Bank of New York Mellon Corp Purchases New Position in Qorvo, Inc. $QRVO

Bank of New York Mellon Corp acquired a new position in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 491,038 shares of the semiconductor company's stock, valued at approximately $45,799,000. Bank of New York Mellon Corp owned approximately 0.56% of Qorvo 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 added to or reduced their stakes in the company. Smartleaf Asset Management LLC raised its position in Qorvo by 215.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 338 shares of the semiconductor company's stock valued at $29,000 after purchasing an additional 231 shares during the last quarter. Advisory Services Network LLC acquired a new position in shares of Qorvo in the third quarter valued at approximately $36,000. Elevation Wealth Partners LLC raised its holdings in Qorvo by 301.0% in the 2nd quarter. Elevation Wealth Partners LLC now owns 413 shares of the semiconductor company's stock valued at $39,000 after buying an additional 310 shares during the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA raised its holdings in Qorvo by 60.0% in the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 480 shares of the semiconductor company's stock valued at $41,000 after buying an additional 180 shares during the last quarter. Finally, Covestor Ltd boosted its position in Qorvo by 142.1% during the 4th quarter. Covestor Ltd now owns 523 shares of the semiconductor company's stock worth $44,000 after buying an additional 307 shares during the period. Institutional investors own 88.57% of the company's stock.

Qorvo Trading Up 1.1%

QRVO opened at $96.18 on Friday. Qorvo, Inc. has a 1-year low of $74.92 and a 1-year high of $109.49. The company has a current ratio of 3.54, a quick ratio of 2.68 and a debt-to-equity ratio of 0.45. The company has a market cap of $8.48 billion, a P/E ratio of 22.32, a price-to-earnings-growth ratio of 1.38 and a beta of 1.44. The company has a fifty day moving average price of $92.00 and a two-hundred day moving average price of $88.90.

Qorvo (NASDAQ:QRVO - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 earnings per share for the quarter, topping analysts' consensus estimates of $1.11 by $0.53. Qorvo had a return on equity of 17.23% and a net margin of 10.95%.The business had revenue of $784.79 million for the quarter, compared to the consensus estimate of $743.28 million. During the same period in the prior year, the business earned $0.92 EPS. The firm'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. Analysts predict that Qorvo, Inc. will post 6.3 EPS for the current fiscal year.

Insider Buying and Selling

In other Qorvo news, CFO Grant Brown sold 5,179 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $97.50, for a total value of $504,952.50. Following the completion of the sale, 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Robert A. Bruggeworth sold 57,957 shares of Qorvo stock in a transaction on Monday, June 1st. The stock was sold at an average price of $100.40, for a total value of $5,818,882.80. Following the sale, the chief executive officer owned 319,880 shares in the company, valued at $32,115,952. This trade represents a 15.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 1,968,623 shares of company stock valued at $199,138,818. 0.49% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Craig Hallum reissued a "buy" rating and issued a $120.00 price objective on shares of Qorvo in a research note on Wednesday, May 6th. UBS Group increased their price target on Qorvo from $91.00 to $96.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. Weiss Ratings restated a "hold (c)" rating on shares of Qorvo in a research report on Friday, July 24th. JPMorgan Chase & Co. raised their price objective on Qorvo from $85.00 to $100.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 6th. Finally, TD Cowen reiterated a "hold" rating on shares of Qorvo in a report on Wednesday, July 29th. Three investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Qorvo has a consensus rating of "Hold" and an average target price of $94.00.

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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