an average price target of $95.35.

Qorvo Stock Performance

Shares of NASDAQ:QRVO traded down $0.86 during midday trading on Friday, reaching $86.81. The company had a trading volume of 2,045,327 shares, compared to its average volume of 1,473,118. The company's 50 day moving average price is $88.64 and its 200 day moving average price is $78.01. The company has a current ratio of 2.81, a quick ratio of 2.01 and a debt-to-equity ratio of 0.45. The stock has a market cap of $8.04 billion, a P/E ratio of 102.13, a P/E/G ratio of 1.71 and a beta of 1.39. Qorvo, Inc. has a 52-week low of $49.46 and a 52-week high of $108.44.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The semiconductor company reported $0.92 earnings per share for the quarter, topping analysts' consensus estimates of $0.62 by $0.30. The company had revenue of $818.80 million for the quarter, compared to the consensus estimate of $775.61 million. Qorvo had a net margin of 2.21% and a return on equity of 12.63%. The firm's quarterly revenue was down 7.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.87 EPS. Qorvo has set its Q2 2026 guidance at 1.750-2.250 EPS. As a group, sell-side analysts anticipate that Qorvo, Inc. will post 4.09 EPS for the current fiscal year.

Qorvo Profile

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.