Bank of America Corp DE Invests $182.13 Million in Qorvo, Inc. $QRVO

Key Points

• Bank of America acquired a new $182.13 million stake in Qorvo during the second quarter, purchasing 1.95 million shares and gaining approximately 2.21% ownership. Institutional investors collectively hold 88.57% of the semiconductor company.
• Analyst sentiment remains cautious: Qorvo has an average rating of “Hold” and an average price target of $94, despite UBS raising its target to $96 and Wall Street Zen upgrading the stock to “Buy.”
• Qorvo exceeded quarterly expectations, reporting EPS of $1.64 versus the $1.11 consensus and revenue of $784.79 million, although revenue declined 4.2% year over year. Company insiders sold 62,309 shares worth about $6.3 million over the past 90 days.

Bank of America Corp DE acquired a new stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,952,729 shares of the semiconductor company's stock, valued at approximately $182,131,000. Bank of America Corp DE owned approximately 2.21% of Qorvo at the end of the most recent quarter.

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

Other institutional investors and hedge funds have also recently modified their holdings of the company. LSV Asset Management lifted its position in shares of Qorvo by 2.3% during the fourth quarter. LSV Asset Management now owns 1,555,461 shares of the semiconductor company's stock worth $131,452,000 after purchasing an additional 34,605 shares in the last quarter. Amundi grew its holdings in shares of Qorvo by 197.2% in the first quarter. Amundi now owns 772,352 shares of the semiconductor company's stock valued at $59,780,000 after purchasing an additional 512,475 shares in the last quarter. Paradigm Capital Management Inc. NY acquired a new position in shares of Qorvo in the second quarter valued at approximately $2,414,000. GSA Capital Partners LLP purchased a new stake in Qorvo during the 2nd quarter worth approximately $1,866,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Qorvo by 11.1% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 117,401 shares of the semiconductor company's stock worth $10,950,000 after buying an additional 11,745 shares during the period. Hedge funds and other institutional investors own 88.57% of the company's stock.

Analysts Set New Price Targets

QRVO has been the topic of a number of analyst reports. TD Cowen reaffirmed a "hold" rating on shares of Qorvo in a research report on Wednesday, July 29th. UBS Group upped their target price on shares of Qorvo from $91.00 to $96.00 and gave the stock a "buy" rating in a research note on Wednesday, July 29th. Citigroup decreased their price target on shares of Qorvo from $100.00 to $95.00 and set a "neutral" rating for the company in a research note on Wednesday, July 29th. Wall Street Zen upgraded shares of Qorvo from a "hold" rating to a "buy" rating in a report on Sunday, August 2nd. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Qorvo in a research report on Friday, July 24th. Three analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $94.00.

Insider Buying and Selling

In other news, SVP Frank P. Stewart sold 8,279 shares of Qorvo stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $94.72, for a total value of $784,186.88. Following the sale, the senior vice president owned 43,069 shares of the company's stock, valued at $4,079,495.68. The trade was a 16.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Grant Brown sold 5,179 shares of the business's stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $97.50, for a total transaction of $504,952.50. Following the transaction, the chief financial officer owned 49,268 shares in the company, valued at approximately $4,803,630. This trade represents a 9.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 62,309 shares of company stock worth $6,304,642 in the last ninety days. Insiders own 0.49% of the company's stock.

Qorvo Stock Performance

Shares of QRVO opened at $119.51 on Friday. The company's 50 day simple moving average is $96.22 and its 200-day simple moving average is $91.31. Qorvo, Inc. has a 12-month low of $74.92 and a 12-month high of $120.52. The firm has a market cap of $10.54 billion, a PE ratio of 27.73, a price-to-earnings-growth ratio of 1.97 and a beta of 1.45. The company has a current ratio of 3.54, a quick ratio of 2.68 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The semiconductor company reported $1.64 earnings per share (EPS) for the quarter, topping 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 company had revenue of $784.79 million for the quarter, compared to the consensus estimate of $743.28 million. During the same period last year, the firm posted $0.92 EPS. Qorvo'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. As a group, equities analysts predict that Qorvo, Inc. will post 6.42 EPS for the current year.

Qorvo Profile

Qorvo, Inc is a semiconductor company that develops and manufactures radio-frequency (RF) and related connectivity solutions. Its products are used to generate, filter, amplify and manage wireless signals in communications equipment and electronic devices.

The company supplies RF components, modules and integrated circuits for smartphones, cellular base stations, Wi-Fi equipment, automotive systems, Internet of Things devices, consumer electronics, and aerospace and defense applications.

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