Bank of America Corp DE Buys 1,571,303 Shares of Qorvo, Inc. $QRVO

Key Points

• Bank of America significantly increased its Qorvo stake by 1.57 million shares, an 801.4% rise, bringing its holdings to 1.77 million shares worth approximately $136.8 million. Institutional investors and hedge funds collectively own 88.57% of Qorvo.
• Qorvo reported quarterly EPS of $1.64, beating estimates of $1.11, while revenue of $784.8 million also exceeded expectations. However, revenue declined 4.2% year over year.
• Analyst sentiment remains cautious, with Qorvo carrying an average “Hold” rating and a consensus price target of $94.00. Meanwhile, insiders sold nearly 2 million shares worth about $198.9 million over the past three months.

Bank of America Corp DE lifted its stake in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 801.4% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,767,373 shares of the semiconductor company's stock after acquiring an additional 1,571,303 shares during the period. Bank of America Corp DE owned 2.01% of Qorvo worth $136,795,000 at the end of the most recent reporting period.

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

Other large investors have also bought and sold shares of the company. LSV Asset Management raised its stake in Qorvo by 2.3% during the 4th quarter. LSV Asset Management now owns 1,555,461 shares of the semiconductor company's stock worth $131,452,000 after buying an additional 34,605 shares during the period. M&T Bank Corp grew its stake in Qorvo by 3,397.3% in the fourth quarter. M&T Bank Corp now owns 150,173 shares of the semiconductor company's stock valued at $12,691,000 after acquiring an additional 145,879 shares during the period. Fieldview Capital Management LLC grew its stake in Qorvo by 570.1% in the fourth quarter. Fieldview Capital Management LLC now owns 24,352 shares of the semiconductor company's stock valued at $2,058,000 after acquiring an additional 20,718 shares during the period. Credit Industriel ET Commercial bought a new stake in shares of Qorvo during the fourth quarter valued at approximately $5,223,000. Finally, Mitsubishi UFJ Trust & Banking Corp increased its holdings in shares of Qorvo by 241.0% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 20,417 shares of the semiconductor company's stock valued at $1,725,000 after acquiring an additional 14,429 shares in the last quarter. 88.57% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, SVP Paul J. Fego sold 2,500 shares of Qorvo stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Peter A. Feld sold 1,900,000 shares of the business's stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $101.20, for a total value of $192,280,000.00. Following the completion of the transaction, the director directly owned 5,611,526 shares in the company, valued at approximately $567,886,431.20. This represents a 25.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 1,966,127 shares of company stock valued at $198,911,103. 0.49% of the stock is owned by insiders.

Qorvo Stock Up 0.1%

Qorvo stock opened at $95.33 on Friday. Qorvo, Inc. has a fifty-two week low of $74.92 and a fifty-two week high of $109.49. 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's 50-day simple moving average is $92.88 and its 200 day simple moving average is $87.21. The stock has a market cap of $8.41 billion, a PE ratio of 22.12, a price-to-earnings-growth ratio of 1.38 and a beta of 1.44.

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, beating the consensus estimate of $1.11 by $0.53. Qorvo had a net margin of 10.95% and a return on equity of 17.23%. The firm had revenue of $784.79 million during the quarter, compared to analyst estimates of $743.28 million. During the same quarter last year, the business posted $0.92 EPS. The company's revenue for the quarter was down 4.2% on a year-over-year basis. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Research analysts predict that Qorvo, Inc. will post 6.3 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on QRVO shares. Barclays raised Qorvo from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $95.00 to $100.00 in a research report on Wednesday, April 22nd. JPMorgan Chase & Co. boosted their price target on shares of Qorvo from $85.00 to $100.00 and gave the company a "neutral" rating in a research note on Wednesday, May 6th. TD Cowen restated a "hold" rating on shares of Qorvo in a report on Wednesday, July 29th. Citigroup dropped their price objective on shares of Qorvo from $100.00 to $95.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 29th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Qorvo in a report on Friday, July 24th. Three investment 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's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target 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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