Artemis Wealth Advisors LLC Makes New $1.78 Million Investment in Qorvo, Inc. $QRVO

Key Points

• Artemis Wealth Advisors purchased 11,000 Qorvo shares worth approximately $1.78 million, while institutional investors collectively own 88.57% of the company.
• Qorvo reported quarterly earnings of $1.64 per share, beating estimates of $1.11, and revenue of $784.79 million, though revenue declined 4.2% year over year.
• Insiders sold nearly 1.98 million shares worth about $199.9 million over the past three months. Wall Street maintains a consensus “Hold” rating, with an average price target of $94 versus the stock’s reported $95.70 price.

Artemis Wealth Advisors LLC acquired a new stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 11,000 shares of the semiconductor company's stock, valued at approximately $1,780,000.

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

Other hedge funds and other institutional investors have also recently modified their holdings of the company. K2 Principal Fund L.P. bought a new position in Qorvo in the second quarter worth $2,316,000. Meeder Advisory Services Inc. purchased a new position in Qorvo during the second quarter valued at $360,000. Pzena Investment Management LLC bought a new stake in shares of Qorvo during the 2nd quarter valued at $284,000. NINE MASTS CAPITAL Ltd purchased a new position in shares of Qorvo during the second quarter valued at approximately $12,128,000. Finally, BlackRock Inc. purchased a new position in shares of Qorvo during the second quarter valued at approximately $942,610,000. 88.57% of the stock is owned by institutional investors.

Insider Buying and Selling at Qorvo

In other Qorvo news, CEO Robert A. Bruggeworth sold 57,957 shares of the company's stock in a transaction that occurred on Monday, June 1st. The shares were 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 $32,115,952. This represents a 15.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Peter A. Feld sold 1,900,000 shares of the company's stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $101.20, for a total transaction of $192,280,000.00. Following the completion of the transaction, the director directly owned 5,611,526 shares of the company's stock, valued at $567,886,431.20. This represents a 25.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 1,975,837 shares of company stock valued at $199,860,218. 0.49% of the stock is currently owned by company insiders.

Qorvo Stock Performance

NASDAQ:QRVO opened at $95.70 on Wednesday. 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 stock has a 50-day simple moving average of $92.25 and a two-hundred day simple moving average of $88.15. The firm has a market capitalization of $8.44 billion, a PE ratio of 22.20, a P/E/G ratio of 1.43 and a beta of 1.44. Qorvo, Inc. has a 52-week low of $74.92 and a 52-week high of $109.49.

Qorvo (NASDAQ:QRVO - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The semiconductor company reported $1.64 EPS for the quarter, topping the consensus estimate of $1.11 by $0.53. The firm had revenue of $784.79 million for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter last year, the company earned $0.92 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Analysts forecast that Qorvo, Inc. will post 6.3 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on QRVO shares. JPMorgan Chase & Co. increased their price objective 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. TD Cowen reissued a "hold" rating on shares of Qorvo in a report on Wednesday, July 29th. Wall Street Zen upgraded Qorvo from a "hold" rating to a "buy" rating in a research note on Sunday, August 2nd. Craig Hallum reiterated a "buy" rating and issued a $120.00 price target on shares of Qorvo in a research note on Wednesday, May 6th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Qorvo in a report on Friday, July 24th. Three research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $94.00.

About Qorvo

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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