AQR Capital Management LLC Sells 55,481 Shares of 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 trimmed its position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 22.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 187,427 shares of the semiconductor company's stock after selling 55,481 shares during the period. AQR Capital Management LLC owned approximately 0.20% of Qorvo worth $13,279,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Contour Asset Management LLC bought a new stake in Qorvo during the 1st quarter worth approximately $151,698,000. Woodline Partners LP boosted its stake in shares of Qorvo by 31.3% in the 4th quarter. Woodline Partners LP now owns 968,103 shares of the semiconductor company's stock worth $67,699,000 after buying an additional 230,710 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Qorvo by 7.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 888,814 shares of the semiconductor company's stock worth $64,359,000 after buying an additional 57,838 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Qorvo by 20.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 682,076 shares of the semiconductor company's stock worth $47,698,000 after buying an additional 117,053 shares during the last quarter. Finally, LSV Asset Management boosted its stake in shares of Qorvo by 114.4% in the 1st quarter. LSV Asset Management now owns 634,381 shares of the semiconductor company's stock worth $45,936,000 after buying an additional 338,521 shares during the last quarter. 88.57% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. The Goldman Sachs Group assumed coverage on Qorvo in a research note on Thursday, July 10th. They issued a "neutral" rating and a $90.00 target price on the stock. Needham & Company LLC boosted their target price on Qorvo from $90.00 to $104.00 and gave the stock a "buy" rating in a research note on Wednesday, July 30th. Susquehanna reiterated a "neutral" rating and issued a $95.00 price objective (up previously from $90.00) on shares of Qorvo in a research note on Wednesday, July 30th. Craig Hallum reiterated a "buy" rating on shares of Qorvo in a research note on Wednesday, July 30th. Finally, Barclays upped their price objective on Qorvo from $70.00 to $90.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 30th. Five investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, Qorvo has a consensus rating of "Hold" and an average target price of $95.35.

Qorvo Stock Performance

QRVO stock traded down $0.40 during midday trading on Monday, reaching $86.41. 1,815,194 shares of the company's stock traded hands, compared to its average volume of 1,511,974. The company has a 50-day moving average price of $88.63 and a two-hundred day moving average price of $78.18. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.01 and a current ratio of 2.81. Qorvo, Inc. has a 52 week low of $49.46 and a 52 week high of $107.33. The firm has a market capitalization of $8.01 billion, a PE ratio of 101.66, a price-to-earnings-growth ratio of 1.69 and a beta of 1.39.

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

About Qorvo

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.