Arrowstreet Capital Limited Partnership Increases Stake in Qorvo, Inc. $QRVO

Key Points

• Arrowstreet Capital increased its Qorvo stake by 566.4% in the first quarter, adding 64,592 shares to own 75,996 shares worth approximately $5.9 million. Institutional investors and hedge funds collectively own 88.57% of Qorvo.
• Qorvo reported quarterly earnings of $1.64 per share, beating estimates of $1.11, while revenue of $784.79 million also exceeded expectations. However, revenue declined 4.2% year over year.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and a $94 average price target. Meanwhile, insiders sold approximately $198.9 million of shares over the past 90 days, including substantial sales by the CEO.

Arrowstreet Capital Limited Partnership raised its position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 566.4% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 75,996 shares of the semiconductor company's stock after acquiring an additional 64,592 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 0.09% of Qorvo worth $5,882,000 at the end of the most recent reporting period.

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

Other institutional investors and hedge funds have also made changes to their positions in the company. Smartleaf Asset Management LLC raised its holdings in Qorvo by 215.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 338 shares of the semiconductor company's stock worth $29,000 after purchasing an additional 231 shares in the last quarter. Sound Income Strategies LLC boosted its holdings in Qorvo by 952.8% in the 4th quarter. Sound Income Strategies LLC now owns 379 shares of the semiconductor company's stock valued at $30,000 after purchasing an additional 343 shares in the last quarter. Advisory Services Network LLC acquired a new position in Qorvo during the 3rd quarter worth approximately $36,000. V Square Quantitative Management LLC acquired a new position in Qorvo during the 4th quarter worth approximately $39,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA raised its stake in shares of Qorvo by 60.0% during the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 480 shares of the semiconductor company's stock worth $41,000 after buying an additional 180 shares in the last quarter. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently commented on the company. Zacks Research cut Qorvo from a "strong-buy" rating to a "hold" rating in a report on Thursday, April 16th. JPMorgan Chase & Co. upped their price objective on Qorvo from $85.00 to $100.00 and gave the stock a "neutral" rating in a report on Wednesday, May 6th. Wall Street Zen upgraded Qorvo from a "hold" rating to a "buy" rating in a research report on Sunday. TD Cowen reissued a "hold" rating on shares of Qorvo in a report on Wednesday. Finally, Wolfe Research lowered shares of Qorvo from an "outperform" rating to a "peer perform" rating in a research report on Friday, April 17th. Three equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $94.00.

Qorvo Price Performance

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

Qorvo (NASDAQ:QRVO - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 earnings per share for the quarter, beating analysts' consensus estimates of $1.11 by $0.53. The business had revenue of $784.79 million during the quarter, compared to analysts' expectations of $743.28 million. Qorvo had a return on equity of 17.23% and a net margin of 10.95%.The business's revenue for the quarter was down 4.2% on a year-over-year basis. During the same quarter last year, the business posted $0.92 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Analysts predict that Qorvo, Inc. will post 5.87 EPS for the current fiscal year.

Insider Buying and Selling at Qorvo

In other Qorvo news, SVP Paul J. Fego sold 2,500 shares of the firm's stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the transaction, the senior vice president directly owned 71,038 shares in the company, valued at approximately $7,103,800. This trade represents a 3.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Robert A. Bruggeworth sold 57,957 shares of Qorvo stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $100.40, for a total transaction of $5,818,882.80. Following the transaction, the chief executive officer owned 319,880 shares of the company's stock, valued at approximately $32,115,952. The trade was a 15.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 1,966,127 shares of company stock valued at $198,911,103. Insiders own 0.49% of the company's stock.

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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