Assenagon Asset Management S.A. Boosts Stock Position in Qorvo, Inc. $QRVO

Key Points

• Assenagon Asset Management increased its Qorvo stake by 12.5% in the first quarter, bringing its holdings to 221,303 shares valued at about $17.1 million.
• Qorvo reported stronger-than-expected quarterly results, with EPS of $1.69 versus the $1.21 consensus and revenue of $808.3 million, though revenue was still down 7% year over year.
• Insider activity was notable: CEO Robert A. Bruggeworth and Director Peter A. Feld sold large blocks of shares, while analysts currently rate Qorvo a Hold overall with a consensus price target of $96.62.

Assenagon Asset Management S.A. grew its position in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 12.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 221,303 shares of the semiconductor company's stock after buying an additional 24,666 shares during the quarter. Assenagon Asset Management S.A. owned 0.24% of Qorvo worth $17,129,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Fred Alger Management LLC raised its stake in Qorvo by 5.3% during the 3rd quarter. Fred Alger Management LLC now owns 3,179 shares of the semiconductor company's stock valued at $290,000 after buying an additional 160 shares during the last quarter. Beacon Investment Advisory Services Inc. boosted its stake in shares of Qorvo by 5.7% in the 4th quarter. Beacon Investment Advisory Services Inc. now owns 3,001 shares of the semiconductor company's stock worth $254,000 after buying an additional 161 shares during the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA grew its holdings in shares of Qorvo by 60.0% in the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 480 shares of the semiconductor company's stock worth $41,000 after acquiring an additional 180 shares during the period. Larson Financial Group LLC grew its holdings in shares of Qorvo by 14.6% in the fourth quarter. Larson Financial Group LLC now owns 1,483 shares of the semiconductor company's stock worth $125,000 after acquiring an additional 189 shares during the period. Finally, Lido Advisors LLC increased its position in Qorvo by 4.1% during the fourth quarter. Lido Advisors LLC now owns 4,816 shares of the semiconductor company's stock valued at $431,000 after acquiring an additional 191 shares during the last quarter. Institutional investors own 88.57% of the company's stock.

Qorvo Stock Down 1.6%

NASDAQ:QRVO opened at $93.88 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.24 and a quick ratio of 2.46. Qorvo, Inc. has a 1-year low of $74.92 and a 1-year high of $109.49. The company has a 50-day moving average of $95.13 and a 200 day moving average of $86.53. The firm has a market cap of $8.26 billion, a PE ratio of 25.93, a price-to-earnings-growth ratio of 1.47 and a beta of 1.43.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.21 by $0.48. The firm had revenue of $808.28 million for the quarter, compared to the consensus estimate of $801.31 million. Qorvo had a net margin of 9.22% and a return on equity of 15.32%. The company's quarterly revenue was down 7.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.42 EPS. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. As a group, research analysts anticipate that Qorvo, Inc. will post 5.84 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on QRVO shares. Mizuho reiterated an "underperform" rating and set a $66.00 target price (down from $70.00) on shares of Qorvo in a research report on Monday, April 20th. Zacks Research downgraded Qorvo from a "strong-buy" rating to a "hold" rating in a research note on Thursday, April 16th. Barclays raised Qorvo from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $95.00 to $100.00 in a research report on Wednesday, April 22nd. Wolfe Research lowered shares of Qorvo from an "outperform" rating to a "peer perform" rating in a report on Friday, April 17th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Qorvo in a research note on Monday, April 27th. Three analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Qorvo currently has a consensus rating of "Hold" and a consensus price target of $96.62.

Insider Buying and Selling

In other news, CEO Robert A. Bruggeworth sold 57,957 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $100.40, for a total transaction of $5,818,882.80. Following the sale, the chief executive officer directly owned 319,880 shares of the company's stock, valued at $32,115,952. This represents a 15.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Peter A. Feld sold 1,900,000 shares of the stock in a transaction that occurred 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 transaction, the director owned 5,611,526 shares in the company, valued at $567,886,431.20. This trade represents a 25.29% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 1,966,127 shares of company stock worth $198,911,103. 0.41% of the stock is currently owned by company 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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