Bank of Nova Scotia Takes Position in Qorvo, Inc. $QRVO

Key Points

• Bank of Nova Scotia acquired 236,558 Qorvo shares worth approximately $22.1 million, giving it a 0.27% stake. Institutional investors collectively own 88.57% of Qorvo.
• Analyst sentiment remains mixed, with Qorvo carrying a consensus “Hold” rating and an average price target of $94; individual targets range from $95 to $120.
• Qorvo exceeded quarterly expectations, reporting $1.64 in adjusted EPS versus the $1.11 estimate and revenue of $784.8 million, although sales declined 4.2% year over year. Insiders have also sold nearly 2 million shares over the past 90 days.

Bank of Nova Scotia purchased a new stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 236,558 shares of the semiconductor company's stock, valued at approximately $22,064,000. Bank of Nova Scotia owned approximately 0.27% of Qorvo at the end of the most recent reporting period.

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

Several other large investors have also recently bought and sold shares of QRVO. Bank of America Corp DE grew its holdings in Qorvo by 801.4% during the 1st quarter. Bank of America Corp DE now owns 1,767,373 shares of the semiconductor company's stock worth $136,795,000 after acquiring an additional 1,571,303 shares during the period. LSV Asset Management raised its position in shares of Qorvo by 2.3% during the 4th quarter. LSV Asset Management now owns 1,555,461 shares of the semiconductor company's stock valued at $131,452,000 after acquiring an additional 34,605 shares during the last quarter. Credit Industriel ET Commercial acquired a new position in shares of Qorvo in the 4th quarter valued at $5,223,000. Fieldview Capital Management LLC lifted its stake in shares of Qorvo by 570.1% in the 4th quarter. Fieldview Capital Management LLC now owns 24,352 shares of the semiconductor company's stock valued at $2,058,000 after purchasing an additional 20,718 shares during the period. Finally, Amundi boosted its position in shares of Qorvo by 197.2% in the 1st quarter. Amundi now owns 772,352 shares of the semiconductor company's stock worth $59,780,000 after purchasing an additional 512,475 shares during the last quarter. Institutional investors and hedge funds own 88.57% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. JPMorgan Chase & Co. lifted their price objective on Qorvo from $85.00 to $100.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 6th. Citigroup cut their target price on Qorvo from $100.00 to $95.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 29th. Wall Street Zen upgraded Qorvo from a "hold" rating to a "buy" rating in a report on Sunday, August 2nd. Weiss Ratings restated a "hold (c)" rating on shares of Qorvo in a research report on Friday, July 24th. Finally, Craig Hallum reaffirmed a "buy" rating and issued a $120.00 price target on shares of Qorvo in a research note on Wednesday, May 6th. Three analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Qorvo has an average rating of "Hold" and a consensus price target of $94.00.

Qorvo Stock Performance

QRVO stock opened at $95.56 on Monday. The business's 50-day moving average price is $92.19 and its two-hundred day moving average price is $88.52. 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 firm has a market cap of $8.43 billion, a PE ratio of 22.17, a P/E/G ratio of 1.39 and a beta of 1.44. Qorvo, Inc. has a 1-year low of $74.92 and a 1-year high of $109.49.

Qorvo (NASDAQ:QRVO - Get Free Report) last posted its earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $784.79 million during the quarter, compared to analysts' expectations of $743.28 million. During the same period in the previous year, the firm earned $0.92 earnings per share. The company's revenue 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, research analysts forecast that Qorvo, Inc. will post 6.3 earnings per share for the current year.

Insider Activity at Qorvo

In other Qorvo news, CEO Robert A. Bruggeworth sold 57,957 shares of Qorvo 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 transaction, the chief executive officer owned 319,880 shares of the company's stock, valued at approximately $32,115,952. The trade was a 15.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Philip Chesley sold 5,487 shares of the company's stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $97.50, for a total transaction of $534,982.50. Following the completion of the transaction, the senior vice president owned 44,021 shares of the company's stock, valued at $4,292,047.50. This trade represents a 11.08% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 1,968,623 shares of company stock valued at $199,138,818. Corporate insiders own 0.49% of the company's stock.

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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