BlackRock Inc. purchased a new stake in Qorvo, Inc. (NASDAQ:QRVO - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 10,106,250 shares of the semiconductor company's stock, valued at approximately $942,610,000. BlackRock Inc. owned about 11.46% of Qorvo as of its most recent filing with the Securities & Exchange Commission.
- Qorvo NASDAQ: QRVO Will Be One Wild Buy
Several other institutional investors have also added to or reduced their stakes in QRVO. Smartleaf Asset Management LLC increased its stake in Qorvo by 215.9% during the 4th 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 in the last quarter. Global Retirement Partners LLC acquired a new stake in shares of Qorvo during the second quarter worth $32,000. Advisory Services Network LLC purchased a new position in Qorvo in the 3rd quarter worth $36,000. Elevation Wealth Partners LLC lifted its position in Qorvo by 301.0% during the 2nd quarter. Elevation Wealth Partners LLC now owns 413 shares of the semiconductor company's stock worth $39,000 after acquiring an additional 310 shares during the period. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA grew its stake in Qorvo by 60.0% during the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 480 shares of the semiconductor company's stock valued at $41,000 after purchasing an additional 180 shares during the last quarter. Institutional investors and hedge funds own 88.57% of the company's stock.
Wall Street Analyst Weigh In
QRVO has been the topic of a number of research reports. Citigroup cut their price objective on Qorvo from $100.00 to $95.00 and set a "neutral" rating on the stock in a report on Wednesday, July 29th. TD Cowen reaffirmed a "hold" rating on shares of Qorvo in a report on Wednesday, July 29th. JPMorgan Chase & Co. raised their price target on shares of Qorvo from $85.00 to $100.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 6th. UBS Group lifted their price objective on shares of Qorvo from $91.00 to $96.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Qorvo in a report on Friday, July 24th. Three research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Qorvo presently has a consensus rating of "Hold" and a consensus target price of $94.00.
Read Our Latest Stock Analysis on QRVO
Qorvo Stock Down 0.8%
Shares of QRVO opened at $95.56 on Friday. The company has a market capitalization of $8.43 billion, a price-to-earnings ratio of 22.17, a PEG ratio of 1.39 and a beta of 1.44. Qorvo, Inc. has a 52 week low of $74.92 and a 52 week high of $109.49. The stock's 50-day moving average price is $92.19 and its 200-day moving average price is $88.46. The company has a quick ratio of 2.68, a current ratio of 3.54 and a debt-to-equity ratio of 0.45.
Qorvo (NASDAQ:QRVO - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.53. Qorvo had a return on equity of 17.23% and a net margin of 10.95%.The company had revenue of $784.79 million during the quarter, compared to analysts' expectations of $743.28 million. During the same period last year, the business earned $0.92 earnings per share. Qorvo's quarterly revenue was down 4.2% on a year-over-year basis. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. On average, sell-side analysts predict that Qorvo, Inc. will post 6.3 EPS for the current year.
Insider Activity
In other Qorvo news, CEO Robert A. Bruggeworth sold 57,957 shares of the company's stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 319,880 shares in the company, valued at approximately $32,115,952. This represents a 15.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Grant Brown sold 5,179 shares of the company'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 completion of the transaction, the chief financial officer owned 49,268 shares of the company's stock, valued at approximately $4,803,630. This trade represents a 9.51% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 1,968,623 shares of company stock valued at $199,138,818. 0.49% of the stock is currently owned by company insiders.
Qorvo Company Profile
(
Free Report)
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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